The Car Audio Market is expected to grow from US$ 4.64 Bn in 2017 to US$ 6.43 Bn by 2025 at a CAGR of 4.2% between 2017 and 2025.
Automotive industry throughout the globe is evolving and adopting advanced technological developments and innovations, along with increased focus on driver’s comfort and safety. The car audio market is also witnessing several developments in the technology such as voice-enabled audio systems and smartphone controlled audio systems. Further, with the development of ADAS and connected cars technology, the car audio market is experiencing a drastic change with companies focusing on their product development to efficiently compete with their rivals.
Exhibit: Car Audio Regional Markets
Market Insights
Voice recognized market in North American region is expected to grow with the highest CAGR
Demand for superior driving experience with advance voice controlled assistants such as Siri and Cortana while driving is fueling the demand for voice recognized car audio system. However, in coming years the voice recognized car audio technology would enable the system to ignore intrusive off-axis suspension or speakers, which would further enable the passengers to communicate simultaneously with the system as well as other passengers without any worry. However, market is still in emerging stage and have comparatively less market size than non-voice recognized audio devices. All these factors are expected to create more demand for voice recognized car audio system and fuel the growth of car audio market. Car audio system manufacturers are looking at voice recognized audio system as the most lucrative feature to add in the car audio system during the forecast period.
Smartphone controlled market expected to blossom at a rapid pace and fuel the growth of car audio market
Smartphones over the year have become a key integral of our lifestyle and therefore, most of the technologies discovered go hand in hand with the growth of smartphone penetration across the globe. Most of the company fitted audio system these days comes with bluetooth and other wireless controlled stereo system. Most vehicles manufactured after 2013 allowed drivers to communicate with smart phones after connecting audio devices via Bluetooth. Streaming audio via internet radio application on both iPhone and Android devices have become very common, and the product aftermarket gear is pushing the envelope beyond that in addition. This trend is expected to complement the growth of car audio market.
Exhibit: Car Audio Market by Make Type
Strategic Insights
Market initiative was observed as the most adopted strategy in global car audio market. Few of the recent strategies by some of the players in car audio market landscape are listed below-
2017: Acura NSX choose Clarion Corporation of America to build its high-end audio systems.
2017: Panasonic was selected by Volkswagen to provide Panasonic’s Fender Premium Audio System in Volkswagen Tiguan SUV.
2017: HARMAN partnered with CANTON, Germany to provide custom-made High-End Audio Solution for ŠKODA Kodiaq.
2017: HARMAN collaborated with Conexant Systems, Inc. to provide high-end comprehensive audio and voice solutions for voice-enabled devices manufacturers.
Global Car Audio- Market Segmentation
By Component
| Report Attribute | Details |
|---|---|
| Market size in 2017 | US$ 4.64 Billion |
| Market Size by 2025 | US$ 6.43 Billion |
| CAGR (2017 - 2025) | 4.2% |
| Historical Data | 2015-2016 |
| Forecast period | 2018-2025 |
| Segments Covered |
By Component Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America and Europe Car Audio Market is valued at US$ 4.64 Billion in 2017, it is projected to reach US$ 6.43 Billion by 2025.
As per our report North America and Europe Car Audio Market, the market size is valued at US$ 4.64 Billion in 2017, projecting it to reach US$ 6.43 Billion by 2025. This translates to a CAGR of approximately 4.2% during the forecast period.
The North America and Europe Car Audio Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America and Europe Car Audio Market report:
The North America and Europe Car Audio Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America and Europe Car Audio Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America and Europe Car Audio Market value chain can benefit from the information contained in a comprehensive market report.
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