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
Competitive Dashboard
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:
By Application segment of the Global Automotive Premium Audio System Market is sub-segmented into:
By Region segment of the Global Automotive Premium Audio System Market is sub-segmented into:
Report Attribute | Details |
---|---|
Market Size Value in 2021 | US$ 11,317.6 Mn |
Expected Revenue in 2030 | US$ 27,808.9 Mn |
Historic Data | 2017-2020 |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Unit | Value (USD Mn) |
CAGR | 9.5% |
Segments covered | By Tool Type, Application, and End Users. |
Key Companies | Alpine Electronics, Inc., Bang & Olufsen (B&O), Harman International, Bose Corporation, JBL, and other prominent players. |
Customization Scope | Get your customized report as per your preference. Ask for customization |
Premium audio system 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.
They have features like surround sound, eight or more speakers, and powerful amplification of 450 watts or more.
Global Automotive Premium Audio System Market was valued at US$ 11,317.6 Mn in 2021.
Global Automotive Premium Audio System Market is estimated to expand at a CAGR of 9.5% over the forecast period.
The growing impetus of the automotive premium audio system market is attributed to factors such as increasing number of hours spent in car due to traffic congestion, technological advancement in premium audio systems and increasing demand of onboard infotainment systems in public transport facilities.
The high cost of premium audio systems for automotive restraints the market growth.
The 12 speakers type hold the maximum share in the automotive premium audio system market in 2021.
Passenger vehicle segment automotive premium audio system market in 2021.
Asia Pacific dominates the Global Automotive Premium Audio System Market.
The key players in the Global Automotive Premium Audio System Market are Bose, Harman Kardon, Sony, JBL, and Burmester among others.
COVID-19 pandemic led to a sharp decline in the production and sales of automotive, thereby hampering the market growth of premium audio systems.