Sales of products in the “premium” tier—which defines as goods that cost at least 20% more than average price for the category in our report—are growing at a rapid pace.
A recent Market survey of consumers from five key regions confirms consumer demand for these systems remains high, with more than half of respondents indicating preferences to have a brand name car audio system in their next new vehicle. Among these, 81 percent indicated that a brand name audio system would influence their vehicle purchase decision. In addition, 53 percent of those respondents wanted a branded audio system to be standard on their vehicle.
Global Premium Audio Market is expected to post a CAGR of nearly 10% during the period 2018-2023
The global premium audio system market is expected to post a CAGR of nearly 10% during the period 2018-2023, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth. The growing popularity and demand for in-vehicle entertainment systems will drive the market for premium audio systems. The rapid shift of the automotive industry toward systems offering more comfort and luxury is one of the key factors propelling the market’s growth, specifically in mid-segment vehicles. The manufacturers in the market are increasingly integrating advanced digital processors and microchips within the head units of modern audio systems. These microprocessors and chips improve the sound quality of the system, making them more premium in operation. Consumers are also adopting in-dash entertainment systems and video devices in their vehicles, which has increased the demand for applications such as rear-seat entertainment and displays. Moreover, the incorporation of Bluetooth technology, installed into a vehicle’s audio device allows easy connectivity between the driver's phone and the vehicle's audio system. With the growing requirement for advanced audio system technologies such as energy-efficient systems, reverse guidance systems, Bluetooth-enabled hands-free communication systems, vehicle noise compensation, and touchscreen navigation systems, the market will witness massive growth over the predicted period.
Several manufacturers for automotive entertainment are developing systems that have the potential to deliver wired and wireless connectivity with the integration of hotspot in the main unit. Such integration has enabled portable Wi-Fi for enhanced and uninterrupted connectivity. Several premium audio systems in the upper mid-segment and luxury vehicles also include message access profile (MAP), which offers the driver access to e-mail and SMS with the integration of advanced human-machine interface with high-resolution graphics. Also, with the help of onboard Wi-Fi, the user can have access to the Internet and other social applications.
The global automotive premium audio system market comprises a few established players, who primarily manufacture and supply advanced audio systems and components. The competitive scenario in this market is anticipated to intensify in the coming years with the industry’s shift toward performance audio systems, improving lifestyles, and incorporation of numerous in-vehicle entertainment technologies. Moreover, the increasing customer preference for better quality car audio-visual and navigation systems will further fuel competition in the market.
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