Car Audio Global Market Report 2024

The car audio market size has grown strongly in recent years. It will grow from $9.61 billion in 2023 to $10.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth observed in the historical period within the car audio system industry can be attributed to several factors. These include the increasing consumer demand for in-car entertainment, a rise in disposable income allowing for lifestyle preferences that prioritize technology and entertainment, heightened competition among automakers aiming for product differentiation, urbanization leading to increased commuting times and reliance on in-car entertainment, and the integration of connectivity and advanced infotainment features within vehicles.

The car audio market size is expected to see strong growth in the next few years. It will grow to $14.54 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The anticipated growth in the upcoming period within the car audio system industry can be linked to several key factors. These include the evolution of electric and autonomous vehicles, a heightened focus on enhancing the in-car audio experience, prevailing trends centered around customization and personalization, integration of voice recognition and artificial intelligence technologies, and collaborations between automobile manufacturers and premium audio brands. Major trends expected in the forecast period encompass the emergence of eco-friendly audio solutions, innovations in in-car acoustics technology, partnerships with streaming services for enhanced entertainment options, smart integration of audio systems with vehicle information systems, and the integration of wireless charging capabilities within these systems.

The growth of the car audio market is anticipated to be propelled by the increasing popularity of autonomous cars. Autonomous cars, characterized by their ability to operate without human intervention, are becoming more prevalent. The integration of audio analytics, including advanced car audio software, enhances the overall experience in autonomous vehicles by enabling quicker installations and improving sound quality. For example, by August 2022, it is estimated that the number of self-driving vehicles in the US will reach 3.5 million, further increasing to 4.5 million by 2030, as reported by the Insurance Information Institute, Inc.

The car audio market is poised for growth due to the rising trend of urbanization. Urbanization, marked by increased population concentration in urban areas, is accompanied by various socio-economic changes. The fast-paced urban lifestyle often leads to heavy traffic congestion, prompting individuals to spend more time in their vehicles. Car audio systems play a crucial role in alleviating stress and enhancing comfort through entertainment options. As of January 2022, the US Department of Commerce reported a population of 332,403,650 in the country, with a 0.21% increase from the previous year.

A key trend influencing the car audio market is the continuous advancement of technology. Major players in the market are actively introducing innovative products with cutting-edge technologies to maintain their competitive edge. For instance, in May 2022, the Sweden-based audio tech company, Dirac, launched an Intelligent Audio Platform designed specifically for cars. This software solution incorporates advanced upmixing technology to elevate the in-car audio experience. The Dirac Virtuo spatial audio solution, integrated into the platform, ensures a natural and immersive soundscape. The real-time analysis of stereo signals enhances accuracy, resulting in a more spatially authentic sound experience for users.

Major players in the car audio market are strategically introducing advanced car audio systems to gain a competitive advantage. These advanced systems are characterized by sophisticated in-vehicle audio setups, incorporating premium components, advanced signal processing, and immersive features to deliver an exceptional listening experience. For example, in September 2021, JBL, a renowned US-based sound recording company, launched the JBL Club 605 CSQ. This car speaker system, equipped with a 6.5-inch compo speaker set, features a 160mm carbon fiber woofer, silk dome tweeter, and filters, ensuring powerful and clear sound. The system is designed for high efficiency and power, serving as an upgrade for various car hi-fi systems and factory-installed low-power car stereos.

In April 2022, AAMP Global, a prominent US-based automotive company specializing in vehicle solutions, acquired AudioControl for an undisclosed amount. This strategic acquisition is geared towards bolstering AAMP Global's premium entertainment solution offerings across various sectors, including automotive aftermarket installers, professional audio/video specialists, and home technology integrators. The acquisition aims to support sustained growth, intensify product development plans, and enhance overall customer satisfaction. AudioControl, the acquired entity, is a leading US-based audio amplifier manufacturer known for its high-performance solutions catering to automotive, residential, and commercial applications.

Major companies operating in the car audio market report are Alpine Electronics Inc., Harman International, Clarion Co. Ltd., JVC Kenwood Corporation, Panasonic Corporation, Pioneer Corporation, Sony Corporation, Bose Corporation, JL Audio Corporation, Blaupunkt GmbH., Delphi Automotive PLC, Continental AG, Hyundai Mobis India Limited, Visteon Corporation, Fujitsu Ten Corp. of America, Garmin Ltd., Dynaudio A/S, Samsung Electronics Co. Ltd., Vervent Audio Group, Elettromedia Srl, Bang & Olufsen a/s, Bowers & Wilkins Group Ltd., Boston Acoustics Inc., Burmester Audiosysteme GmbH, Cadence Design Systems Inc., Diamond Audio Technologies, Digital Designs LLC, Directed Electronics Inc., Dual Electronics Corp., Grundig Intermedia GmbH, Lear Corporation.

Asia-Pacific was the largest region in the car audio market in 2023. Europe is expected to be the fastest-growing region in the car audio market report during the forecast period. The regions covered in the car audio market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the car audio market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components of a car audio system include speakers, amplifiers, DSP (Digital Signal Processor), microphones, and tuners. Speakers are devices that convert electrical signals into audible sounds. In car audio, they are responsible for amplifying music or infotainment system sounds to be heard within the vehicle. These speaker systems come in branded/premium versions as well as non-branded options, including both voice-recognized and non-voice-recognized audio system technologies. They are distributed through various sales channels such as original equipment manufacturers (OEM) and aftermarket sources, and are utilized across different applications including passenger vehicles and commercial vehicles.

The car audio market research report is one of a series of new reports that provides car audio market statistics, including car audio industry global market size, regional shares, competitors with a car audio market share, detailed car audio market segments, market trends, and opportunities, and any further data you may need to thrive in the car audio industry. This car audio market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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