The automotive audio market is one of the fastest growing markets in the world. Every year, more than 150 million vehicles are sold around the world, and as people become more aware of how their vehicle can enhance their driving experience, they're also becoming more aware of how to improve that experience through aftermarket audio products.
Automotive audio is defined as any sound system installed in a vehicle that helps improve its performance and safety. Audio systems are present in all types of vehicles, ranging from cars to trucks and buses. They help increase the efficiency of these vehicles by providing passengers with an enjoyable audio experience while they're driving or riding on public transport systems such as buses and trains.
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In this article, we'll take a look at some of the key factors driving this growth, as well as some emerging trends that could have an impact on the industry over the next few years.
Growth Factors:
The market has been witnessing growth due to increasing demand for advanced infotainment systems, increasing sales of electric vehicles, rising demand for premium audio systems, and increasing demand for wireless audio products.
The global automotive audio market is segmented based on product type and application (segmentation by product type). In terms of product type, the global automotive audio market is segmented into two broad categories: OEM (original equipment manufacturer) and aftermarket. In terms of application, the global automotive audio market is segmented into vehicle bodywork (dashboard) and OEM (in-dashboard or in-head unit). Growing demand for advanced infotainment systems in passenger cars has led to an increase in the demand for aftermarket products such as speakers, amplifiers, subwoofers, crossovers, tweeters & speakers with subwoofers etc.
The aftermarket segment is expected to grow at a higher rate than OEM during the forecast period due to high replacement rate of vehicles worldwide which supports the sales of aftermarket products such as speakers
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The Players Mentioned in Our Report
Panasonic, Continental, Harman, Clarion, Hyundai MOBIS, Visteon, Pioneer, Blaupunkt, Delphi, Fujitsu Ten, BOSE, Alpine, Garmin, Denso, Sony, Foryou, Desay SV Automotive, Hangsheng Electronic, E-LEAD Electronic, JL Audio, Burmester, Focal, Dynaudio, Bower & Wilkins,
The Conclusion:
The world automotive audio market is expected to witness robust growth in the coming years. The demand for vehicles has been increasing at a steady pace, which in turn has led to the rise in the number of vehicle sales across the globe. As a result, manufacturers are increasingly focusing on improving the aesthetics of their vehicles by equipping them with advanced audio systems that enhance the overall experience for users.
