London, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The global in-car audio system market is set for explosive growth, with a staggering surge from US$9.4 Bn recorded in 2022 to an impressive US$20.1 Bn by the end of 2030, boasting a robust CAGR of 11.5% between the years of forecast. Technological advancements and the integration of smart features propel this surge, offering consumers enhanced audio experiences in their vehicles.
The market is expected to gain largely from the continuous evolution of audio technologies. Advancements in digital signal processing (DSP), surround sound, and high-resolution audio that are reshaping consumer expectations, are also driving the market toward a future of enriched in-car audio experiences.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$9.4 Bn | |
| Estimated Market Size in 2030 | US$20.1 Bn | |
| CAGR | 11.5% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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| Key Players | Panasonic Industry Co., Ltd., Clarion Co. Ltd., Sony Group Corporation, FORVIA Faurecia, JVC KENWOOD Corporation, Focal-JMlab, ALPS ALPINE CO., LTD., HARMAN International, JLAudio, Blaupunkt, Pioneer Corporation, Yamaha Corporation, Bose Corporation, Bang & Olufsen, Sonos, Inc. | |
A newly released report by Fairfield Market Research indicates that speakers remain dominant and continue to witness constant innovation in design, materials, and engineering. Branded systems will dominate globally, leveraging strong marketing efforts, extensive distribution networks, and strategic partnerships with car manufacturers.
“The swift integration of smart features like Bluetooth, Wi-Fi, Apple CarPlay, Android Auto, and voice recognition systems is redefining user experiences, thereby influencing purchasing decisions,” remarks the analyst at Fairfield Market Research.
The analyst further states, “Audio systems designed for autonomous vehicles can provide immersive 3D sound experiences, thus enhancing passenger engagement. When it comes to EVs, as they come with quieter interiors due to reduced traditional engine noise, manufacturers can tailor audio components to counter or complement previously undetectable sounds like road noise. This focus emphasizes excellent sound quality, effective power use, and advanced noise-canceling technologies”.
Key Research Insights
- Speakers dominated the market in 2022, driven by high-quality sound and continuous innovations in design and materials.
- ICE vehicles lead in 2022 due to their longstanding presence, but EVs poised for fastest growth with a focus on specialised audio solutions.
- OEMs lead the market, offering factory-installed audio systems seamlessly integrated into the vehicle production process.
Insights into Segmentation Analysis
Speakers Record Dominant Sales
In terms of component, the speaker category retains its dominance in 2022, prioritised by consumers for its crucial role in sound reproduction, clarity, and overall acoustic enjoyment. Constant innovations in speaker technology, including materials and design, have significantly improved their effectiveness and performance, making them a pivotal component in the in-car audio industry.
Speaker design and material innovations are reshaping the automobile audio system market. Using strong yet lightweight materials, manufacturers can create speakers that are not only durable but also contribute to maximizing interior space. This transformation ensures flexibility in design and placement without compromising sound quality, providing customers with a sustainable and long-lasting audio solution.
On the other hand, the amplifier category is projected to experience rapid growth, responding to the increasing demand for powerful and efficient amplifiers to deliver high-fidelity audio and immersive in-car entertainment.
Brands Continue to Have an Advantage
The branded category, having dominated the industry in 2022, is expected to maintain its dominance globally. Recognised for excellence, dependability, and outstanding sound experiences, branded in-car audio systems enjoy a high level of consumer trust.
In contrast, the non-branded category is set to grow substantially, catering to budget-conscious buyers seeking affordable alternatives without compromising essential audio features. The growing demand for cost-effective solutions, particularly in emerging markets, contributes to the expansion of the non-branded sector.
Key Report Highlights
- North America commands the largest consumer base, driven by a strong culture of car ownership and a high value on in-car entertainment.
- Innovations in autonomous vehicles pave the way for cutting-edge entertainment systems, offering passengers a diverse range of experiences such as watching films, playing games, and enjoying virtual reality.
- The rise of electric and hybrid vehicles creates an opportunity for specialised audio systems.
Insights into Regional Analysis
North America Registers the Maximum Cutting-edge Audio Tech Consumption
North America secures its position as the largest consumer base for in-car audio systems, driven by a well-established automotive industry and a high value placed on cutting-edge in-car entertainment. The region's culture of car ownership, coupled with long commutes and frequent travel, fuels the demand for high-end audio products.
North America hosts renowned corporations and technological firms consistently innovating and launching cutting-edge audio technologies.
Asia Pacific Surges Ahead with Mounting Vehicle Ownership Rates
Asia Pacific emerges as a key growth region, expecting tremendous growth in the speaker sector. The region's rapidly expanding automotive industry, driven by a growing middle class, and rising disposable incomes, increases the demand for automotive audio systems.
Rising vehicle ownership, especially in emerging nations, contributes to the growing need for in-car entertainment experiences, with consumers valuing immersive audio experiences while driving.
Browse Global In-Car Audio System Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Component Coverage, By Manufacturer Coverage, By Vehicle Type Coverage, By Sales Channel Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/in-car-audio-system-market
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