Apr 20, 2020 (Reporthive Research via COMTEX) -- Chicago, United States: - The global Car Audio Market is expected to surge at a steady CAGR in the coming years, states the latest Report Hive Research. The publication offers an insightful take on the historical data of the market and the milestones it has achieved. The report also includes an assessment of current market trends and dynamics, which helps in mapping the trajectory of the global Car Audio market. Analysts have used Porter's five forces analysis and SWOT analysis to explain the various elements of the market in absolute detail. Furthermore, it also studies the socio-economic factors, political changes, and environmental norms that are likely to affect the global Car Audio market.
The Car Audio Market report offers a comprehensive evaluation of the market. It does so via in-depth insights, understanding market evolution by tracking historical developments, and analysing the present scenario and future projections based on optimistic and likely scenarios. Each research report serves as a repository of analysis and information for every facet of the market.
With the rising concerns regarding vehicular emission, major OEMs are shifting their focus toward electric vehicle. With the increasing demand for electric vehicles, the demand for car audio systems is subsequently expected to increase. Electric vehicles are available at a premium price across the globe; this increases the chances of integrating a branded audio system into the vehicles.
Additionally, the touch operated is witnessing a higher growth rate than manually operated audio systems owing to increasing penetration of smartphones and the availability of better internet services. Although, the market for touch-controlled audio system is in its infancy, but it is expected to grow at a higher CAGR due to rising concern for driver safety and ease of use.
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Top Key players cited in the report:
Alpine Electronics, Inc.; Continental AG; Clarion Co., Ltd.; Harman International; Panasonic Corporation and mre....
The global car audio market was valued at US$ 43,085.6 million in 2018 and is expected to grow at a CAGR of 3.3% during 2019aEUR"2027 to reach US$ 52,397.5 million by 2027.
The automotive industry is evolving and adopting advanced technological developments and innovations, such as voice-enabled audio systems and smartphone-controlled audio systems, along with an increased focus on driveraEUR
The market for both premium and standard audio systems is experiencing growth in terms of volume. Although the premium audio systems are expensive, it is expected to dominate in the coming years and capture a larger share than generic car audio systems. Most of the OEMs are opting for premium audio systems even in lower segment of cars resulting in the higher growth rate of premium audio systems than non-branded audio systems. These OEMs partner with varied car audio manufacturers for their different car models, depending on the technology and cost.
APAC accounted for the major share of the global car audio market. The car audio market in APAC is further segmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. The economy of the region is performing well with numerous technological and infrastructural developments. The car audio market in APAC is primarily driven by increasing disposable income and changing consumer preferences. The automotive industry in countries such as India, China, and South Korea is growing owing to the increasing manufacturing of vehicles. For instance, India produced total 4,516,017 vehicles, of which 3,623,335 were cars in 2019. Also, in 2019, China was the largest vehicle producing country across the world; it produced 25,720,665 vehicles in 2019, of which 21,360,193 were cars. The presence of a strong automotive sector and the increasing number of passenger car manufacturers are the major factors driving the growth of the car audio market in the region.
Based on component, the car audio market is further segmented into head unit, speaker, and amplifier. The amplifier segment is further segmented into 2-channel amplifier and 4-channel amplifier. The speaker unit is further broken down into mid-range speaker, tweeter, and sub-woofer. The head unit is further bifurcated into manual controlled and touch controlled.
The global car audio market is broadly segmented into North America, Europe, APAC, MEA, and SAM.
The overall global car audio market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global car audio market. It also provides an overview and forecast for the car audio market based on all the segmentations provided for the global regions. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in car audio systems.
The scope of the Report:
The research report on the global Car Audio market is a comprehensive publication that aims to identify the financial outlook of the market. For the same reason it offers a detailed understanding of the competitive landscape. It studies some of the leading players, their management styles, their research and development statuses, and their expansion strategies.
The report also includes product portfolios and the list of products in the pipeline. It includes a through explanation of the cutting-edging technologies and investments being made to upgrade the existing ones.
Global Car Audio Market: Competitive Rivalry
The chapter on company profiles studies the various companies operating in the global Car Audio market. It evaluates the financial outlooks of these companies, their research and development statuses, and their expansion strategies for the coming years. Analysts have also provided a detailed list of the strategic initiatives taken by the Car Audio market participants in the past few years to remain ahead of the competition.
Global Car Audio Market: Regional Segments
The chapter on regional segmentation details the regional aspects of the global Car Audio market. This chapter explains the regulatory framework that is likely to impact the overall market. It highlights the political scenario in the market and the anticipates its influence on the global Car Audio market.
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