LONDON--(BUSINESS WIRE)--The global automotive premium audio system market is expected to post a CAGR of nearly 6% during the period 2018-2022, according to the latest market research report by Technavio. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
A key factor driving the growth of the market is improved sound quality and control. Time spent in passenger cars by consumers is increasing due to traffic congestion and increase in daily work commute by personal vehicles. Hence, audio systems have become important equipment for drivers and occupants for in-car entertainment. Premium audio systems are designed to create superior sound quality and performance that are desirable by customers.
This market research report on the global automotive premium audio system market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the development of new in-car audio entertainment to give 360-degree listening as one of the key emerging trends in the global automotive premium audio system market:
Global automotive premium audio system market: Development of new in-car audio entertainment to give 360-degree listening
Automotive entertainment system evolved tremendously in the past decades with the emergence of the digital music revolution in the 2000s. with a music control system, drivers can use voice commands to control in-vehicle audio and select music from playlists. All these developments have made in-car audio entertainment more personalized.
“The latest development in the pace is by SiriusXM, which collaborated with FCA US to develop SiriusXM’s next generation of in-car audio entertainment with 360L that delivers a personalized listening experience with more variety, smart content recommendations, and on-demand audio. This is the platform to deliver a 360-degree listening experience to occupants vis both satellite and streaming,” says a senior analyst at Technavio for research on automotive electronics.
Global automotive premium audio system market: Segmentation analysis
This market research report segments the global automotive premium audio system market by application (luxury cars and mid-size passenger cars) and geographical regions (APAC, EMEA, and the Americas).
The luxury cars segment held the largest market share in 2017, accounting for nearly 51% of the market. However, by 2022, the mid-size passenger cars segment is expected to surpass the luxury cars segment to become the leading segment in the market.
The Americas led the market in 2017 with a market share of nearly 37% of the market share. The market share occupied by this region is anticipated to decrease by nearly 5% during 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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