New Delhi, April 17, 2023 (GLOBE NEWSWIRE) -- The global automotive premium audio system market was valued at US$ 12,736.30 Mn in 2022, and it is projected to reach US$ 28,828.41 Mn by 2031, with a Compound Annual Growth Rate (CAGR) of 9.5% during the forecast period of 2023-2031.
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This growth can be attributed to the increasing demand for premium audio systems in luxury cars, the growing popularity of in-car entertainment systems, and the rising demand for electric vehicles. With the development of advanced technologies such as active noise cancellation and surround sound, the future of the automotive premium audio system market looks promising, with sustained growth projected in the coming year
According to a report by Astute Analytica, the global luxury car market was valued at approximately $602 billion in 2022, with over 2.1 million luxury vehicles sold worldwide. Among the luxury car brands, Mercedes-Benz was the best-selling brand worldwide in 2020, followed by BMW and Audi. China was the largest market for luxury cars, with over 28% of the global luxury car sales in 2022, followed by Europe and the United States.
The growing demand for luxury vehicles is a major factor driving the growth of the automotive premium audio system market. Luxury car buyers often demand the latest and most advanced audio systems, which has led to the development of high-end sound systems that deliver exceptional audio quality. Moreover, the increasing popularity of in-car entertainment systems is also fueling the growth of this market. Consumers are seeking more than just a means of transportation, and the integration of audio systems with other in-car entertainment features has become an essential part of the luxury car experience.
Another factor driving the growth of the automotive premium audio system market is the increasing demand for electric vehicles (EVs). As more consumers switch to EVs, manufacturers are focusing on developing audio systems that consume less power, are lighter, and offer superior sound quality. In addition, the use of advanced technologies such as active noise cancellation and surround sound is enhancing the audio experience for EV drivers.
The Evolving Global Landscape of Automotive Premium Audio Systems: Current State and Future Prospects
The global automotive premium audio system market is currently characterized by intense competition among industry leaders such as Sony, Bose, Harman International, and Bang & Olufsen. To secure a larger share of the market, these major players are substantially investing in research and development initiatives, aiming to create innovative and sophisticated audio systems tailored to the preferences of luxury car enthusiasts. The incorporation of cutting-edge smart technologies, such as voice recognition and gesture control, is anticipated to elevate the in-car audio experience for both drivers and passengers.
The market is expected to flourish, with consistent growth predicted over the upcoming years. The emergence of autonomous vehicles is poised to amplify the demand for premium audio systems, as passengers will increasingly seek immersive entertainment experiences during their journeys. Furthermore, the escalating demand for electric vehicles (EVs) presents lucrative opportunities for audio system manufacturers to design and produce state-of-the-art, energy-efficient sound systems that cater to the distinct requirements of EVs.
12 Speaker to Capture More than 32% revenue of Automotive Premium Audio System Market
Astute Analytica's research reveals the 12-speaker automotive premium audio system as a highly popular option, accounting for 32% of the automotive audio system market's revenue. Its popularity stems from factors like increasing demand for high-quality in-vehicle audio, technological advancements, and consumer purchasing power. Predominantly found in luxury vehicles, the system caters to high-end car owners and music enthusiasts.
Major automotive brands such as Audi, BMW, Mercedes-Benz, Lexus, and Cadillac offer the 12-speaker system as a standard or optional feature in their luxury vehicles. The growing demand for this audio system is fueled by the rising interest in immersive audio experiences and music streaming services, which require high-quality audio output. Advancements in audio technology enable the production of such systems, while increased consumer purchasing power contributes to the demand for luxury vehicles with premium audio systems.
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Asia Pacific to Hold Lion’s Share in Global Automotive Premium Audio System Market
The Asia Pacific region has emerged as the largest market for automotive premium audio systems, accounting for 56% of the global market in 2021. The region is expected to maintain its dominant position, driven by factors such as increasing vehicle sales, growth in electric vehicle adoption, and the presence of leading luxury car brands.
In 2021, the Asia Pacific region witnessed robust vehicle sales, with China contributing significantly to the total number of vehicles sold. China sold approximately 26 million vehicles in 2021, making it the region's largest automobile market. The country has experienced a surge in demand for both conventional and electric vehicles, further boosting the premium audio system market.
Electric vehicles (EVs) have gained substantial traction in the Asia Pacific automotive premium audio system market, with around 3.3 million EVs sold in the region in 2021. This growth contributes to the region's premium audio system market expansion. Governments across the region are promoting EV adoption through various incentives, resulting in increased demand for luxury EVs equipped with advanced audio systems.
The presence of leading luxury car brands like Audi, BMW, Mercedes-Benz, and Lexus in the Asia Pacific region has also bolstered the premium audio system market. These brands have a strong foothold in countries like China and India, which have experienced a significant rise in luxury car sales. In 2021, India and China together witnessed impressive sales of luxury cars, with over 4 million units sold, further propelling the demand for automotive premium audio systems.
Competitive Analysis of the Global Automotive Premium Audio System Market: Spotlight on Sony and Dynaudio
The global market is predominantly consolidated, with the top five players - Sony, Dynaudio, Harman International, Bose, and Alpine - commanding a significant share of the market. Among these leading companies, Sony holds the largest revenue share at over 21%.
With a 21% revenue share, Sony leads the global automotive premium audio system market. The company's success can be attributed to its innovative product offerings, strong brand recognition, and extensive distribution network. Sony's automotive audio systems are known for their outstanding sound quality, cutting-edge technology, and seamless integration with various in-car entertainment features. As a market leader, Sony is committed to continuous innovation and R&D initiatives, ensuring that it remains at the forefront of the industry.
Dynaudio, a renowned Danish audio equipment manufacturer, is a key player in the automotive premium audio system market with over 15% market share. The company has a solid reputation for producing high-quality, luxury audio systems that cater to the demands of premium car buyers. Dynaudio's automotive audio solutions are characterized by their superior sound performance and advanced technology. The company's dedication to innovation and customer satisfaction has allowed it to maintain a competitive edge in the market, despite intense competition from other leading players such as Sony.
Some of the Top Market Players Are:
- Alpine Electronics
- Pioneer Corporation
- Clarion Co. Ltd.
- Dynaudio
- Bang & Olufsen
- Sony Corporation
- Harman International
- Bose Corporation
- Blaupunkt
- Boston Acoustics
- Boston Acoustics
- Burmester Audiosysteme
- Bowers & Wilkins
- JBL
- Arkamys
- Dirac
- Other Prominent Players
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