The manufacturing sector was severely hampered due the COVID-19 pademic induced lockdown.
Lockdowns And Restrictions Due To COVID-19 Might Hamper The Market Growth Product penetration will be aided by the growing acceptability of technologically superior audio-visual systems. Consumers preferred using onboard infotainment systems in public transportation to listen to music while travelling, which increases demand for automobile speakers. Key market players are augmenting their aftermarket distribution channels to support the growing demand and capture greater market share.Ĭhanging consumer lifestyles and shifting inclination toward using onboard infotainment systems in ride-sharing services are expected to provide new opportunities for market growth. The rising demand for aftermarket sound systems and components propels the growth of the automotive audio market. The latest automotive speaker systems are embedded with advanced technological features that enhance the overall passenger in-car entertainment experience. The sole purpose of automotive speakers is to offer in-vehicle entertainment to occupants in passenger cars. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. Based on our analysis, the global market exhibited a decline of 4.6% in 2020 as compared to the average year-on-year growth during 2017-2019. The global impact of COVID-19 has been unprecedented and staggering, with car audio witnessing a negative demand shock across all regions amid the pandemic. The market is projected to grow from USD 8.82 billion in 2021 to USD 13.52 billion in 2028 at a CAGR of 6.3% during the 2021-2028 period. The global car audio market size was USD 8.56 billion in 2020.
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