The report segments the global automotive satellite radio market by end-user (OEM and aftermarket) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global automotive satellite radio market, according to Technavio automotive researchers:
- Satellite radio enables advanced traffic information and tracking system: a major market driver
- Advances in satellite radio technology with digitalization: emerging market trend
- In 2017, EMEA dominated the global automotive satellite radio market, accounting for a share of approximately 52%
- In 2017, the OEM segment held the largest share of the market
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Satellite radio enables advanced traffic information and tracking system: a major market driver
The automotive satellite radios are experiencing increasing penetration rate in automobiles. In addition to the several benefits provided by satellite radios in terms of sound quality and processing, they also offer an additional advantage of serving as a surveillance device that makes them crucial from an end-user's perspective. The growing electronic content in vehicles and telematics solutions have resulted in the emergence of connected car solutions. Such connected solutions increase the comfort and convenience of users. Although the integration of connected solutions can make the vehicle more prone to thefts, they can also assist in tracking the lost vehicle. The satellite radio is one such system that can act as a tracker device.
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Advances in satellite radio technology with digitalization: emerging market trend
The automotive radio has been one of the dominant contributors to the automotive in-car entertainment system market. Although there have been emerging connectivity solutions in the automotive industry, the vendors and service providers operating in the automotive radio market are continuously working on innovating satellite radios to consolidate the automotive radio market. Recently, one of the prominent players in the radio industry has launched a new AM/FM service. Likewise, other players are making use of mobile broadband connections, which help them provide competitive audio services to users. Furthermore, there are users who still prefer radio for their simplicity, localism, regional flavors, and interactive programming schemes.
According to a senior analyst at Technavio for research on automotive electronics, “The present and upcoming radio technologies are becoming more interactive in nature due to rapid digitalization. The future of the automotive radio market may see a hybrid radio according to automotive experts, which is expected to consolidate the radio market further.”
Global market opportunities
In 2017, EMEA dominated the global automotive satellite radio market, accounting for a share of approximately 52%, followed by the Americas and APAC respectively. The high penetration rate of satellite radios in western European regions is the key market enabler for the automotive satellite radio market in EMEA. However, the market share for this region is expected to decrease slightly during the forecast period.
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