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Car Audio Market Trends

Report ID: GMI5335
Published Date: Dec 2024
Report Format: PDF

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Car Audio Market Trends

Wireless connectivity is transforming car audio ecosystems. Protocols like 5G, Wi-Fi 6, and emerging wireless technologies enable seamless integration with smartphones, smart home devices, and cloud services. These platforms support direct streaming, over-the-air updates, and complex audio synchronization. Enhanced cybersecurity features ensure secure and reliable wireless experiences. The trend toward comprehensive wireless integration creates opportunities for personalized content delivery, real-time audio optimization, and innovative service models. Wireless technologies are dissolving traditional boundaries between vehicle audio systems and broader digital entertainment platforms.

For instance, in January 2024, JBL launched the JBL Legend 700, a 7-inch Double-Din car stereo that integrates advanced technology with superior sound quality. This device enhances in-car entertainment with its sleek touchscreen display, offering a modern and intuitive interface. Featuring wireless Apple CarPlay and Android Auto, the JBL Legend 700 ensures seamless and safe smartphone connectivity on the road.

Car audio manufacturers face challenges from rising consumer price sensitivity and competitive market dynamics. Advanced audio technologies, while offering enhanced features, often incur high R&D costs, leading to increased product prices. Balancing innovation with affordability requires sophisticated engineering and strategic positioning. Economic uncertainties and shifting consumer spending patterns further complicate market strategies. Manufacturers must create cost-effective solutions that maintain high performance and technological sophistication while ensuring broad consumer accessibility.

Authors: Preeti Wadhwani, Aishvarya Ambekar

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.