Global Automotive Premium Audio System Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
“Global Automotive Premium Audio System Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz. The global automotive premium audio system market report has been segmented on the basis of product type, application, sales channel, and region.
Automotive premium audio system is installed in luxury cars for entertainment purpose. Various advantages over conventional audio system such as better sound controlling capabilities, requires less space, and delivers high-quality sound without any vibrations.
Increasing development of advanced premium audio systems and rising demand for electric vehicles across the globe are major factors expected to drive growth of the global automotive premium audio system market over the forecast period. In addition, rising investment in research & development activities in order to improve performance of premium audio system is another factor expected to further fuel growth of the global market over the forecast period.
Moreover, increasing consumer preference towards high-quality sound – without external vibrations and compact speakers – easily installed in vehicle is another factor expected to boost growth of the target market over the forecast period. For instance, in October 2017, Germany-based Continental AG – automotive parts supplier, launched Ac2ated Sound – new speaker-less audio system for cars. Furthermore, rapid urbanization and increasing disposable income of consumers are some other factors expected to propel growth of the global market over the forecast period.
However, high manufacturing and maintenance cost is a key factor expected to restrain growth of the global automotive premium audio system market over the forecast period.
Ongoing trend observed in the market is development of 34-speaker premium audio system. Automotive premium audio system consists of more than eight audio speakers, that are fitted in the vehicle locations to create greater sound environment.
Increasing focus on adoption of new product development strategies in order to improve the production of the company is expected to offer potential revenue opportunities for players operating in the market over the forecast period. For instance, in October 2018, Panasonic Corporation and Fender Musical Instruments Corporation together introduced Fender Premium Audio System, which will debut on selected trim levels of 2019 Nissan TITAN.
Analysis by Segment
On the basis of vehicle type segment, passenger car is expected to register significant share in terms of revenue over the forecast period, owing to increasing sales of passenger cars coupled with increasing installation of premium audio system. Premium audio system offers superior sound quality as compare to regular audio system. In addition, some premium audio systems offer advanced feature like noise cancelation in order to block unwanted external noise and vibrations for theater-like experience.
Analysis by Region
The market in North America is expected to dominate the global automotive premium audio system market in terms of revenue over the forecast period, owing to increasing passenger car sales across various countries, especially in the US, is in turn expected to increase demand for car accessories such as premium audio system in this region.
Global automotive premium audio system market segmentation:
Segmentation by product type:
- 6 Disc
- 8 Disc
- 10 Disc
- 12 Disc
Segmentation by application:
- Passenger Cars
- Commercial Vehicles
Segmentation by sales channel:
- Original Equipment Manufacturer
- After Market
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Bose Corporation
- Bowers & Wilkins Group Limited
- Harman International Industries, Incorporated
- Alpine Electronics, Inc.
- Clarion Co., Ltd.
- Blaupunkt GmbH
- Panasonic Corporation
- QSC, LLC
- Bang & Olufsen a/s
- Onkyo Corporation
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