The Automotive Premium Audio System Market was valued at US$ 12.7 Bn in terms of value in 2022. The premium car audio market has gained significant traction in recent years due to various factors. A high-quality car audio system uses multiple speakers, woofers and other components to provide a high-quality sound experience and is no longer limited to playing music and radio. These now include vehicle and diagnostic services, automotive telematics, telephone and electronic telephony, telecommunications and navigation services.
Automotive Premium Audio System Market: Drivers
The increasing number of hours spent in cars due to traffic congestion & Technological advancements in premium audio systems are the major market influencers of global automotive premium audio system. The increased modernization and urbanization in the developed regions affected the traffic routines in such regions. Also increasing demand for premium audio systems are there in the market.
Automotive Premium Audio System Market: Opportunities
IoT-enabled audio systems in cars can offer many benefits to drivers and passengers. The most important advantage is that it can connect to various audio streaming services such as Spotify, Apple Music and Tidal. By connecting the vehicle's audio system to the Internet, users can access an unlimited library of music, podcasts and audiobooks.
Automotive Premium Audio System Market: Restraints
Absence of adequate software development, Health and Safety Issues Concerning Prolonged Use of Audio Devices Can Restrain Market Growth, Technological Challenges in Wireless Hi-Fi Systems May Restrain Market Growth & high cost of ownership and maintenance are the major constraints of global automotive premium audio system.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/automotive-premium-audio-system-market-2318
Key Takeaways:
The Automotive Premium Audio System Market was valued at US$ 12.7 Bn in 2022 and is forecast to reach a value of US$ 26.64 Bn by 2030 at a CAGR of 9.7% between 2023 and 2030.
Passenger car segment held dominant position in the Automotive Premium Audio System Market in 2022, accounting for 70% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Automotive Premium Audio System Market Trends:
Market trends include the rise of electric vehicles and rising demand for high-end audio systems. As music streaming services become more popular and people spend more time in their cars, the demand for high-quality audio systems is increasing. Consumers are willing to pay more for a premium audio experience, leading to increased sales of premium audio systems. And, the rise of electric vehicles presents both challenges and opportunities for high-performance audio systems. Electric vehicles are generally quieter than vehicles with an internal combustion engine. Consequently, there will be less background noise to cover up the shortcomings of the sound system.
Automotive Premium Audio System Market: Competitive Landscape
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.
Automotive Premium Audio System Market: Recent Developments
For instance, in January 2023 HARMAN, an automotive technology company and subsidiary of Samsung Electronics Co., Ltd. focused on designing consumer experiences at automotive grade, unveiled HARMAN Ready on Demand, a software platform for delivering branded audio value, feature enhancement, upgrades, and monetization opportunities in an easy to-use app.
For instance, in February 2022, Harman International Inc., an audio electronic firm, launched its range of acoustic innovations, Ready Together and Software-enabled Branded Audio, featuring a software platform that upgrades sound quality. The company aims to provide connected technologies & solutions for consumer, automotive and enterprise markets.
For instance, in September 2021, with the introduction of the JBL Club 605 CSQ car speaker system and JBL Celebrity 100 Bluetooth-enabled car multimedia player in India, Harman increased the scope of its aftermarket automotive solutions. At a special introductory price of INR 5,490, this entertainment system is offered by a number of automobile retailer locations throughout India.
