Automotive Premium Audio System Market to grow by USD 8.62 billion from 2022 to 2027; market is fragmented due to the presence of prominent companies like Bang and Olufsen Group, Bose Corp. and Boston Acoustics Inc., and many more - Technavio
NEW YORK, Jan. 15, 2024 /PRNewswire/ -- The automotive premium audio system market is estimated to grow by USD 8.62 billion from 2022 to 2027, growing at a CAGR of 6.58%. The automotive premium audio system market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer automotive premium audio system market are Bang and Olufsen Group, Bose Corp., Boston Acoustics Inc., Bowers and Wilkins, Burmester Audiosysteme GmbH, Cerwin Vega, Dirac Research AB, Goertek Inc., JL Audio Inc., JVCKENWOOD Corp., Koninklijke Philips NV, Meridian Audio Ltd., Nimble Holdings Co. Ltd., Panasonic Holdings Corp., Pioneer Corp., Samsung Electronics Co. Ltd., Sony Group Corp., Stellantis NV, Stillwater Designs and Audio Inc., and Alps Alpine Co. Ltd. The report provides a full list of key companies, their strategies, and the latest developments. Download a Free Sample before buying
Company Offering:
- Bang and Olufsen Group - The company offers automotive premium audio systems such as Alpine Status.
- Bose Corp. - The company offers automotive premium audio systems such as Bang and Olufsen Beosound DB11.
- Boston Acoustics Inc. - The company offers automotive premium audio systems such as Bose Performance Series.
- For details on companies and their offerings – Buy the report!
By Geography, the market is classified as Europe, APAC, North America, South America, and Middle East and Africa. APAC will have the largest share of the market. The region will contribute 37% to the growth of the global market during the forecast period. The burgeoning demand for luxury vehicles in emerging markets like India, China, Thailand, and Indonesia fuels the automotive premium audio system market in the APAC region. Shifting consumer preferences from mileage to aesthetics and advanced features contribute significantly to this growth, supported by improved economic conditions and increased disposable income in countries like China and India. Download a free sample report to get more insights on the market share of various regions and the contribution of the segments.
- Impactful driver- Improved sound quality and control
- Key Trend - Development of 34-speaker premium audio systems
- Major Challenges - High cost associated with premium audio systems
Market Segmentation
- The luxury cars segment will be significant during the forecast period. Growing disposable income in emerging economies and high net worth among seniors in developed nations fuel luxury car adoption, enhancing sales of premium audio systems. Advancements in these systems, although raising development costs, drive market revenue. Innovation in audio systems recreating original musical performances and speaker-less systems aimed at weight reduction signal continued growth and demand in the automotive premium audio system market within luxury cars.
Technavio Research experts have provided more insights on the market share of segments - View a Free Sample Report
The automotive premium audio system market, increasingly integral in the luxury vehicle sector, is evolving rapidly, driven by consumer preferences and technological advancements. High-fidelity sound remains a cornerstone, with OEMs integrating advanced systems like 3D audio technology and DSP for superior sound optimization. The rise in surround sound systems, often through audio brand partnerships (e.g., Bose, Harman Kardon), reflects market trends emphasizing immersive in-car entertainment.
Bluetooth connectivity, wireless audio streaming, and tech integrations like Apple CarPlay and Android Auto enhance user experience. Active noise cancellation, coupled with vehicle-specific acoustics, ensures audio quality standards. Sustainability in audio manufacturing is becoming vital, aligning with market demographics seeking eco-friendly options. Smart connectivity, voice control integration, and customization options cater to diverse consumer preferences, while regulatory compliance guides system design.
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TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
Jesse Maida
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Website: www.technavio.com
SOURCE Technavio
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