Technavio, a tech-focused market research firm, has published a new report on the global automotive premium audio system market, which is expected to grow at a CAGR of close to 14% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global automotive premium audio system market into the following key regions: the Americas, APAC, and EMEA.
Source: Technavio
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Automotive premium audio system market in the Americas: The automotive premium audio system market in the Americas is expected to grow at a CAGR of around 12% during the forecast period. The growth can be attributed to the high demand for SUVs and luxury vans and sedans in the region. These vehicle segments have a high penetration rate of OEM fitted premium audio systems.
According to Siddarth Jaiswal, a lead analyst at Technavio, specializing in research on automotive electronics, “The presence of several audio equipment manufacturers and suppliers augments the growth prospects of the market. Further, the high demand for luxury vehicles among baby boomers is expected to keep the market strong over the forecast period.”
Automotive premium audio system market in EMEA: Europe is the dominant market in the automotive industry in EMEA and has been quick to adopt advanced automotive systems and technologies. The demand for premium audio systems is expected to grow in Europe during the forecast period owing to the high concentration of luxury car manufacturers such as Audi, Daimler, BMW, and Volkswagen that use premium audio systems in their automobiles.
Automotive premium audio system market in APAC: Asia represents the fastest-growing automotive sector in the world, with developing economies such as China and India driving the automotive industry. Several automakers are shifting their focus toward the market potential of these countries, and are even offering products specifically designed for use in this region. Technavio expects APAC to become the dominant region worldwide for the sale of luxury cars by 2021 due to the growing sales volume of premium segment vehicles in the region. This growth is likely to push the adoption rate of automotive premium audio systems in APAC during the forecast period.
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The top leading vendors operating in the global automotive premium audio system market are:
- Alpine Electronics
- Bang & Olufsen
- Bose
- Burmester Audiosysteme
- HARMAN
Other prominent vendors in the market include Blaupunkt, Boston Acoustics, Bowers & Wilkins, Clarion, Dynaudio, McIntosh Laboratory, Meridian Audio, and Pioneer.
A more detailed analysis is available in the Technavio report titled, ‘Global Automotive Premium Audio System Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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