Market Introduction
The global Automotive Premium Audio System market held a market value of USD 12,288.80 Million in 2020 and is projected to reach USD 22,641.76 Million by the year 2027. The market is anticipated to register a CAGR of 9.1% during the projected period. The market is estimated to hold a market volume of 23,806.97 thousand units in 2020.
Automotive premium audio systems market is anticipated to grow owing to the increasing number of hours spent in car due to traffic congestion, technological advancements in premium audio system, and increasing demand of onboard infotainment systems in public transport facilities. However, the high costs of premium automotive audio systems are anticipated to negatively impact the market growth.
Growth Influencers:
Increasing number of hours spent in car due to traffic congestion
The rising traffic congestion globally, especially in the metro cities is directly increasing the number of hours spent in car, which is also increasing the use of audio systems in automotives. According to a report published by the Texas A&M Transportation Institute, as of August 2019, the average number of hours spent in traffic in America is around 54 extra hours in a year due to traffic delays. People prefer premium audio system in their vehicles for the demand of high quality of audio. This is leading to rapid rise in the demand for automotive premium audio system, hence fuelling the market growth. Following table represents the number of hours spent in a year in various metro areas in the United States in 2017.
Location- Hour/Year
San Francisco-Oakland- 103
Washington, DC - 102
New York-Newark - 92
Boston - 80
Seattle - 78
Atlanta - 77
Houston - 75
Chicago - 73
Miami - 63
Segments Overview:
The global Automotive Premium Audio System market is segmented into type and application.
By Type,
8 Speakers
12 Speakers
18 Speakers
More Than 24 Speakers
The 12 Speakers segment is expected to hold the largest market share of about 32% owing to their increasing demand in many commercial vehicles. The 18 Speakers segment is anticipated to witness the fastest growth rate of 10.3% owing to the growing technological advancements in this segment.
By Applications,
Passenger Vehicle
Commercial Vehicle
The passenger vehicle segment is anticipated to surpass a market volume of around 21,700 thousand units by 2025 owing to the growing number of passenger vehicles on the road. Also, the segment experienced fewer declines in growth as compared to commercial vehicle segment during the COVID-19 pandemic. According to the Society of Indian Automobile Manufacturers, the sales of passenger vehicles experience a decline of 2.24% during April to March 2021 and commercial vehicles segment experienced a decline of 20.77% in the same period.
Regional Overview
Based on regions, the global Automotive Premium Audio System market is segmented into Europe, Asia Pacific, North America, Middle East & Africa, and South America.
The Asia Pacific region is expected to hold the largest market share of around 49% owing to the presence of major market players in the region and the rising demand for automotive premium audio systems. The Europe region is anticipated to hold the second largest market share. The market in North America and South America is also anticipated to grow at significant growth rates during the forecast period.
Competitive Landscape
Key players operating in the global automotive premium audio system market include Alpine Electronics, Pioneer Corporation, Clarion Co. Ltd., Dynaudio, Bang & Olufsen, Sony Corporation, Harman International, Bose Corporation, Blaupunkt, Boston Acoustics, Meridian Audio, Burmester Audiosysteme, Bowers & Wilkins, JBL, and other such prominent players.
The cumulative market share of the fourteen major players is near about 72%. These market players are involved in new product launches, partnerships, mergers & acquisitions to strengthen their market presence. For instance, in January 2021, Harman expanded its strategic partnership with Iptor for technology development as well as extensive user experience work with Harmans design division Huemen, based in New York, the United States.
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
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/applications/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?
