Car Audio Global Market Report 2023

Major players in the car audio market are Alpine Electronics Inc., Harman International, Clarion Co. Ltd., JVC Kenwood Corporation, Panasonic Corporation, Pioneer Corporation, Sony Corporation, Bose Corporation, JL Audio Corporation, Blaupunkt GmbH.

New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Car Audio Global Market Report 2023" - https://www.reportlinker.com/p06464176/?utm_source=GNW
, Delphi Automotive PLC, Continental AG, Hyundai Mobis IN, Visteon Corporation, Fujitsu Ten Corp. of America, Garmin Ltd., and Dynaudio.

The global car audio market is expected to grow from $9.03 billion in 2022 to $9.82 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The car audio market is expected to reach $13.19 billion in 2027 at a CAGR of 7.6%.

The car audio market consists of sales of smartphone and manually controlled car audio systems.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

A car audio system is a piece of technology installed in a vehicle to provide entertainment and information to the vehicle’s passengers. A car’s audio system is made up of several components that work together to produce the desired sound quality.

Asia-Pacific was the largest region in the car audio market in 2022.Europe is expected to be the fastest-growing region in the forecast period.

The regions covered in car audio report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main components of car audio are speaker, amplifier, DSP, microphone, and tuner.The speaker refers to the equipment that transforms an electrical signal into an audible sound.

Home audio systems and two-way radio frequency (RF) equipment are commonly referred to as speakers.It is used in cars to magnify music or infotainment system sounds so they can be heard outside the vehicle.

They are manufactured and distributed as branded/premium audio systems and non-branded audio systems including voice-recognized audio systems and non-voice-recognized audio system technologies. These are sold through various sales channels such as original equipment manufacturer(OEM) and aftermarket and are used in various applications such as passenger vehicles and commercial vehicles.

The increasing popularity of autonomous cars is expected to propel the growth of the car audio market going forward.Autonomous cars refer to self-driving cars, driverless cars, or a vehicle that can operate without human intervention or assistance, sense their surroundings, and function without human intervention.

Audio analytics such as car audio software are enhancing the look, feel, and functionality of autonomous vehicles by providing quicker installations, improved sound quality, and many other advanced options.For instance, in October 2020, according to data published by Capgemini, a France-based information technology services company, autonomous cars are expected to be 15% of the total global car sales, and 95 million autonomous cars are expected to be sold annually by 2035.

Therefore, the increasing popularity of autonomous cars is driving the growth of the car audio market.

Technological advancements are the key trend gaining popularity in the car audio market.Major companies operating in the car audio market are introducing new technologies to develop innovative products to sustain their position in the market.

For instance, in May 2022, Dirac, a Sweden-based audio tech company, launched an Intelligent Audio Platform for cars.The intelligent audio platform is a software solution that provides advanced upmixing technology to improve the audio experience in cars.

The Dirac Virtuo spatial audio solution is used on this platform and provides a natural, immersive soundscape. The platform’s upmixing technology analyses stereo signals in real time and breaks them down into component parts, resulting in a more accurate and spatially accurate sound experience.

In April 2022, AAMP Global, a US-based automotive company specializing in the design and manufacturing of vehicle solutions, acquired AudioControl for an undisclosed amount.With this acquisition, AAMP Global aims to continue its premium entertainment solution offerings to automotive aftermarket installers, professional audio/video specialists, and home technology integrators and sustain its growth trajectory, intensify product development plans, to improve customer satisfaction.

AudioControl is a US-based audio amplifier manufacturer, specializing in a high-performance range of solutions for automotive, residential, and commercial applications.

The countries covered in the car audio market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The car audio market research report is one of a series of new reports that provides car audio market statistics, including car audio industry global market size, regional shares, competitors with a car audio market share, detailed car audio market segments, market trends, and opportunities, and any further data you may need to thrive in the car audio industry. This car audio market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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