According to a new report published by Allied Market Research, titled, โIn Car Audio System Market,” The in car audio system market was valued at $9.6 billion in 2022, and is estimated to reach $25.4 billion by 2032, growing at a CAGR of 10.9% from 2023 to 2032.
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The automotive industry has witnessed a remarkable increase in the sales of passenger cars over the past few years. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global production of passenger cars increased from 60.1 million units in 2014 to 73.8 million units in 2022. This rise in the number of cars has had a significant impact on the demand for in-car audio systems, which offer a range of features and capabilities, including satellite radio, Bluetooth connectivity, and advanced sound processing. As car manufacturers continue to improve their audio offerings, consumers are increasingly seeking cars with high-quality sound systems.
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic impacted the growth of the in-car audio system market in a significant way. The production and sales of cars slowed down, and this has had a knock-on effect on the audio system market.
- According to early market data, the global auto sales decreased by an estimated 14% year over year in 2020, roughly matching the International Energy Agencyโs prediction of 15% despite a slow rebound over the course of the year. Sales in China fell by 71% in February 2020 and by April, sale in the U.S. and Europe fell by 47% and 80%, respectively.
- However, as consumers looked for entertainment options for road trips and the development of high-quality audio equipment for virtual meetings and video conferencing, the market had opportunities for growth.
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One of the key drivers of the rising sales of passenger cars is the strengthening of the global economy, which encourages consumers to afford more expensive purchases, including cars. In addition, rise in middle-class population in developing countries has led to an increase in car ownership. Another factor contributing to the rise in car sales is rapid urbanization. As more people move to cities, the need for personal transportation increases. Cars offer a convenient and flexible way to get around, and as a result, the demand for passenger cars has been witnessed to increase notably.
Rise in car ownership has further been fueled by technological advancements in the automotive industry. Cars today are safer, more fuel-efficient, and more comfortable than ever before. As a result, consumers are willing to invest in cars, knowing that they will last longer and provide a better driving experience. Thus, the surge in demand for passenger cars has simultaneously boosted the need for high-quality in-car audio systems, which fosters the growth of the overall market.
The pandemic had an impact on new vehicle registrations in April and May, which were much fewer than they were during 2021. The number of newly registered motor vehicles in June 2022, however, was 2.7 million, which was essentially the same as previous June due to the acceleration of the return to work and production in the automotive sector. China is a big market as the demand for vehicles is expected to rise, thus creating the demand for in-car audio system.
KEY FINDINGS OF THE STUDY
- By component, the amplifier segment is projected to dominate the global in car audio system market in terms of growth rate.
- By manufacturer, the non-branded segment is projected to dominate the global in car audio system market in terms of growth rate.
- By vehicle type, the EV segment is projected to dominate the global in car audio system market in terms of growth rate.
The key players operating in the in car audio system market are Alpine Electronics, Inc., Bang & Olufsen, Blaupunkt GmbH, Clarion Co., Ltd., HARMAN International, JLAudio, JVC Kenwood Holdings Inc., Panasonic Industry Co., Ltd., Pioneer Corporation, and Sony Group Corporation.
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