DUBLIN–()–The “Car Audio Market to 2027 – Global Analysis and Forecasts by Component” report has been added to ResearchAndMarkets.com’s offering.

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 2019-2027 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 driver’s comfort and safety. Further, with the development of ADAS and connected cars technology, the car audio market is experiencing a drastic change with companies focusing on their product development to efficiently compete with their rivals.

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.

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.

Reasons to Buy:

  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the car audio market, thereby allowing players to develop effective long term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to components, aircraft type, and end-users.

Market Dynamics

Drivers

  • Increasing adoption of Premium Car Audio Systems
  • Electric Vehicle

Market Restraints

  • Battery Drainage issues

Market Opportunities

  • Smart car audio system with the integration of virtual assistants

Future Trends

  • Speaker-less Car Audio

Companies Mentioned

  • Alpine Electronics, Inc.
  • Continental AG
  • Clarion Co., Ltd.
  • Harman International
  • Panasonic Corporation
  • Pioneer Corporation
  • Sony Corporation
  • Visteon Corporation
  • Hyundai Mobis
  • Denso Ten

For more information about this report visit https://www.researchandmarkets.com/r/hb1ekd