In Car Audio System Market By Component (Head Unit, Speaker, Amplifier, Subwoofer, Others), By Manufacturer (Branded, Non-Branded), By Vehicle Type (ICE, EV), By Sales Channel (OEM, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2022-203

In Car Audio System Market By Component (Head Unit, Speaker, Amplifier, Subwoofer, Others), By Manufacturer (Branded, Non-Branded), By Vehicle Type (ICE, EV), By Sales Channel (OEM, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2022-2032

In-car audio system comprises the electronic devices installed in cars or other vehicles, which provide in-car entertainment and information for vehicle occupants. Common car audio components include stereos, speakers, subwoofers, amplifiers, and auxiliary inputs, such as USB ports and headphone jacks. There are many different types and models of car audio systems available from various manufacturers, ranging from basic budget units to high-end audiophile systems with advanced features such as voice control, digital signal processing, and Bluetooth connectivity. The power output, connectivity choices, sound quality, and general electrical system compatibility should all be considered when choosing a car audio system.

The German new car market increased by 1.1% in the full year 2022 to 2,651,357 passenger cars, the second lowest number of new passenger vehicle registrations in a calendar year in Germany in decades. Sales of light commercial vehicles, trucks, buses, and motorcycles sales were weaker. Only 17.8% of all new cars in Germany were diesel-powered, but sales of electric vehicles increased by a third to a record 17.7% share of the market. At 3,240,478 cars, the overall number of new motorized vehicle registrations in Germany increased by 0.2% in 2022, a little over 7,000 more than in 2021 but almost a million less than in 2019.

In 2022, Germany's car output increased by 11% to 3.4 million vehicles. The number of automobiles produced in 2021—3.1 million—was the lowest since 1975. The fundamental constraint on global auto manufacturing, as in Germany, was supply constraints rather than demand. The VDA estimates that German auto exports climbed by a comparable 10% in 2022, reaching 2.6 million vehicles exported. The German car market is not able to match its pre COVID sales, but the market is making progress as the year over year sales are improving and creating demand for cars and components related to the market.

Owing to strong sales of electric vehicles and large fleets, new automobile registrations in the UK increased for the sixth consecutive month in January 2023 rising by 14.7% annually. Full-year sales are anticipated to surpass 2021, an industry association predicted on Monday. According to the Society of Motor Manufacturers and Traders (SMMT), 131,994 vehicles were registered in the UK during February 2023, making this the industry's best start to a year since January 2020. In addition, it is predicted that registrations would reach 1.96 million units by 2024 and that sales would increase by more than 11% to 1.79 million. However, compared to a 16.6% annual share in 2022, battery electric cars (BEVs) only represented 13.1% of new registrations in January. To 17,294 vehicles, BEV registrations increased by 19.8%. Developments like these are expected to escalate the demand for in-car audio systems and components.

In February 2023, passenger automobile sales in Italy increased. According to the Italian Automobile Manufacturers Association (ANFIA), there were 130,365 new passenger cars registered in February, a 17.5% increase over the same month in 2022. With 258,689 cars registered in the first two months of 2023, year-to-date sales had grown 18.2%. In February 2023, registrations for the Fiat brand fell by 4.7% year over year (11.7% market share), while those for the VW brand rose by 56.6% (8.7% share), Toyota registrations rose by 46.5% (6.6% share), and Dacia registrations rose by 51.6% (6.0% market share).

The foreign car distributor association (UNRAE) reported that sales of gasoline-powered passenger cars rose 16.5% year over year to 34,591 units (26.1% share) in February 2023, while sales of diesel cars rose 1.5% to 25,363 units (19.2%), hybrid car sales rose 25.3% to 48,312 units (36.5% share), combined sales of plug-in hybrid and electric vehicles (PHEV and REx) rose 2.2% to 5,615 units (4.2% share), and sales of electric. The sales in the automotive Italian market are on rise, which is expected to boost the demand for in-car audio system.

The OEM car audio systems market is constantly evolving, as OEM car audio systems are increasingly being designed to integrate with other vehicle systems, such as infotainment systems, driver assistance features, and navigation systems. This allows a more seamless and intuitive user experience. Furthermore, OEM car audio systems are incorporating more advanced digital signal processing to enhance audio quality and provide more precise control over the sound. Other OEM car audio systems are now incorporating voice control features, allowing drivers to control the audio system without their hands off the wheels. Thus, all these factors collectively contribute toward the growth of the overall market.

The aftermarket car audio system is designed to work seamlessly with smartphones and other mobile devices, allowing for easy connectivity and access to music, podcasts, and other audio content. Aftermarket car audio systems incorporate more advanced digital signal processing methods to improve audio quality, similar to that of OEM car audio systems. Voice control capabilities are now being included into certain aftermarket automobile audio systems, enabling users to operate the stereo system with their voice. Some aftermarket automobile audio systems are made considering sustainability, thus employing more eco-friendly materials and components, as some buyers are more ecologically conscious. The aftermarket car audio system market is growing and presents significant opportunities for businesses that can meet the evolving needs of consumers.

The in car audio system market is segmented on the basis of component, make, vehicle type, sales channel, and region. On the basis of component, it is divided into head unit, speaker, amplifier, subwoofer, and others. On the basis of make, it is classified into branded, and non-branded. On the basis of vehicle type, it is classified into ICE, and EV. On the basis of sales channel, it is classified into OEM, and aftermarket. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Growth drivers, restraints, and opportunities are explained in the study to better understand the market dynamics. This study further highlights key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The study features strategies adopted by key market players to maintain their foothold in the market.

Companies have adopted product development, partnership, and product launch as their key development strategies in the in-car audio system market.

The key players operating in this 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.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the in car audio system market analysis from 2022 to 2032 to identify the prevailing in car audio system market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the in car audio system market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global in car audio system market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Component

Speaker
Amplifier
Subwoofer
Others
Head Unit

By Manufacturer

Branded
Non-Branded

By Vehicle Type

ICE
EV

By Sales Channel

OEM
Aftermarket

By Region

North America
U.S.
Canada
Mexico
Europe
UK
Germany
Italy
France
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Panasonic Industry Co., Ltd.
Sony group corporation
JVCKENWOOD Corporation
ALPS ALPINE CO., LTD.
Bang & Olufsen
FORVIA Faurecia
Blaupunkt
Pioneer Corporation
HARMAN International
JLAudio

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