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In Car Audio System Market
The growing demand for installation of high-end audio systems, the growing trend of music streaming & audio entertainment.
WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 27, 2024 /EINPresswire / -- The global In Car Audio System
market size was valued at $9.6 billion in 2022, and is projected to reach $25.4 billion by 2032, growing at a CAGR of 10.9% from 2023 to 2032. The In Car Audio System Market report offers a detailed analysis of changing market trends, top segments, key
investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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The report offers a detailed segmentation of the global in car audio system market based on component, manufacturer, vehicle type, sales channel, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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.
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The key players profiled in this report include
Sony group corporation, JVCKENWOOD Corporation, JLAudio, Panasonic Industry Co., Ltd., Blaupunkt, ALPS ALPINE CO., LTD., Pioneer Corporation, FORVIA Faurecia, HARMAN International, Bang & Olufsen
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.
In terms of manufacturer, the branded segment captured the largest market share of more than three-fifths the global in car audio system market in 2022 and is expected to lead the trail during the forecast period. However, the non-branded segment is likely to achieve the fastest CAGR of 12.9% through 2032.
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Based on component, the speaker segment held the largest share in 2022, accounting for nearly two-fifths of the global in car audio system market and would dominate the market in terms of revenue through 2032. The amplifier segment, however, is estimated to witness the fastest CAGR of 16.1% during the forecast period. The report also discusses the head unit, subwoofer, and others segments.
Based on sales channel, the OEM segment held the largest share in 2022, accounting for more than two-thirds of the global in car audio system market size and would dominate the market in terms of revenue through 2031. The aftermarket segment, however, is estimated to witness the fastest CAGR of 13.6% during the forecast period.
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Based on region, the market in Asia-Pacific was the largest in 2022, accounting for nearly half of the global in car audio system market and is likely to maintain its dominance during the forecast period. The LAMEA market, however, is expected to manifest the highest CAGR of 15.5% from 2022 to 2032. The other regions analyzed in the study include Europe and North America.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.