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Car Audio Market Size

Report ID: GMI5335
Published Date: Mar 2023
Report Format: PDF

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Car Audio Market Size

Car Audio Market size surpassed USD 10 billion in 2022 and is anticipated to grow at 5% CAGR from 2023 to 2032 driven by the increased introduction of energy-efficient audio systems for EVs.

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Car audio or dash stereo provides in-car entertainment and information to vehicle occupants. The product demand is primarily fueled by the rising demand for premium audio systems. A significant element affecting the car audio market growth is the rising traffic congestion brought on by the increased use of automobiles. Furthermore, escalating number of innovations and advancements in wireless audio technology is expected to benefit the sector development.

Car Audio Market Report Attributes
Report Attribute	Details
Base Year:	2022
Car Audio Market Size in 2022:	USD 10 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5%
2032 Value Projection:	USD 20 Billion
Historical Data for:	2018 to 2022
No. of Pages:	340
Tables, Charts & Figures:	958
Segments covered:	Sales Channel, Component, Make, Sound Management, Vehicle, and Region
Growth Drivers:	High demand for onboard entertainment solutions in cars Increasing popularity of autonomous cars The strong electronics sector in the region is boosting the R&D associated with car audio The developing economic conditions are resulting in the increased demand for sophisticated car audio solution The increasing demand for luxury cars is fueling the demand for advanced audio systems
Pitfalls & Challenges:	High costs associated with premium car audio speaker High availability of counterfeit products Health and safety issues regarding the prolonged use of car audio devices

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of car audio surpassed USD 10 billion in 2022 and is anticipated to grow at 5% CAGR from 2023 to 2032 propelled by the increasing popularity of electric vehicles, along with growing demand for integrated sound systems with mobile apps.

The voice-recognized segment is poised to cross USD 10 billion revenue by 2032 due to the surging demand for the productive and remote features provided by advanced voice-controlled assistants.

The OEM sales channel is estimated to amass USD 12 billion in revenue by 2032 owing to the increasing number of partnerships between speaker manufacturers and automakers.

The APAC car audio industry is slated to witness 6% growth rate during 2023-2032 on account of the worsening traffic congestion and the increased amount of time spent in cars in the region.

Some of the major firms operating in the competitive landscape are Sony Corporation, Panasonic Corporation, Pioneer Corporation, Harman International Inc., Premium Sound Solutions, Bose Corporation, and JVC Kenwood Corporation.