Global Automotive Premium Audio System Market 2017-2021
About Automotive Premium Audio System
Premium audio systems deliver high-performance sound experience using a number of speakers, woofers, and other components. Automotive premium audio systems are those with surround sound, eight or more speakers, and power amplification of 400 watts and more, which offer a theater-like sound experience within the vehicle. These high-performance systems are usually part of the in-vehicle entertainment systems in luxury sedans, SUVs, and vans.
Technavio’s analysts forecast the global automotive premium audio system market to grow at a CAGR of 14.83% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive premium audio system market for 2017-2021. To calculate the market size, the report is based on factory fitment. Furthermore, to calculate the market size based on geography, a top-down approach is used, on the basis of overall automotive premium audio system application.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Premium Audio System Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive premium audio system market: Alpine Electronics, Bang & Olufsen, Bose, Burmester Audiosysteme, and HARMAN.
Other Prominent Vendors in the market are: Blaupunkt, Boston Acoustics, Bowers & Wilkins, Clarion, Dynaudio, McIntosh Laboratory, Meridian Audio, and Pioneer.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is use of audio system as WLAN hotspot enabling 24/7 connectivity. Modern automotive audio systems are now capable of delivering more than music. Developers of automotive entertainment system are developing systems that have the capability of delivering wired and wireless connectivity with the integration of hotspot in the main unit. This has allowed portable Wi-Fi for improved and uninterrupted connectivity.”
According to the report, one of the major drivers for this market is improved quality of sound systems through digital signal processors. The integration of advanced digital processors and microchips within the head units of modern audio systems has been driving the premium audio system in the automotive market. These microprocessors and chips are helping in improving the sound quality of the system and thereby making the system more premium in function.
Further, the report states that one of the major factors hindering the growth of this market is high cost and design complexity of advanced audio systems. The high cost of premium audio systems is one of the major challenges in the market. High costs make it difficult for automobile manufacturers to keep their product prices low. Therefore, automobile manufacturers have to either keep their profit margins low or shift the pressure onto consumers. However, in the current price-sensitive market, customers look for products that offer maximum value for money, and it has therefore become difficult for manufacturers to shift the pressure of costs onto their customers.
Alpine Electronics, Bang & Olufsen, Bose, Burmester Audiosysteme, HARMAN, Blaupunkt, Boston Acoustics, Bowers & Wilkins, Clarion, Dynaudio, McIntosh Laboratory, Meridian Audio, Pioneer.
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