The "Global Automotive Premium Audio System Market, By Type, By Application, By Region, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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.
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.
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.
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 Harman's design division Huemen, based in New York, the United States.
Key players operating in the global automotive premium audio system market include
- Alpine Electronics
- Pioneer Corporation
- Clarion Co. Ltd.
- Bang & Olufsen
- Sony Corporation
- Harman International
- Bose Corporation
- Boston Acoustics
- Meridian Audio
- Burmester Audiosysteme
- Bowers & Wilk
Key Topics Covered:
Chapter 1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
Chapter 2. Research Methodology
2.1. Qualitative Research
2.2. Quantitative Research
2.3. Breakdown of Primary Research Respondents, By Region
2.4. Assumption for the Study
2.5. Market Size Estimation
2.6. Data Triangulation
Chapter 3. Executive Summary: Global Automotive Premium Audio System Market
Chapter 4. Global Automotive Premium Audio System Market Overview
4.1. Industry Value Chain Analysis
4.1.1. Material/Component suppliers
4.1.2. Input Supplier
4.2. Porter's Five Forces Analysis
4.2.1. Bargaining Power of Suppliers
4.2.2. Bargaining Power of Buyers
4.2.3. Threat of Substitutes
4.2.4. Threat of New Entrants
4.2.5. Degree of Competition
4.3. PESTLE Analysis
4.4. Market Dynamics and Trends
4.4.1. Growth Drivers
4.4.4. Key Trends
4.5. Covid-19 Impact Assessment on Market Growth Trend
4.5.1. Growth Trend Shift Analysis
4.6. Competition Dashboard
4.6.1. Market Concentration Rate
4.6.2. Company Market Share Analysis, 2020
4.6.3. Competitor Benchmarking
4.7. Price Analysis
Chapter 5 Global Automotive Premium Audio System Market Analysis, By Type
5.1. Key Insights
5.2. Market Size and Forecast, 2017 - 2027 (US$ Mn and Thousand Units)
5.2.1. 8 Speakers
5.2.2. 12 Speakers
5.2.3. 18 Speakers
5.2.4. More than 24 Speakers
Chapter 6 Global Automotive Premium Audio System Market Analysis, By Application
6.1. Key Insights
6.2. Market Size and Forecast, 2017 - 2027 (US$ Mn and Thousand Units)
6.2.1. Passenger Vehicle
6.2.2. Commercial Vehicle
Chapter 7 Global Automotive Premium Audio System Market Analysis, By Geography
7.1. Key Insights
7.2. Market Size and Forecast, 2017 - 2027 (US$ Mn and Thousand Units)
7.2.1. North America
7.2.3. Asia Pacific
7.2.4. South America
7.2.5. Middle East and Africa
Chapter 8 North America Automotive Premium Audio System Market Analysis
Chapter 9 Europe Automotive Premium Audio System Market Analysis
Chapter 10 Asia Pacific Automotive Premium Audio System Market Analysis
Chapter 11 South America Automotive Premium Audio System Market Analysis
Chapter 12 Middle East & Africa Automotive Premium Audio System Market Analysis
Chapter 13 Company Profile (Company Overview, Financial Matrix, Key Product Landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
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