Automotive Premium Audio System Market Report, by Product Type (6 Disc, 8 Disc, 10 Disc, and 12 Disc), by Application (Passenger Cars and Commercial Vehicles), by Sales Channel Type (Original Equipment Manufacturer and After Market), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2018 – 2026
- Report code : CMI212318 |
- Industry :
Automotive and Transportation
- Published On : Nov 2018 |
- Pages : 110 Pages |
- Format :
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.
Automotive premium audio system is primarily installed in luxury cars. Major advantages of using premium audio system over conventional audio system is that it requires less space and delivers high-quality sound without any vibrations. Moreover, car manufacturers are focusing on installing premium audio systems as the system’s high-efficiency speakers require less power and deliver high-quality sound while consuming minimal space in the vehicle.
Market Dynamics
Development of new and advanced premium audio systems and increasing demand for electric vehicles are expected to drive growth of the automotive premium audio system market. For instance, according to the IEA Global Electric Vehicle’s (EV) analysis, around 2 million electric cars were sold in 2016, which increased to 3 million in 2017 worldwide. Therefore, increasing sales of electric cars boosts demand for premium audio systems in these cars.
Furthermore, increasing investment in research & development activities for enhancing performance of premium audio system is expected to boost the market growth. Increasing preference of consumers for high-quality sound without any external vibrations and compact speakers that are easily installed are contributing to growing R&D activities in premium audio systems. For instance, in October 2017, Continental A.G, a Germany-based automotive parts supplier, introduced— Ac2ated Sound, a new speaker-less audio system for cars. In comparison to conventional speaker technology, Ac2ated Sound has several advantages such as lower weight with dramatically reduced box volume and lower electricity consumption. Moreover, this invisible car audio technology delivers excellent acoustics and can be integrated in any car model from high-end sedans to small electric vehicles.
Key features of the study:
- This report provides in-depth analysis of automotive premium audio system market size (US$ Mn), and Compound Annual Growth Rate (CAGR %) for the forecast period (2018 – 2026), considering 2017 as the base year
- It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global automotive premium audio system market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, automotive premium audio system market capital, key developments, strategies, and future plans
- Companies covered as part of this study 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. Insights from this report would allow marketers and the management authorities of the companies to make informed decision regarding their future product launches, product upgrades, market expansion, and marketing tactics
- The global automotive premium audio system market report caters to various stakeholders in this industry including investors, suppliers, manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global automotive premium audio system market
Detailed Segmentation:
- Global Automotive Premium Audio System Market, By Product Type:
- 6 Disc
- 8 Disc
- 10 Disc
- 12 Disc
- Global Automotive Premium Audio System Market, By Application:
- Passenger Cars
- Commercial Vehicles
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Global Automotive Premium Audio System Market, By Sales Channel:
- Original Equipment Manufacturer
- After Market
- Global Automotive Premium Audio System Market, By Geography:
- North America
- By Product Type
- By Application
- By Sales Channel
- By Country:
- U.S.
- Canada
- Europe
- By Product Type
- By Application
- By Sales Channel
- By Country:
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- By Product Type
- By Application
- By Sales Channel
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Latin America
- By Product Type
- By Application
- By Sales Channel
- By Country:
- Brazil
- Mexico
- Rest of Latin America
- Middle East
- By Product Type
- By Application
- By Sales Channel
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- By Product Type
- By Application
- By Sales Channel
- By Country:
- Northern Africa
- Central Africa
- South Africa
- Competitive Landscape
- Company Profiles
- Bose Corporation
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Bowers & Wilkins. Ltd.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Harman International Industries, Inc.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Blaupunkt GmbH
- Panasonic Corporation
- QSC, LLC
- Sonos, Inc.
- Alpine Electronics, Inc.
