Report Ocean delivers key insights on the global automotive premium audio systems market. In terms of revenue, the market is estimated to expand at a CAGR of 9.1% whereas, based on volume the CAGR is estimated to be 4.5% during the forecast period of 2020-2026, owing to numerous factors, regarding which Report Ocean offers thorough insights and forecasts in its report on the global automotive premium audio systems market.
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Increasing traffic congestion is one of the key reasons supporting the demand of audio systems in a form of automotive infotainment systems in the vehicle. As per the data studied, people waste countless hours of their in-rush-hour backups, and traffic has gotten so bad in major cities. Researchers determined that the average American commuter wastes 54 extra hours a year in traffic delays. Extra hours refer to the extra time spent traveling at congested speeds rather than free-flow speeds. Technology is going to be the key to easing congestion, but it is going to take time and money. For now, a lot of time and money is wasted while we sit in traffic jams, and one of the most efficient means of countering that is to look at public transportation as an alternative to using your own vehicle. Automotive premium audio system is witnessing increasing demand amongst range of automotive around the world. Customers are increasingly choosing for premium audio system for their entertainment sources.
Automotive premium audio system includes several speakers which include sub-woofers spread around the interior of vehicle to gain high-end audio experience. Premium audio systems in automotive are not only limited to playing radio and music, but also include diagnostic and in-vehicle services, car telematics, hands-free calling and eCall and telecommunication and navigation services. The premium audio systems market is experiencing growth in terms of volume with larger market share captured in the generic car systems. Most of the OEMs (Original Equipment Manufacturer) are opting for premium audio systems even in lower segment of cars resulting in the higher growth rate of premium audio systems than non-branded audio systems. Also, with increasing concerns related to vehicular emission, major OEMs are shifting their focus toward electric vehicle (EV). With increasing demand for EVs, the demand for car audio systems is subsequently expected to increase. As EVs are available at a premium price across the globe; this increases the chances of integrating a branded audio system into the vehicles.
In general cars, premium audio can be a great addition and can increase the car’s value. For instance, the 10-speaker Sony audio system in the Ford Focus, part of the 401A Package, comes with Recaro Seats and automatic temperature control. However, spending more than $5,000 on an automotive audio system seems is not a general act for majority of population. Also, considering the accounting side of the assets value, over the years, expensive models like the Audi A8 will depreciate in such a huge percentage that the whole car is barely worth as much as the stereo cost when it was new. Hence, the overpriced nature of premium audio systems for automotive may will restrain the market growth over the future period.
Key players operating in the global automotive premium audio systems market are Alpine Electronics, Pioneer Corporation, Bang & Olufsen, Harman International, Sony Corporation, Clarion Co. Ltd., Blaupunkt, Bose Corporation, Boston Acoustics, JBL, Bowers & Wilkins. Some key developments in the global Automotive Premium Audio Systems market are highlighted below:
- In November 2020, audio brand Bang & Olufsen partnered with TechData so that the customers in Europe can access Bang & Olufsen’s premium range of audio products, including its portable smart home speakers which work in tandem with Google Assistant.
- In October 2020, Bang & Olufsen launched portable Beolit Bluetooth speaker with better sound capabilities- beautifully housed in a desirable and easily transportable package along with vastly improved battery life, integrated wireless Qi charging capability on its top shelf and a subtly updated design.
Segmentation:
- By Type
- 8 Speakers
- 12 Speakers
- 18 Speakers
- More than 24 Speakers
- By Applications
- Passenger Vehicle
- Commercial Vehicle
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The U.K.
- Germany
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Russia
- Ukraine
- Poland
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Rest of South America
- Middle East
- UAE
- Saudi Arabia
- Qatar
- Egypt
- Rest of Middle East
- Africa
- South Africa
- Nigeria
- Rest of Africa
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