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Global Automotive Premium Audio System Market: Rising Popularity of SUVs, MPVs to Boost Sales
MarketResearchReports.biz has recently announced the addition of the report, titled “Global Automotive Premium Audio System Market 2017-2021” to their offering. Several manufacturers have been developing systems that enable wired and wireless connectivity along with hotspot integration. Due to this development, consumers can use Wi-Fi to reap the benefits of portability and uninterrupted connectivity, along with easy access to SMS and e-mail. The global automotive premium audio system market will exhibit a favorable CAGR of 14.83% between 2017 and 2021.
The emphasis of the automotive industry toward enhancing consumer experience through comfort and luxury is one of the key catalysts for the global automotive premium audio system market. As the need to meet the widespread demand for video devices and in-dash entertainment systems in vehicles has been rising considerably, applications such as rear-seat entertainment and displays will grow substantially, thereby driving global automotive premium audio system market. The market is also driven by the fact that several market players have been integrating high-technology microchips and digital processors within advanced audio systems. Also, these audio devices enable connectivity between the vehicle’s audio system and the driver’s phone through Bluetooth.
The global automotive premium audio system market is broadly segmented into luxury sedans and premium SUVs. The premium SUVs segment is projected to exhibit a constant rate of growth over the coming years. The increasing popularity of SUVs, MPVs, and performance pickup trucks over the globe is likely to propel the market for automotive premium audio systems. High-end SUVs are projected to display considerable rise in demand, due to the universal inclination toward prominent brands such as Audi, BMW, and Mercedes-Benz that are factory-equipped with premium sound systems.
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Based on geography, EMEA, APAC and the Americas are the key regional segments analyzed in the report. The Americas was the leading geographical segment in the global automotive premium audio system market, holding the largest share in the market in 2016. Because of its high production of luxury cars, the U.S. has emerged as the most prominent country in terms of revenue generation. High quality sound amplifiers and speakers are increasingly being installed in the vehicles in North America. Besides the U.S., the automotive premium audio system market in China has been among the foremost markets, exhibiting increased number of sales.
The global market for automotive premium audio systems appears to be consolidated in terms of competition. As several companies focus on offering performance audio systems, better quality car audio-visual and navigation systems, the level of competition is likely to intensify over the next few years. The major players operating in the global market for automotive premium audio systems include Bose, Alpine Electronics, Burmester Audiosysteme, Bang & Olufsen, and HARMAN. Other important companies are Clarion, Bowers & Wilkins, Meridian Audio, Boston Acoustics, Dynaudio, Pioneer, McIntosh Laboratory, and Blaupunkt.
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