Automotive Amplifier Market Size to Grow Worth $6.27 Billion by 2030 | Fortune Business Insights
Automotive Amplifier Market Size to Record 6.6% CAGR over 2023-2030; Harman Expanded Its Range of Aftermarket Car Products to Provide Superior Sound Quality
Pune, India., Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global automotive amplifier market size was valued at USD 3.79 billion in 2022 and is expected to be worth USD 4 billion in 2023. The market is projected to reach USD 6.27 billion by 2030, recording a CAGR of 6.6% during the forecast period.
Automotive amplifiers have witnessed a robust rise in their adoption in recent years due to the growing demand for improved in-car experience and vehicles with advanced features. These devices, also known as car audio amplifiers or car amplifiers, are designed to increase the strength of the audio signals before sending them to a car’s in-built audio systems. The rising need for better in-car entertainment systems and driving experience among customers is set to accelerate the automotive amplifier market growth.
*Drivers & Restraints-*
*Growing Demand for Futuristic Audio Solutions to Foster Market Growth*
Advanced audio technologies are being incorporated into vehicle systems to improve the overall driving experience of customers. This trend is expected to grow at a commendable pace in the coming years as customers are demanding innovative features in their vehicles. Many manufacturers are designing automotive amplifiers to integrate advanced technologies, such as noise cancellation, surround sound, and digital signal processing, which will further boost their adoption among customers.
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*Report Highlights:*
*Report Coverage* *Details*
Forecast Period 2023-2030
Forecast Period 2023 to 2030 CAGR 6.6%
2030 Value Projection USD 6.27 Billion
Base Year 2022
Market Size in 2023 USD 4 Billion
Historical Data for 2019-2021
No. of Pages 200
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*Competitive Landscape-*
*Panasonic Corporation to Hold Dominant Market Position due to Rising Focus on Research & Development*
Panasonic Corporation is expected to lead the market growth as the firm is increasing its focus on research & development programs to introduce smart vehicle technologies. Panasonic has a vast distribution network as well, and has collaborated with many OEMs to cater to unique customer demands. These efforts have helped the firm maintain its dominance in the market.
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*Segments-*
*Sales of Passenger Vehicles to Rise due to High Demand for Cutting-edge Audio Systems*
Based on vehicle type, the market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The passenger vehicles segment held a dominant market position in 2022 due to the robust demand for vehicles that are equipped with high-end features that can boost their in-car experience.
*Product Demand to Increase among Customers due to Premium Audio Packages Offered by OEMs*
Based on sales channel, the market is bifurcated into OEM and aftermarket. The OEM segment captured the biggest automotive amplifier market share in 2022 as OEMs often supply advanced audio packages that are usually optional or included in vehicles in higher trim levels. With respect to region, the market covers North America, Europe, Asia Pacific, and the Rest of the World.
*Segmentation* *By Vehicle Type*
· Passenger Vehicles
· Light Commercial Vehicles
· Heavy Commercial Vehicles
*By Sales Channel*
· OEM
· Aftermarket
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*Regional Insights-*
*Growing Production and Sales of Vehicles to Help Asia Pacific Dominate Global Market*
Asia Pacific is predicted to capture the largest market share as the region is increasing the production of vehicles every year to cater to their growing demand. Asia Pacific is also one of the biggest hubs of automobile production. These factors might amplify the regional market growth.
North America is anticipated to showcase notable growth in the global market as the region has a vast presence of OEMs that are increasing the integration of automotive amplifiers in their vehicle portfolios to keep up with the rising product demand.
*Report Coverage:*
The report analyzes the market in detail and covers important areas such as leading companies, key services, and top product applications. It also offers valuable insights into the latest market trends and vital industry developments. Besides the abovementioned factors, the report covers several factors that have contributed to the market's growth in recent years.
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*A list of prominent **Automotive Amplifier manufacturers operating in the global market:*
· Panasonic Corporation (Japan)
· STMicroelectronics (Switzerland)
· Texas Instruments (U.S.)
· NXP Semiconductors (Netherlands)
· Analog Devices (U.S.)
· Infineon Technologies (Germany)
· Sony Group Corporation (Japan)
· ELETTROMEDIA S.R.L (Italy)
· JLAudio (U.S.)
· Stillwater Designs (U.S.)
· Soundstream Technologies (U.S.)
