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Car Audio Market Analysis
- Report ID: GMI5335
- Published Date: Mar 2023
- Report Format: PDF
Car Audio Market Analysis
In 2022, the industry size from the passenger vehicles sector exceeded USD 15 billion in revenue, propelled by ongoing advancements in passenger car interiors, including a combination of improved safety features with ADAS, integration of premium infotainment systems, and connectivity via WiFi and Bluetooth on smartphones.
The OEM industry is poised to garner more than USD 12 billion in revenue by 2032 due to the increasing number of partnerships between speaker manufacturers and automakers. In December 2022, Bose Corporation, a car audio manufacturer, announced a partnership with Volvo Cars, to provide audio technology to the Volvo EX90 electric car range. Moreover, high-quality sound systems are becoming more popular among luxury car buyers as a result of the growing need for improved aesthetics in these vehicles.
With regards to sound management, the voice recognized type is estimated to amass USD 10 billion by 2032 owing to the surging demand for the productive and remote features provided by advanced voice-controlled assistants. The ease of use and convenience while driving has encouraged car audio system players to incorporate it into their recent vehicle offerings.
The speaker segment captured 45% share of the car audio market in 2022. The growth is accelerated by their extensive capability to separate low and high-range frequencies with discrete tweeter and woofer components for improved sound output, along with the entry of new stereo speaker manufacturers in the market.
The branded/premium audio systems dominated 60% of the car audio market share in 2022. Although branded or high-end automotive audio systems are relatively expensive, the majority of automotive OEMs prefer premium audio systems as they increase the overall viability of their product offerings. OEMs and multinational car audio producers are partnering with well-known audio systems, such as Bose, JBL, and Harman, to develop collaborative solutions for different car models. In January 2023, Harman, an automotive electronics technology firm, partnered with automotive behemoth Ferrari to integrate the in-cabin experience for buyers.
The Asia Pacific car audio market is poised to attain 6% gains through 2032 attributed to the worsening traffic congestion in regional economies leading to the increased amount of time spent in cars, resulting in an upsurge in the usage of audio systems in cars. According to Dutch location technology, TomTom traffic index, out of 390 cities, Bengaluru, India stands as the world’s second most congested city, while Sapporo, Japan stands fourth in line.
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Car Audio Market Scope
