Automotive industry throughout the globe is evolving and adopting advanced technological developments and innovations, along with increased focus on driver’s comfort and safety. The car audio market is also witnessing several developments in the technology such as voice-enabled audio systems and smartphone controlled audio systems. 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.
Demand for superior driving experience with advance voice controlled assistants such as Siri and Cortana while driving is fueling the demand for voice recognized car audio system. However, in coming years the voice recognized car audio technology would enable the system to ignore intrusive off-axis suspension or speakers, which would further enable the passengers to communicate simultaneously with the system as well as other passengers without any worry. However, market is still in emerging stage and have comparatively less market size than non-voice recognized audio devices. All these factors are expected to create more demand for voice recognized car audio system and fuel the growth of car audio market. Car audio system manufacturers are looking at voice recognized audio system as the most lucrative feature to add in the car audio system during the forecast period.
Smartphones over the year have become a key integral of our lifestyle and therefore, most of the technologies discovered go hand in hand with the growth of smartphone penetration across the globe. Most of the company fitted audio system these days comes with bluetooth and other wireless controlled stereo system. Most vehicles manufactured after 2013 allowed drivers to communicate with smart phones after connecting audio devices via Bluetooth. Streaming audio via internet radio application on both iPhone and Android devices have become very common, and the product aftermarket gear is pushing the envelope beyond that in addition. This trend is expected to complement the growth of car audio market
Market initiative was observed as the most adopted strategy in global car audio market. Few of the recent strategies by some of the players in car audio market landscape are listed below-
The regional trends and factors influencing the North America and Europe Car Audio Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses North America and Europe Car Audio Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2017 | US$ 4.64 Billion |
| Market Size by 2025 | US$ 6.43 Billion |
| Global CAGR (2017 - 2025) | 4.2% |
| Historical Data | 2015-2016 |
| Forecast period | 2018-2025 |
| Segments Covered |
By Component Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The North America and Europe Car Audio Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the North America and Europe Car Audio Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Car Audio Market Segmentation
The List of Companies - Car Audio Market