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Global Car Audio Market InsightJanuary 5, 2022 Comments
Global Car Audio Market has witnessed growing treads over the five years. According to the World Knowledge Information (WKI)Global Car Audio Market Report 2021, Forecast to 2026. The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 7.5% base on WKI regression analysis model.
“The global Car Audio Market has witnessed strong growth owing to the rise in disposable income, the betterment of the standard of living as well as the increasing expenditure on automobile accessories.”said Wikky, Senior analyst, Global Airplane Market Research Center in WKI.
Car Audio manufacturers are increasing their R&D and investment in high-end products, the key players focus on product expansion to enhance their market share. According to Market News: May 2017, Acura NSX choose Clarion Corporation of America to build its high-end audio systems.April 2017, Panasonic was selected by Volkswagen to provide Panasonic’s Fender Premium Audio System in Volkswagen Tiguan SUV. September 2018, HARMAN partnered with CANTON, Germany to provide custom-made High-End Audio Solution for SKODA Kodiaq. December 2018, HARMAN collaborated with Conexant Systems, Inc. to provide high-end comprehensive audio and voice solutions for voice-enabled devices manufacturers.
The global Car Audios market is dominated by major players such as Alpine Electronics, Clarion and HARMAN International, among others. These companies have strong distribution networks at a global level. In addition, these companies offer an extensive product range in this market. These companies adopt strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position.
Segmentation of Car Audio Market:
Based on Technology, the market is bifurcated into Voice Recognized Audio System and Non-Voice Recognized Audio System. The Voice Recognized Audio System segment is estimated to witness the highest CAGR for the forecast period. The factors that can be attributed to the growth of the segment are associated with the increasing demand for superior driving experience with advance voice controlled assistants. Car audio system manufacturers are seeing a voice recognized audio system as the most productive feature to add in the car audio system throughout the forecast period.
Car Audio Market: Regional Analysis
In terms of geography, the Global Car Audio market has been segmented into: North America, Asia-Pacific, Europe, South America, and the Middle East and Africa. The North American region is estimated to be the largest market for Car Audio systems. The Car Audio system market is expected to witness considerable growth in the Asia Pacific region during the forecast period due to the rising Standard of living.
Largest share area：North America
Largest share country：USA