Impact Analysis of Covid-19
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Automotive Premium Audio System Market
Automotive premium audio system is installed in vehicles for entertainment purpose. It includes 10-speaker system with four mid-range speakers, four titanium dome tweeters, and a 20 cm subwoofer. Automotive premium audio system offers advantages such as better sound controlling capabilities that include digital time correction and parametric equalization. These features make it easier for consumers or drivers to control the audio system.
Market Driver:
Significant growth in vehicle sales worldwide is a major factor propelling demand for automotive premium audio system. For instance, according to International Organization of Motor Vehicle Manufacturers’ (OICA) statistics, the total number of vehicles sold in 2016 was 94 million units, which increased to 96 million units in 2017 worldwide. Rapid urbanization and increasing disposable income of consumers are some of the factors that propel demand for luxury cars, which in turn leads to growing installation of premium audio systems. Moreover, automotive premium audio systems deliver high-quality sound with four 16 watt speakers. Therefore, all these factors are expected to propel growth of the automotive premium audio system market.
Passenger cars segment is expected to hold the highest market share by 2026
Among vehicle type, passenger cars segment accounted for the highest share in the global automotive premium audio system market in 2017, owing to increasing sales of passenger cars. For instance, according to OICA, in 2016, the total number vehicles manufactured worldwide was 94 million units, of which 72 million units were passenger cars, which was around 75% of the worldwide vehicle production. Therefore, high production of passenger cars leads to increasing installation of premium audio system in these cars. Premium audio system offers superior sound quality in comparison to regular audio system. Moreover, some premium audio systems also feature noise cancelation to block unwanted external noise and vibrations for a theater-like experience. Therefore, these factors are expected to boost growth of the automotive premium audio system market over the forecasted period.
Figure: Global Automotive Premium Audio System Market Value (US$ billion) by Region, 2026
SOURCE: COHERENT MARKET INSIGHTS ANALYSIS, 2018
North America automotive premium audio system market is expected to witness the highest CAGR over the forecast period
The market for North America is expected to witness significant growth rate over the forecast period, owing to increasing passenger car sales, especially in the U.S. According to OICA, in 2017, around 11 million units of passenger cars were sold worldwide, in which around 6 million units were sold in the U.S. Therefore, increasing sales of passenger cars boosts demand for accessories such as premium audio system, thereby propelling the market growth in North America.
Key companies
Major players operating in the global automotive premium audio system market include, Bose Corporation, Bowers & Wilkins, Harman International Industries, Inc., Klipsch Audio Technologies, Bang & Olufsen, Alpine Electronics, Inc., Sonos, Onkyo Corporation, Panasonic Automotive System, Blaupunkt GmbH, and QSC, LLC.
Major players in the market are focused on adopting product development strategies in order to enhance market share. For instance, in October 2018, Panasonic Corporation, in collaboration with Fender Musical Instruments Corporation, introduced Fender Premium Audio System, which will debut on selected trim levels of the 2019 Nissan TITAN. The 2019 Nissan TITAN is the first Nissan vehicle and the only vehicle in its class to feature the Fender Premium Audio System.
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