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.
City of Industry, CA -- (SBWIRE) -- 08/09/2018 -- Audio systems are audio electronics intended for entertainment use, such as shelf stereos and surround sound receivers. Premium audio systems deliver high-performance sound experience using a number of speakers, woofers, and other components. 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.
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.
The global premium audio system market is expected to post a CAGR of nearly 9.92% 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.
The major players in global Premium Audio market include
Harman International Industries
Bowers & Wilkins
Bang & Olufsen
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Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth Rate of Premium Audio in these regions, from 2013 to 2023 (forecast), covering
Rest of Asia
On the basis of product, the Premium Audio market is primarily split into
Below 400 Watt
Above 1000 Watt
On the basis on the end users/applications, this report covers
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