In-depth Analysis of Automotive Premium Audio System Market Future Estimations 2026 with Top Companies, Trends and Future Prospects Details for Business Development

The global automotive premium audio system market was valued at US$ 98.5 billion in 2017 and is expected to increase to US$ 127.6 billion by 2026, registering a CAGR of 2.7%. Rapid growth of the automotive sector, increasing sales of electric cars, and growing preference of consumers for vehicle customization are some of the factors that are expected to significantly impact growth of the global automotive premium audio system market. For instance, according to the IEA International Energy Agency analysis, total number of electric cars on the road surpassed 3 million worldwide, an expansion of over 50% from 2016.

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Moreover, development of new audio systems that offer 360-degree listening and increasing demand for self-driving cars that are incorporated with various systems based on Artificial Intelligence technology are also expected to boost the market growth. 360 degree speakers such as Harman Control 80 Series Landscape Loudspeakers provide excellent full-range sound quality and 360-degree coverage. This sound system block surrounding noise to deliver high-quality. Moreover, this premium audio system can be voice-controlled.
Therefore, these factors are expected to propel growth of the automotive premium audio system market.

Detailed Segmentation:
• Global Automotive Premium Audio System Market, By Product Type:
• 6 Disc
• 8 Disc
• 10 Disc
• 12 Disc
• Global Automotive Premium Audio System Market, By Application:
• Passenger Cars
• Commercial Vehicles
o Heavy Commercial Vehicles
o Light Commercial Vehicles
• Global Automotive Premium Audio System Market, By Sales Channel:
• Original Equipment Manufacturer
• After Market

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.

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.

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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.

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This release was published on openPR.