In-Car Audio Bliss: Upgrading Your Sound System for Maximum Driving Enjoyment

According to a new report published by Allied Market Research, titled, "In 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.

𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/74935

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 Agency's 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.

𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝘁𝗼 𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝘁𝗵𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁? 𝗜𝗻𝗾𝘂𝗶𝗿𝗲 𝗕𝗲𝗳𝗼𝗿𝗲 𝗕𝘂𝘆𝗶𝗻𝗴 - https://www.alliedmarketresearch.com/in-car-audio-system-market/purchase-options

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.

China has 406 million cars overall as of the end of June 2022, including 310 million cars and 10.0 million new energy vehicles, according to figures issued on July 6 by the Chinese Traffic Administration Bureau of the Ministry of Public Security.China had 3.2% of the world's automobiles at the end of June 2022 in terms of new energy vehicle production. Pure EVs made up 8.1 million of them, or 80.9% of all new energy vehicles, which accounted for the total. New registrations for new energy vehicles totaled 2.2 million in the first half of the year. A record high of 1,106 million, or 100.2%, more new automobiles was registered in the second half of 2018 than in the first half. The number of new motor vehicle registrations in Q1 remained constant in 2021.

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.

𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁 𝗮𝘁 https://www.alliedmarketresearch.com/in-car-audio-system-market/purchase-options

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.