Press release
Global Car Audio Market: Soaring Growth Driven by Autonomous Cars, Technological Advancements, and Urbanization
Car Audio Market Share
What Is The Projected Market Size Of The Global Car Audio Market And Its Growth Rate?
The global car audio market is projected to grow:
• From $10.28 billion in 2024
• To $11.09 billion in 2025
• At a compound annual growth rate (CAGR) of 8.0%
This growth can be attributed to consumer demand for in-car entertainment, rising disposable income and lifestyle preferences, competition among automakers for differentiation, urbanization increased commuting times, and the integration of connectivity and infotainment features.
What Is Driving The Growth In The Car Audio Market?
A key driver of the car audio market is the surge in autonomous cars. As the development and adoption of autonomous cars increases, so does the demand for high-quality in-car audio systems. These systems play a critical role within autonomous vehicles, both for entertainment and for conveying important information to passengers, fueling growth in the car audio market.
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Who Are the Key Players Driving Car Audio Market Growth?
The increase in urbanization is propelling the growth of the car audio market. As more people move to cities, they spend more time in their vehicles and use car audio to reduce stress and increase comfort by listening. According to the World Bank, approximately 7 out of 10 people will live in cities by 2050 and the urban land consumption is expected to expand at a rate 50% faster than population growth. This increasing urbanization is driving the growth of the car audio market.
What Are The Key Trends In The Car Audio Market?
• The significant growth in the car audio market, with an expected CAGR of 8.0% from 2024 to 2025.
• Increasing consumer demand for in-car entertainment systems.
• Growing competition among automakers for differentiation.
• Rising urbanization and increased commuting times.
• Integration of connectivity and infotainment features.
What Are The Segments Of The Global Car Audio Market?
The global car audio market is segmented by:
• Component: Speaker, Amplifier, DSP, Microphone, Tuner
• Make Type: Branded Or Premium Audio Systems, Non-Branded Audio Systems
• Technology: Voice Recognized Audio System, Non-Voice Recognized Audio System
• Sales Channel: Original Equipment Manufacturer(OEM), Aftermarket
• Application: Passenger Vehicle, Commercial Vehicle
Which Region Leads The Car Audio Market?
The US-based automotive company, AAMP Global, leads the car audio market. In 2022, the company acquired the US-based audio amplifier manufacturer, AudioControl, to continue offering premium entertainment solutions and intensify their product development plans.
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What Is Covered In The Car Audio Market Global Market Report?
- Market Size Analysis: Analyze the Car Audio Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Car Audio Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Car Audio Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Car Audio Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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