- Bang & Olufsen
- Klipsch Audio Technologies
- Onkyo Corporation
- Analyst Views
- References
- Research Methodology
- About us and Sales Contact
“*” marked represents similar segmentation in other categories in the respective section
Table of Contents
- Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By Application
- Market Snippet, By Sales Channel
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Regulatory Scenario
- Industry Trend
- Merger and Acquisitions
- New system Launch/Approvals
- Value Chain Analysis
- Porter’s Analysis
- PEST Analysis
- Global Automotive Premium Audio System, By Product Type, 2018–2026 (US$ Million)
- Introduction
- Market Share Analysis, 2018 and 2026 (%)
- Segment Trends
- 6 Disc
- Introduction
- Market Size and Forecast, 2018–2026, (US$ Million)
- 8 Disc
- Introduction
- Market Size and Forecast, 2018–2026, (US$ Million)
- 10 Disc
- Introduction
- Market Size and Forecast, 2018–2026, (US$ Million)
- 12 Disc
- Introduction
- Market Size and Forecast, 2018–2026, (US$ Million)
- Global Automotive Premium Audio System, By Application, 2018–2026 (US$ Million)
- Introduction
- Market Share Analysis, 2018 and 2026 (%)
- Segment Trends
- Passengers Cars
- Introduction
- Market Size and Forecast, 2018–2026, (US$ Million)
- Commercial Vehicles
- Introduction
- Market Size and Forecast, 2018–2026, (US$ Million)
- Heavy Commercial Vehicles
- Introduction
- Market Size and Forecast, 2018–2026, (US$ Million)
- Light Commercial Vehicles
- Introduction
- Market Size and Forecast, 2018–2026, (US$ Million)
- Global Automotive Premium Audio System, By Sales Channels, 2018–2026 (US$ Million)
- Introduction
- Market Share Analysis, 2018 and 2026 (%)
- Segment Trends
- Original Equipment Manufacturer
- Introduction
- Market Size and Forecast, 2018–2026, (US$ Million)
- After Market
- Introduction
- Market Size and Forecast, 2018–2026, (US$ Million)
- Global Automotive Premium Audio System, By Regions, 2018–2026 (US$ Million)
- Introduction
- Market Share Analysis, By Region, 2018 and 2026 (%)
- North America
- Regional Trends
- Market Size and Forecast, By Product Type, 2018–2026 (US$ Million)
- Market Size and Forecast, By Application, 2018–2026 (US$ Million)
- Market Size and Forecast, By Sales Channel, 2018–2026 (US$ Million)
- Market Share Analysis, By Country, 2018 and 2026 (%)
- U.S.
- Canada
- Europe
- Regional Trends
- Market Size and Forecast, By Product Type, 2018–2026 (US$ Million)
- Market Size and Forecast, By Application, 2018–2026 (US$ Million)
- Market Size and Forecast, By Sales Channel, 2018–2026 (US$ Million)
- Market Share Analysis, By Country, 2018 and 2026 (%)
- UK
- Germany
- Italy
- France
- Russia
- Others
- Asia Pacific
- Regional Trends
- Market Size and Forecast, By Product Type, 2018–2026 (US$ Million)
- Market Size and Forecast, By Application, 2018–2026 (US$ Million)
- Market Size and Forecast, By Sales Channel, 2018–2026 (US$ Million)
- Market Share Analysis, By Country, 2018 and 2026 (%)
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Others
- Latin America
- Regional Trends
- Market Size and Forecast, By Product Type, 2018–2026 (US$ Million)
- Market Size and Forecast, By Application, 2018–2026 (US$ Million)
- Market Size and Forecast, By Sales Channel, 2018–2026 (US$ Million)
- Market Share Analysis, By Country, 2018 and 2026 (%)
- Brazil
- Argentina
- Mexico
- Others
- Middle East
- Regional Trends
- Market Size and Forecast, By Product Type, 2018–2026 (US$ Million)
- Market Size and Forecast, By Application, 2018–2026 (US$ Million)
- Market Size and Forecast, By Sales Channel, 2018–2026 (US$ Million)
- Market Share Analysis, By Country, 2018 and 2026 (%)
- Northern Africa
- Central Africa
- South Africa
- Africa
- Regional Trends
- Market Size and Forecast, By Product Type, 2018–2026 (US$ Million)
- Market Size and Forecast, By Application, 2018–2026 (US$ Million)
- Market Size and Forecast, By Sales Channel, 2018–2026 (US$ Million)
- Market Share Analysis, By Country, 2018 and 2026 (%)
- Northern Africa
- Central Africa
- South Africa
- Competitive Landscape
- Company Profiles
- Bose Corporation
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Bowers & Wilkins. Ltd.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Harman International Industries, Inc.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Blaupunkt GmbH
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Panasonic Corporation
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- QSC, LLC
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Sonos, Inc.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Alpine Electronics, Inc.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Bang & Olufsen
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Klipsch Audio Technologies
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Onkyo Corporation
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Analyst Views
- Section
- References
- Research Methodology
- About us and Sales Contact
*Browse 60 market data tables and 40 figures on "Automotive Premium Audio System - Global forecast to 2026”.
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