Kenneth Research, in its repository of market research reports, has recently added a report on Car Audio Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Car Audio Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Car Audio Market products.
Car audio can be defined as equipment installed in a car in order to provide in-car entertainment and information for the vehicle occupants. The car audio was once controlled from the dashboard with a few buttons, and now with technological advancements. The car audio can be controlled by other measures such as steering wheel controls, voice commands and smart phones. The car audio comprises of multiple components such as head unit, amplifier and speakers.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Global Car Audio Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Factors that are aiding in the growth of the Car Audio market include the rise in the disposable income, the betterment of the standard of living as well as the increasing expenditure on automobile accessories are driving the market. Factors such as its high initial cost of investment are restraining the overall Car Audio market growth.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Car Audio Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market.
Global Car Audio Market Competitive Landscape
The “Global Car Audio Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Alpine Electronics, Inc., Clarion Co., Ltd., HARMAN International, JVC Kenwood Corporation, Panasonic Corporation, Pioneer Corporation, Sony Corporation, Delphi Automotive PLC, Bose Corporation, JL Audio Corporation, Blaupunkt GmbH. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above mentioned players globally.
Global Car Audio Market , By Component
• Head Unit
Global Car Audio Market , By Technology
• Voice Recognized Audio System
• Non-Voice Recognized Audio System
Global Car Audio Market , By Accessibility
• Smartphone Controlled
• Manual Controlled
Global Car Audio Market , By Make Type
1.1 Branded Audio System
1.2 Non-Branded Audio System
Global Car Audio Market Geographic Scope
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Latin America
• Rest of the World
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