Automotive Premium Audio System Market- Industry Dynamics, Market Size, And Opportunity Forecast To 2030

Global Automotive Premium Audio System Market was valued at US$ 11,317.6 Mn in 2021 and is projected to reach US$ 27,808.9 Mn by 2030. The market is registering growth at a CAGR of 9.5% over the forecast period 2022-2030. The automotive premium audio system includes several speakers which include sub-woofers spread around the interior of the vehicle to gain a high-end audio experience. Premium audio systems in automotive are not only limited to playing radio and music but also include diagnostic and in-vehicle services, car telematics, hands-free calling and e-call, and telecommunication and navigation services. Thus, automotive premium audio systems deliver a high-performance sound experience using several audio speakers, woofers, and other components. They have features like surround sound, eight or more speakers, and powerful amplification of 450 watts or more.

The growing impetus of the automotive premium audio system market is attributed to factors such as the increasing number of hours spent in cars due to traffic congestion, technological advancement in premium audio systems, and increasing demand for onboard infotainment systems in public transport facilities. 

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 systems in their vehicles for the demand for high-quality audio. Furthermore, along with advancements in overall vehicles, the audio systems are witnessing a huge technological advancement to match the pace of growth amongst various ranges of vehicles. Some of the key advancements include voice-enabled audio systems and smartphone-controlled audio systems, along with an increased focus on driver's comfort and safety. However, the high cost of premium audio systems for automotive will hamper market growth over the future period. 

Report Summary

The study of the global automotive premium audio system market considers various market determinants, industry value chain analysis, and competitor analysis of the market. The report discusses the analysis of the automotive premium audio system industry for the period 2017-2030, where the base year is 2021 and the forecast period is 2022-2030. The report provides a detailed analysis of the Global Automotive Premium Audio System Market across 13 Chapters and 177 pages. The report includes data presentation across 31 tables and 78 statistical figures. 

The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental, and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein the intensity of rivalry is high and the bargaining power of buyers is moderate. 

The subsequent section provides details of the market analysis based on different segments such as type, application, and region. The report also includes a detailed study of the value chain of the automotive premium audio system industry. It includes raw material suppliers, automotive audio system producers, distributors, and end-users. The report also covers extensively the key competitors in the Global Automotive Premium Audio System Market and provides the SWOT analysis for each of the competitors. 

Key Takeaways from the Global Automotive Premium Audio System Market Report

• Based on type, 12 speakers type hold the maximum share in the automotive premium audio system market in 2021, and 18 speakers’ type is estimated to grow with the highest growth rate over the forecast period. This is due to the rise in demand for enhanced experience and adoption of 3D sound systems, which has resulted in a rise in systems with higher configurations of finely tuned multi-speaker systems.
• In terms of application, the passenger vehicle segment has the highest share in the automotive premium audio system market in 2021 and also registers the fastest CAGR during the forecast period. This is due to the growing number of passenger vehicles on the road. Also, the segment experienced fewer declines in growth as compared to the commercial vehicle segment during the COVID-19 pandemic.
• The Asia Pacific is the highest shareholder of the Global Automotive Premium Audio System Market in 2021. Further, the APAC region is estimated to continue its dominance in the market over the projection period. This is due to the increasing share of semi-luxury cars in countries like India & China. Additionally, China holds the major share of the global electric vehicle, which in turn will lead the APAC region to dominate the automotive premium audio system market throughout the forecast period.

Competitive Dashboard

• Alpine Electronics, Inc. is a Japanese consumer electronics subsidiary of the Japanese electronics component manufacturer Alps Electric. The company specializes in the production and manufacturing of car audio and navigation systems.
• Bang & Olufsen (B&O) is a high-end luxury Danish consumer electronics company that designs and manufactures audio products, television sets, and telephones. It was founded by Peter Bang and Svend Olufsen.
• Harman International is an American company that designs, engineers, produces, manufactures, and sells connected products for automakers, consumers, and enterprises across the globe, the product portfolio includes connected car systems, audio, and visual products, enterprise automation, and connected services.
• Bose Corporation is an American manufacturing company that predominantly sells audio equipment. The company is best known for its home audio systems and speakers, noise-canceling headphones, professional audio products, and automobile sound systems.
• JBL is a unit of Harman International Industries. The company designs and builds audio equipment for the entertainment industry and the automotive industry. JBL offers an extensive line of audio products, including wireless Bluetooth devices, speakers and headphones, connected home audio solutions, in-car sound systems, and much more.

Segmentation Overview

Global Automotive Premium Audio System Market is segmented based on tool type, application, and region. These segments are further subdivided to get a holistic picture of the market.  

The following are the different segments of the Global Automotive Premium Audio System Market:

By Tool Type segment of the Global Automotive Premium Audio System Market is sub-segmented into:

• 8 Speakers
• 12 Speakers
• 18 Speakers
• More than 24 Speakers

By Application segment of the Global Automotive Premium Audio System Market is sub-segmented into:

• Passenger Vehicle
• Commercial Vehicle

By Region segment of the Global Automotive Premium Audio System Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • The U.K.
  • Germany
  • France
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific 
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa