LONDON--(BUSINESS WIRE)--The automotive premium audio system market is expected to grow by USD 13.86 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Premium audio systems offer superior sound quality and performance compared to regular audio systems. They comprise numerous speakers, tweeters, and sound amplifiers to deliver optimum sound quality. Vendors are introducing premium audio systems that feature noise cancellation and voice commands to improve driving focus and enable multitasking. The growing popularity of automotive premium audio systems is encouraging several luxury and mid-size passenger car manufacturers to offer them as standard fitments in their vehicle models. These factors are crucial in driving the growth of the global automotive premium audio systems market.
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As per Technavio, the development of a speaker-less automotive audio system will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Premium Audio System Market: Development of Speaker-less Automotive Audio Systems
Continental, a prominent tier-1 supplier has unveiled an innovative speaker-less car audio technology, Ac2ated Sound. The technology is replacing conventional speaker systems with actuators to create natural, 3D sound. It uses A-pillar for high-frequency sound generation, door panels for medium frequencies, and roof lining or rear shelf to generate low frequencies. The development of this audio technology will considerably reduce energy consumption as well as the overall weight of the vehicle. This trend will have a positive impact on the growth of the global automotive premium audio system market during the forecast period.
“Development of 34-speaker premium audio system and the growing popularity of integrated speakers in headrest will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Automotive Premium Audio System Market: Segmentation Analysis
This market research report segments the automotive premium audio system market by application (luxury cars and mid-size passenger cars) and geography (APAC, North America, Europe, MEA, and South America).
The APAC region led the automotive premium audio system market in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the shift in consumer preference from mileage to aesthetics and advanced features in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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