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Transferred from: Prospective Industry Research Institute

Major listed companies in the industry: Shangsheng Electronics (688533); Huiwei Technology (002888); Wanderer (002351); Guoguang Electric (002404); Goertek (002241) and so on

The core data of this paper: car audio industry chain; the development trend of car audio; car audio market size, etc

Industry Overview

1. Definitions

Auto AudioA radio and playback device designed to reduce the boredom of the driver and occupants during travel. In a sound system, at least the following points must be included in order to be called a complete sound, which is the case with any audio system, and car audio is no exception. Car audio mainly includes three parts: host, speaker, and power amplifier.

At present, the domestic car audio production can be divided into two categories: brand audio and white label audio, brand audio representative enterprises are Harman Kardon, Dynaudio, B&O, B&W Baohua Weijian, BOSE, etc., the supply of car companies is mainly Mazda, Nissan, BMW and other traditional fuel car companies; White label audio mainly for car companies and brand audio to provide speakers and other products, the audio is usually not printed with logo, typical enterprises include Shangsheng Electronics, Prim, Fengda Motor, Jilin Hangsheng, etc., new energy car brands are more inclined to use white label audio, such as ideal.

2. Analysis of the industrial chain

Car audio is a key part of the value chain of the automobile industry, and car audio has become an indispensable supporting equipment for the whole vehicle.

The upstream of the car audio industry chain is mainly a supplier of various metal raw materials and electronic components, which is responsible for providing transformers, resistors, capacitors, connectors, PCBs and memories and other raw materials for car audio manufacturers for production; Midstream is a manufacturer of various components of car audio, responsible for the manufacture of hosts, power amplifiers and speakers; Downstream through online and offline channels to provide car audio in the form of a complete set or parts to automobile manufacturers or automobile maintenance and modification enterprises, and some car companies will also reprocess and debug the audio.

Industry development history: in the stage of high-quality development

China's car audio manufacturing industry has passed the embryonic and explosive stage, in 1994 the State Council issued the "Automobile Industry Industrial Policy" marked the official start of car audio and other automobile supporting manufacturing industry; In the 21st century, China's automobile industry has entered a stage of explosive growth, and by 2009, China has surpassed United States to become the world's largest automobile consumer; In 2013, the "Household Automobile Product Repair, Replacement, Return Liability Regulations" automobile "three guarantees policy" was released, marking China's official entry into the development stage of high-quality, high-quality automobile manufacturing, under the introduction of a series of industrial support policies by the state, car audio manufacturers are also moving towards a stage of high-quality development, although compared with Harman Kardon, Dynaudio, BOSE and other international brand audio, the brand influence of domestic car audio is still insufficient, but in terms of market share, domestic car audio has made great progress. At present, in addition to continuing to pursue sound quality, stability and other basic audio attributes, car audio companies will also invest more in the research and development of audio intelligence in the future.

Industry support policy: accelerate the development of audio business

The government regulatory authorities of China's car audio industry mainly include the State Administration of Radio, Film and Television, the Ministry of Industry and Information Technology, and the National Development and Reform Commission. In recent years, China's car audio industry has been regulated and supported by a series of relevant national policies, mainly subsidies, support for the development of electronic and electrical industries in various regions and encourage green and low-carbon production, etc., the details are as follows:

Industry development

1. The scale of automobile production and sales is large and growing rapidly

According to the data of the China Association of Automobile Manufacturers, from 2019 to 2023, China's automobile production and sales will maintain a steady growth trend, with automobile production increasing from 25.721 million in 2019 to 30.161 million in 2023, and automobile sales increasing from 25.769 million in 2019 to 30.094 million in 2023, ranking first in the world for 15 consecutive years.

2. The per capita car ownership is low, and there is still a gap with the developed countries in the automobile industry

Although China has ranked first in the world in automobile production and sales for many years, it has the world's largest automobile market. However, from the perspective of per capita car ownership, the gap between China and the world's major automobile industry powers is still large, and the per capita car ownership in China in 2023 will be about 30%, while the United States is as high as 84%, nearly three times that of China, and the relatively low Korea also has nearly 50% of car ownership. Therefore, with the continued rapid development of China's automobile industry, especially new energy vehicles, in the pace of moving towards a moderately developed country, China's automobile market still has huge room for growth in the future.

3. The market size of car audio front and rear installation has grown steadily

The change in the scale of the car audio market is highly correlated with the change trend of the scale of automobile production and sales. According to the data of Shangsheng Electronics, from 2019 to 2023, the capacity and scale of China's car audio market will show a steady increase trend, and the scale of China's car audio pre-installation market in 2019 will be 139.494 million in terms of quantity, and it will decline slightly in 2020 due to the impact of the epidemic, and then grow steadily to 189.3647 million in 2023.

In terms of amount, the current price of mid-range car audio in China is about 2,000 yuan per vehicle, and the scale of car audio calculated according to car sales has increased from 51.538 billion yuan in 2019 to 60.188 billion yuan in 2023. In terms of the aftermarket market, according to the data of the Automobile Modification Branch of the China Association of Automobile Manufacturers, about 6% of car owners tend to modify or replace the car audio, and the price of modified audio is slightly higher than that of the pre-installation market, with 3,000 yuan / vehicle, it is speculated that the market size of the car audio after-installation market is roughly equivalent to one-tenth of the scale of the pre-installation market, which will be about 4.63 billion yuan in 2019 and about 5.41 billion yuan in 2023.

Industry Competitive Landscape

1. Regional competition: Guangdong has the most car audio production enterprises, and Jiangsu enterprises have a large scale

According to the data of Qichamao, the number of car audio production enterprises in Guangdong is the largest, mainly distributed in Guangzhou, Shenzhen, Dongguan and Foshan and other industrially developed cities, Jiangsu car audio production enterprises are larger, the industry market share of the first sound electronics is located in Suzhou, other car audio manufacturers are also distributed in Zhejiang, Shandong, Shanghai and Tianjin and other coastal provinces or cities with more developed industries.

2. Enterprise competition

In terms of the competitive landscape of enterprises, Shangsheng Electronics occupies an absolute leading position, from the perspective of speaker shipments, in 2023, the overall market share of Shangsheng Electronics in car speakers will reach 23.32%, and Esko is its main competitor in foreign capital, and the overall market share of other brands is far behind that of Shangsheng Electronics.

Industry development prospects and trend forecasts

1. In 2029, the total market size of car audio front and rear is expected to exceed 80 billion yuan

It is estimated that the scale of China's automobile production and sales will be about 31 million in 2024, and the scale will increase to about 37.5 million by 2029. According to the current mid-range car audio 2,000 yuan/vehicle, modified audio 3,000 yuan/vehicle, it is estimated that the market size of car audio front and rear will be about 67.58 billion yuan in 2024 and exceed 80 billion yuan by 2029

2. Improve the autonomy rate of power amplifiers and enhance the influence of independent brand audio

In terms of future development trends, at present, domestic car audio companies led by Shanghai Acoustic Electronics have occupied most of the domestic speaker market share through the manufacture of white label audio, but the localization rate in the field of power amplifier is still low, so in the future, Chinese car audio companies should seek to break through the localization of power amplifier products, and strive to get involved in the brand audio market with higher profit margins, so as to enhance the profitability of enterprises.

For more research and analysis of this industry, please refer to the "Market Prospect and Investment Strategic Planning Analysis Report of China's Car Audio Industry" by the Prospective Industry Research Institute.

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