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Automotive Premium Audio System Market Analysis | CMI

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Automotive Premium Audio System Market Analysis | CMI

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. AUTOMOTIVE PREMIUM AUDIO SYSTEM MARKET ANALYSIS • Automotive Premium Audio System Market Report, by Product Type (6 Disc, 8 Disc, 10 Disc, and 12 Disc), by Application (Passenger Cars and Commercial Vehicles), by Sales Channel Type (Original Equipment Manufacturer and After Market), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2018 – 2026

  3. Market Driver: • Significant growth in vehicle sales worldwide is a major factor propelling demand for automotive premium audio system. For instance, according to International Organization of Motor Vehicle Manufacturers’ (OICA) statistics, the total number of vehicles sold in 2016 was 94 million units, which increased to 96 million units in 2017 worldwide. • Rapid urbanization and increasing disposable income of consumers are some of the factors that propel demand for luxury cars, which in turn leads to growing installation of premium audio systems. Moreover, automotive premium audio systems deliver high-quality sound with four 16 watt speakers. Therefore, all these factors are expected to propel growth of the automotive premium audio system market. • Passenger cars segment is expected to hold the highest market share by 2026

  4. Market Opportunities: • Among vehicle type, passenger cars segment accounted for the highest share in the global Automotive Premium Audio System Market in 2017, owing to increasing sales of passenger cars. For instance, according to OICA, in 2016, the total number vehicles manufactured worldwide was 94 million units, of which 72 million units were passenger cars, which was around 75% of the worldwide vehicle production. Therefore, high production of passenger cars leads to increasing installation of premium audio system in these cars. Premium audio system offers superior sound quality in comparison to regular audio system. Moreover, some premium audio systems also feature noise cancelation to block unwanted external noise and vibrations for a theater-like experience. Therefore, these factors are expected to boost growth of the automotive premium audio system market over the forecasted period.

  5. Figure: Global Automotive Premium Audio System Market Value (US$ billion) by Region, 2026

  6. North America automotive premium audio system market is expected to witness the highest CAGR over the forecast period The market for North America is expected to witness significant growth rate over the forecast period, owing to increasing passenger car sales, especially in the U.S. According to OICA, in 2017, around 11 million units of passenger cars were sold worldwide, in which around 6 million units were sold in the U.S. Therefore, increasing sales of passenger cars boosts demand for accessories such as premium audio system, thereby propelling the market growth in North America.

  7. Key companies • Major players operating in the global automotive premium audio system market include, Bose Corporation, Bowers & Wilkins, Harman International Industries, Inc., Klipsch Audio Technologies, Bang & Olufsen, Alpine Electronics, Inc., Sonos, Onkyo Corporation, Panasonic Automotive System, Blaupunkt GmbH, and QSC, LLC.

  8. Key Development • Major players in the market are focused on adopting product development strategies in order to enhance market share. For instance, in October 2018, Panasonic Corporation, in collaboration with Fender Musical Instruments Corporation, introduced Fender Premium Audio System, which will debut on selected trim levels of the 2019 Nissan TITAN. The 2019 Nissan TITAN is the first Nissan vehicle and the only vehicle in its class to feature the Fender Premium Audio System.

  9. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • Reference : https://www.coherentmarketinsights.com/market-insight/automotive-premium-audio-system-market-2318

  10. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

  11. Contact Us Mr. Shah Coherent Market Insights Pvt.Ltd. Address: 1001 4th Ave, #3200 Seattle, WA 98154, U.S. Phone: +1-206-701-6702 Email: sales@coherentmarketinsights.com

  12. Thank You! Kindly follow CMI Social Media Profiles for the latest company updates Facebook Linkedin Twitter https://www.coherentmarketinsights.com/

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