The automotive premium audio system market is expected to grow by USD 13.86 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive premium audio system market 2020-2024 (Graphic: Business Wire)
Time spent in passenger cars is increasing due to traffic congestion and increase in distances of the daily work commute. As a result, audio systems have become an important equipment for in-car entertainment. Therefore, consumers invest in premium audio systems that are designed to offer superior sound quality and performance. Premium audio systems also feature noise cancelation, which blocks unwanted external noise and vibrations to give a theater-like experience. In addition, these systems form an integrated part of the car’s infotainment system and includes functionalities such as in-built navigation system and Android/Apple mobile phone connectivity. Hence, luxury car manufacturers are equipping their models with premium audio systems as a standard fitment. Thus, improved sound and control functionalities will drive the growth of the market during the forecast period.
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As per Technavio, the development of speaker-less automotive audio system will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Premium Audio System Market : Development of Speaker-Less Automotive Audio System
The number of speakers has been increasing in premium audio systems to create a theatrical music experience inside the vehicle. However, Continental, a prominent automotive tier-1 supplier, has unveiled an innovative car audio technology, Ac2ated Sound. This is a speaker-less car audio system that delivers excellent acoustics. Inspired by string instruments, this innovative audio system technology is replacing conventional speakers with actuators that create sound by vibrating certain surfaces in the vehicle. As a result, weight and energy consumption of the audio system is reduced considerably. Additionally, this speaker-less audio system also delivers a natural, 3D sound experience. The development of this audio system is a revolutionary effort for the global automotive premium audio system market.
“Other factors such as the development of new in-car audio entertainment to give 360-degree listening, and the growing popularity of integrated speakers in headrests will have a positive impact on the growth of the automotive premium audio system market during the forecast period,” says a senior analyst at Technavio.
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Automotive Premium Audio System Market: Segmentation Analysis
This market research report segments the automotive premium audio system market by application (luxury cars, and mid-size passenger cars), and geographic segmentation (APAC, Europe, MEA, North America and South America).
The APAC region led the automotive premium audio system market in 2019, followed by Europe, North America, MEA and South America. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the shift in consumer preference from mileage to aesthetics and advanced features. This is driving the growing demand for luxury cars in emerging markets such as India, China, Thailand, and Indonesia.
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Some of the key topics covered in the report include:
- Luxury cars
- Mid-size passenger cars
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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