Smart Audio System Market: By New Business Developments, Innovations, And Top Companies 2020 - 2030
- Anna Sibley
- May 6, 2021
- 3 min read
Global Smart Audio Market: Introduction
Smart audio systems used in automobiles are network and Bluetooth connected in order to stream music, while a few even have built-in screens. The automotive audio system has witnessed a revolution in the last decade, evolving from the simple AM/FM radio system to smart & intelligent audio system that supports live streaming.
Key Drivers and Restraints of Global Smart Audio Market
Rise in consumer demand for connected vehicle solutions and digital solutions has boosted the demand for the smart audio system. Increased usage of smartphones and consumer demand for connecting smartphones to vehicle for entertainment and infotainment support has fueled the demand for the smart audio systems worldwide.
Rise in sales of luxury and premium vehicles is anticipated to propel the automotive smart audio system market. Developing countries in Asia Pacific and Latin America are witnessing an increase in sales of luxury vehicles owing to a rise in consumer purchase parity, which is projected to further drive the global automotive smart audio system market.
Advent of connected vehicles and autonomous vehicles is anticipated to boost the adoption of automotive smart audio systems
Rise in demand of Digital Display Audio
Digital Display Audio is gaining popularity among automakers to design and achieve a digital cockpit and improve the cabin experience. Advancement in technology and further decrease in price of the digital display audio are anticipated to boost its penetration in the automotive smart audio system market. Rise in sales of connected cars and demand for in-built entertainment systems is expected to propel the adoption of the digital smart audio system.
Integrated segment to expand significantly
In terms of connectivity type, integrated connectivity acts as an extended support to smartphone screens. Integrated is a robust type of connectivity and is imperative from the perspective of adoption of autonomous vehicles. Integrated type enable wireless connectivity of the smartphone with the vehicle audio system. Smart audio systems are thus expected to be supported by the integrated connectivity type owing to their high preference from automakers
Passenger vehicle segment to hold leading share of smart audio system market
Based on vehicle type, the passenger vehicle segment held a leading share of the global smart audio market. Higher penetration of vehicle connectivity in passenger vehicles and higher consumer spending on personal vehicle is attributed to the dominance of the passenger vehicle segment in the global automotive smart audio system market
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OEM segment to hold leading share of smart audio system market
The OEM segment is anticipated to hold a leading share of the global automotive smart audio system market with majority of the smart audio system being offered as standard OE fitment by automakers. The aftermarket segment is estimated to expand owing to an increase in number of aftermarket solutions being offered. Availability of aftermarket smart audio systems and increase in consumer acceptance in retrofit smart audio systems are expected to boost the aftermarket segment.
North America and Europe lead global smart audio market
North America and Europe has highest penetration of connected vehicles globally and also have high demand for advanced & intelligent systems such as smart audio system. North America & Europe together thus holds the dominating share of the automotive smart audio system market.
The market in Asia Pacific is estimated to expand at a significant growth rate during the forecast period owing to increased sale of premium vehicles in China and India
Key Manufacturers Operating in Global Market
The global smart audio market is dominated by a few major players. Key manufacturers operating in the global market are:
Texas Instruments
HARMAN International
Alpine Electronics, Inc.
Pioneer Corporation
Sony Corporation
Bose Corporation
JVC Kenwood Corporation
Global Smart Audio Market, by Component
Speaker
Amplifier
Head Unit
Others
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