· Rockford Corp (U.S.)
*COVID-19 Impact:*
*COVID-19 Pandemic Restrained Market Growth due to Supply Chain Disruptions and Reduced Vehicle Production*
The COVID-19 pandemic adversely affected the market development as the volume of production of passenger as well as commercial vehicles decreased drastically during this period. One of the major factors that slumped the vehicle production was the introduction of nationwide lockdowns and travel restrictions. The outbreak period also brought along a period of severe economic uncertainty, which forced customers to focus on purchasing essential products. This factor reduced the demand for luxury products, such as cars, which further restricted the production of automotive amplifiers.
*Notable Industry Development:*
*October 2021: *Harman expanded its range of aftermarket car products by introducing two new offerings. The Infinity REF 7005A, a five-channel high-performance amplifier, and the Infinity ALPHA 100, a car multimedia player with Bluetooth capability to deliver high-quality sound and improve the car audio experience.
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*Table of Content: *
· Introduction
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· Executive Summary
· Market Dynamics
· Market Drivers
· Market Restraints
· Market Opportunities
· Market Trends
· Key Insights
· Key Industry Developments - Mergers, Acquisitions & Partnerships
· Latest Technological Advancements
· Porters Five Forces Analysis
· Impact of COVID-19 Pandemic on Global Automotive Amplifier Market
· Global Automotive Amplifier Market Analysis, Insights and Forecast, 2019-2030
· Key Findings / Definition
· Market Analysis, Insights and Forecast - By Vehicle Type
· Passenger Vehicles
· Light Commercial Vehicles
· Heavy Commercial Vehicles
· Market Analysis, Insights and Forecast - By Sales Channel
· OEM
· Aftermarket
· Market Analysis, Insights and Forecast - By Region
· North America
· Europe
· Asia Pacific
· Rest of the World
· North America Automotive Amplifier Market Analysis, Insights and Forecast, 2019-2030
· Market Analysis, Insights and Forecast - By Vehicle Type
· Passenger Vehicles
· Light Commercial Vehicles
· Heavy Commercial Vehicles
· Market Analysis, Insights and Forecast - By Sales Channel
· OEM
· Aftermarket
· Market Analysis, Insights and Forecast - By Country
· U.S.
· Market Analysis, Insights and Forecast - By Vehicle Type
· Canada
· Market Analysis, Insights and Forecast - By Vehicle Type
· Mexico
· Market Analysis, Insights and Forecast - By Vehicle Type
· Europe Automotive Amplifier Market Analysis, Insights and Forecast, 2019-2030
· Market Analysis, Insights and Forecast - By Vehicle Type
· Passenger Vehicles
· Light Commercial Vehicles
· Heavy Commercial Vehicles
· Market Analysis, Insights and Forecast - By Sales Channel
· OEM
· Aftermarket
· Market Analysis, Insights and Forecast - By Country
· Germany
· Market Analysis, Insights and Forecast - By Vehicle Type
· France
· Market Analysis, Insights and Forecast - By Vehicle Type
· UK
· Market Analysis, Insights and Forecast - By Vehicle Type
· Rest of the Europe
· Market Analysis, Insights and Forecast - By Vehicle Type
· Asia Pacific Automotive Amplifier Market Analysis, Insights and Forecast, 2019-2030
· Market Analysis, Insights and Forecast - By Vehicle Type
· Passenger Vehicles
· Light Commercial Vehicles
· Heavy Commercial Vehicles
· Market Analysis, Insights and Forecast - By Sales Channel
· OEM
· Aftermarket
· Market Analysis, Insights and Forecast - By Country
· China
· Market Analysis, Insights and Forecast - By Vehicle Type
· Japan
· Market Analysis, Insights and Forecast - By Vehicle Type
· India
· Market Analysis, Insights and Forecast - By Vehicle Type
· South Korea
· Market Analysis, Insights and Forecast - By Vehicle Type
· Rest of APAC
· Market Analysis, Insights and Forecast - By Vehicle Type
· Rest of the World Automotive Amplifier Market Analysis, Insights and Forecast, 2019-2030
· Market Analysis, Insights and Forecast - By Vehicle Type
· Passenger Vehicles
· Light Commercial Vehicles
· Heavy Commercial Vehicles
· Market Analysis, Insights and Forecast - By Sales Channel
· OEM
· Aftermarket
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