Categories: Market Research

Car Audio Market : Technology Advancements, Industry Insights, Trends And Forecast 2033

Overview and Scope
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.

Sizing and Forecast
The car audio market size has grown strongly in recent years. It will grow from $9.61 billion in 2023 to $10.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to consumer demand for in-car entertainment, rising disposable income and lifestyle preferences, competition among automakers for differentiation, urbanization and increased commuting times, integration of connectivity and infotainment features..

The car audio market size is expected to see strong growth in the next few years. It will grow to $14.54 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to evolution of electric and autonomous vehicles, growing emphasis on in-car audio experience, customization and personalization trends, integration with voice recognition and ai, collaborations with premium audio brands.. Major trends in the forecast period include eco-friendly audio solutions, innovations in in-car acoustics, collaborations with streaming services, smart integration with vehicle information systems, wireless charging integration..

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The car audio market covered in this report is segmented –

1) By Component: Speaker, Amplifier, DSP, Microphone, Tuner
2) By Make Type: Branded/Premium Audio Systems, Non-Branded Audio Systems
3) By Technology: Voice Recognized Audio System, Non-Voice Recognized Audio System
4) By Sales Channel: Original Equipment Manufacturer(OEM), Aftermarket
5) By Application: Passenger Vehicle, Commercial Vehicle

Asia-Pacific was the largest region in the car audio market in 2023. Europe is expected to be the fastest-growing region in the car audio market report during the forecast period. The regions covered in the car audio market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
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 August 2022, according to the Insurance Information Institute, Inc., a US-based industry association, there will be 3.5 million self-driving vehicles by 2025, and this will increase to 4.5 million by 2030 in the US. Therefore, the increasing popularity of autonomous cars is driving the growth of the car audio market.

Key Industry Players
Major companies operating in the car audio market are focusing on launching advanced car audio systems to provide a competitive edge in the market. Advanced car audio systems refer to sophisticated in-vehicle audio setups incorporating high-quality components, advanced signal processing, and immersive features for an enhanced listening experience. For instance, in September 2021, JBL, a US-based Sound recording company, launched JBL Club 605 CSQ. JBL Club 605 CSQ is a car speaker system designed to deliver high-quality sound and advanced features for an immersive driving experience. It consists of a 6.5 inches (16 cm (centimeter)) compo speaker set, featuring a 160mm (millimeter) carbon fiber woofer, silk dome tweeter, and filters, to provide powerful and clear sound. it is highly efficient and powerful, as they can upgrade for any car hi-fi system and factory-installed low-power car stereos.

The car audio market report table of contents includes:

1. Executive Summary

2. Car Audio Market Characteristics

3. Car Audio Market Trends And Strategies

4. Car Audio Market – Macro Economic Scenario

5. Global Car Audio Market Size and Growth
………..

31. Global Car Audio Market Competitive Benchmarking

32. Global Car Audio Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Car Audio Market

34. Car Audio Market Future Outlook and Potential Analysis

35. Appendix

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