The global automotive premium audio system market held a market value of USD 11,317.6 Million in 2021 and is projected to reach USD 20,052.3 Million by the year 2027. The market is anticipated to register a CAGR of 9.5% during the forecast period.
The automotive premium audio system includes multiple bespoke speakers and a digital surround system. The number of the speakers depend on the type of the model. Every speaker delivers twice the sound of the same energy consumption, while the auto volume system routinely adjusts the volume when switching between the artists and the recordings.
The automotive premium audio system industry is growing steadily due to the enhanced application of premium systems, rising demand, and investing strategic activities by the key players. For instance, in September 2018, Pioneer, a Japanese car audio and entertainment system manufacturer, announced its possibility to set up a manufacturing facility in India to tap the fast-growing automobile market. The company is looking to supply its audio systems directly to vehicle manufacturers as factory fitments. On the other hand, the high cost factor of the premium audio systems hamper the market growth to a limited extent.
Increasing number of hours spent in car due to traffic congestion
The increased modernization and urbanization in the developed regions affected the traffic routines in such regions. For instance, the Texas A&M Transportation Institute researchers revealed that an average American commuter wastes 54 extra hours a year in traffic delays. Commuters in the 15 most-congested cities spent an average of 83 hours stuck in traffic in 2017. Similarly, in Los Angeles, the most congested metro area, stalled traffic robbed commuters of an average of 119 hours in 2017. Thus, the increased congestions boost the demand for premium audio systems.
Technological advancements in premium audio systems
The rising investment by prominent players, coupled with the surge in developments in automotive premium audio system fuel the market growth. For instance, in September 2021, Harman, a wholly owned subsidiary of Samsung Electronics Co. Ltd. expanded its aftermarket car solutions with the launch of JBL Club 605 CSQ, car speaker system, and JBL Celebrity 100, a bluetooth enabled car multimedia player in India. This entertainment system is available at various car retailer outlets across India at an introductory price of INR 5,490. Similarly, in September 2019, HARMAN International, and Milan-based Garage Italia, specialized in customizing vehicles, entered into a partnership to bring legendary JBL sound to Garage Italia?s custom-designed cars. As part of the collaboration, Garage Italia will customize their vehicles with JBL?s portfolio of car aftermarket and consumer audio solutions to create unique sound solutions. Such measures drive the market growth.
The global automotive premium audio system market is segmented into data type, technology, device type, and end users.
? 8 Speakers
? 12 Speakers
? 18 Speakers
? More than 24 Speakers
The 12 speakers segment holds an opportunity of more than USD 2,500 Million during 2021 to 2027. On the other hand, the 18 speakers segment is expected to hold the highest growth rate of 10.3% during the forecast period.
? Passenger Vehicle
? Commercial Vehicle
The passenger vehicle segment is anticipated to hold the highest growth rate of 10% owing to the increasing use of premium audio systems in the passenger vehicles.
By region, the global automotive premium audio system market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The Asia-Pacific market for automotive premium audio system is estimated to hold the highest growth rate of more than 55% in 2021 owing to the presence of key automobile audio system manufacturers in the region.
The North America and European market for automotive premium audio system is set to increase at a steady rate. Moreover, the market in other regions of Latin America and Middle East and Africa are anticipated to grow at a considerable rate.
Key players operating in the global automotive premium audio system market include Pioneer Corporation, Alpine Electronics, Clarion Co. Ltd., Bang & Olufsen, Dynaudio, Sony Corporation, Bose Corporation, Harman International, Blaupunkt, Meridian Audio, Boston Acoustics, Burmester Audiosysteme, JBL, Bowers & Wilkins, among others.
Major five players in the market hold approximately 60% of the market share. These market players are capitalizing in collaborations, product launches, mergers, acquisitions, and expansions to sustain a competitive edge in the market. For instance, in November 2020, Bang & Olufsen partnered with TechData to expand their premium range of audio products, including its portable smart home speakers which work in tandem with Google Assistant for the European customers.
The global automotive premium audio system market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global automotive premium audio system market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Pricing Analysis: Pricing analysis of various components used in the manufacturing
? Manufacturing Cost Analysis: Cost-share of various components in automotive premium audio system
? Consumer analysis
? Market position of leading four players
The global automotive premium audio system market report answers questions such as:
? What is the market size and forecast of the global automotive premium audio system market?
? What are the inhibiting factors and impact of COVID-19 on the global automotive premium audio system market during the assessment period?
? Which are the products/segments/areas to invest in over the assessment period in the global automotive premium audio system market?
? What is the competitive strategic window for opportunities in the global automotive premium audio system market?
? What are the technology trends and regulatory frameworks in the global automotive premium audio system market?
? What is the market share of the leading players in the global automotive premium audio system market?
? What modes and strategic moves are considered favorable for entering the global automotive premium audio system market?