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NEW YORK, Oct. 2, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The Global Automotive Premium Audio System Market size is estimated to grow by USD 9.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over
6.86%
during the forecast period. Improved sound quality and control
is driving market growth,
with a trend towards
development of 34-speaker premium audio systems
However,
high cost associated with premium audio systems
poses a challenge market players include Alps Alpine Co. Ltd., Bang and Olufsen Group, Bose Corp., Boston Acoustics Inc., Bowers and Wilkins, Burmester Audiosysteme GmbH, Cerwin Vega, Dirac Research AB, Goertek Inc., JL Audio Inc., JVCKENWOOD Corp., Koninklijke Philips N.V., Meridian Audio Ltd., Nimble Holdings Co. Ltd., Panasonic Holdings Corp., Pioneer Corp., Samsung Electronics Co. Ltd., Sony Group Corp., Stellantis NV, and Stillwater Designs and Audio Inc..
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Technavio has announced its latest market research report titled Global automotive premium audio system market 2024-2028
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
| Automotive Premium Audio System Market Scope |
| Report Coverage |
Details |
| Base year |
2023 |
| Historic period |
2017 - 2021 |
| Forecast period |
2024-2028 |
| Growth momentum & CAGR |
Accelerate at a CAGR of 6.86% |
| Market growth 2024-2028 |
USD 9.6 billion |
| Market structure |
Fragmented |
| YoY growth 2022-2023 (%) |
6.15 |
| Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
| Performing market contribution |
APAC at 30% |
| Key countries |
US, China, Germany, France, and Japan |
| Key companies profiled |
Alps Alpine Co. Ltd., Bang and Olufsen Group, Bose Corp., Boston Acoustics Inc., Bowers and Wilkins, Burmester Audiosysteme GmbH, Cerwin Vega, Dirac Research AB, Goertek Inc., JL Audio Inc., JVCKENWOOD Corp., Koninklijke Philips N.V., Meridian Audio Ltd., Nimble Holdings Co. Ltd., Panasonic Holdings Corp., Pioneer Corp., Samsung Electronics Co. Ltd., Sony Group Corp., Stellantis NV, and Stillwater Designs and Audio Inc. |
Market Driver
The automotive premium audio system market is experiencing growth due to advancements in in-vehicle sound technology. Bose, a leading audio system manufacturer, introduced the Bose Panaray system in the Cadillac CT6 model, featuring 34 speakers at 19 locations. These speakers are controlled through the Cadillac User Experience interface, aiming to deliver a live music performance experience. Bose utilized multiple small speakers instead of large ones to ensure every occupant hears the full range of frequencies. Quality amplification, speakers, and digital signal processing are crucial for routing correct frequencies to the right locations, enhancing sound quality. These innovations contribute significantly to the expansion of the global automotive premium audio system market.
The Automotive Premium Audio System market is witnessing significant trends in the areas of aesthetics, aftermarket solutions, and alternative audio sources. Connected cars and vehicles are becoming the norm, with Amazon Alexa, Google Assistant, Apple CarPlay, and Android Auto leading the charge. Bluetooth connectivity, CD players, and car speakers continue to be essential hardware components. Amplifiers and head units offer improved audio experiences, while firmware updates ensure the latest audio features. Audiobooks, Blu-ray/DVD drives, and cost reduction through extended warranties are other key trends. Competing technologies, such as EVs, bring new challenges and opportunities. The competitive framework is shaped by customer loyalty, connectivity options, and environmental awareness. High initial investment and fleet management services are also factors influencing market growth.
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Market
Challenges
Premium automotive audio systems provide a superior in-car listening experience through advanced acoustics and tuning technology. These systems often feature 3D surround sound with a 5.1 channel configuration. However, the high cost of manufacturing, which ranges from USD1,500 to USD7,000, poses a significant challenge for automotive manufacturers. Some offer these systems as optional
fitments, such as Cadillac's Bose Panaray audio system for USD3,400. German-based Burmester Audiosysteme offers 3D sound systems for Daimler and Porsche, with prices exceeding USD3,000 for the C-class and over USD8,000 for the S-class. Bowers and Wilkins offers premium audio systems in BMW's 5-series and 7-series for USD3,400 to USD4,500, while Audi's Bang and Olufsen system costs around USD6,000 with 23 speakers. The high cost may hinder market growth during the forecast period.
The Automotive Premium Audio System market is experiencing significant movements, with key trends including multi-channel amplifiers, music streaming, and navigation systems. Outside data sources, OTA upgrades, and
podcasts are also gaining popularity. However, policy uncertainty and supply chain disruptions pose challenges. Restraining factors include public perception and regulatory support. Sales channels are expanding to include smart automobiles and vehicle functions. Technology advancements bring voice assistants, surround sound, and Wi-Fi connectivity . Premium sound systems, speakers, subwoofers, and streaming services are essential components. Vehicle Assist services and Radio remain important, but technology evolution is crucial for well-informed choices. Restraining factors must be addressed to ensure market growth.
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Segment Overview
This automotive premium audio system market report extensively covers market segmentation by
Application
1.1 Luxury cars
1.2 Mid-segment cars
Type
2.1 Speaker
2.2 Amplifier
2.3 Others
Geography
3.1 Europe
3.2 APAC
3.3 North America
3.4 South America
3.5 Middle East and Africa
1.1
Luxury cars-
The Automotive Premium Audio System market is experiencing significant growth due to increasing consumer demand for high-quality in-car audio experiences. Major automakers are investing in advanced audio technologies, such as digital signal processing and active noise cancellation, to enhance the listening experience. Additionally, the integration of smartphone connectivity and voice control features is driving market expansion. Overall, the market is expected to continue growing as consumers seek more enjoyable and convenient driving experiences.
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Research Analysis
The Automotive Premium Audio System market is experiencing significant growth due to the increasing demand for in-car entertainment and connectivity. Aftermarket solutions are gaining popularity as they offer cost-effective alternatives to original equipment manufacturer (OEM) systems. Advanced audio features such as Amazon Alexa and Google Assistant integration, Bluetooth connectivity, and connectivity options like Android Auto and Apple CarPlay are driving market growth. Customized playlists and hands-free calling add to the in-car entertainment experience. Firmware updates and software enhancements keep the systems up-to-date with the latest audio entertainment and connected car technologies. Favorable government policies and fleet management services are also contributing to the market's growth trajectory. Cost reduction and customer loyalty are key benefits of premium audio systems, making them an attractive investment for both consumers and automakers. Audiobooks and amplifiers are additional features that enhance the overall audio system experience.
Market Research Overview
The Automotive Premium Audio System market is experiencing significant growth as consumers seek excellent audio experiences in their vehicles. Aesthetics play a crucial role in this market, with car designers integrating audio systems seamlessly into car interiors. Aftermarket solutions offer alternative audio sources, such as Bluetooth connectivity, CD players, and even Amazon Alexa and Google Assistant integration. Connected cars and electric vehicles (EVs) are driving the demand for premium audio systems, with features like hands-free calling, music streaming, and navigation systems becoming essential. The market is competitive, with various hardware components, such as amplifiers and head units, vying for market share. Competing technologies, such as competing infotainment systems and EV infrastructure limitations, pose challenges. However, the industry's growth potential is significant, with cost reduction through software upgrades, customized playlists, and fleet management services attracting customer loyalty. The market's infrastructure and regulatory support are crucial for its continued growth, with industry movements and patterns shaping its future trajectory.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Application
Luxury Cars
Mid-segment Cars
Type
Geography
Europe
APAC
North America
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:
[email protected]
Website:
SOURCE Technavio
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