Automotive Premium Audio System Market Analysis | CMI

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AUTOMOTIVE PREMIUM AUDIO SYSTEM MARKET ANALYSIS

• Automotive Premium Audio System Market Report, by
  Product Type (6 Disc, 8 Disc, 10 Disc, and 12
  Disc), by Application (Passenger Cars and
  Commercial Vehicles), by Sales Channel Type
  (Original Equipment Manufacturer and After
  Market), and by Region (North America, Europe,
  Asia Pacific, Latin America, Middle East, and
  Africa) - Size, Share, Outlook, and Opportunity
  Analysis, 2018 2026

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Market Driver

• Significant growth in vehicle sales worldwide is
  a major factor propelling demand for automotive
  premium audio system. For instance, according to
  International Organization of Motor Vehicle
  Manufacturers (OICA) statistics, the total
  number of vehicles sold in 2016 was 94 million
  units, which increased to 96 million units in
  2017 worldwide.
• Rapid urbanization and increasing disposable
  income of consumers are some of the factors that
  propel demand for luxury cars, which in turn
  leads to growing installation of premium audio
  systems. Moreover, automotive premium audio
  systems deliver high-quality sound with four 16
  watt speakers. Therefore, all these factors are
  expected to propel growth of the automotive
  premium audio system market.
• Passenger cars segment is expected to hold the
  highest market share by 2026

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Market Opportunities

• Among vehicle type, passenger cars segment
  accounted for the highest share in the global
  Automotive Premium Audio System Market in 2017,
  owing to increasing sales of passenger cars. For
  instance, according to OICA, in 2016, the total
  number vehicles manufactured worldwide was 94
  million units, of which 72 million units were
  passenger cars, which was around 75 of the
  worldwide vehicle production. Therefore, high
  production of passenger cars leads to increasing
  installation of premium audio system in these
  cars. Premium audio system offers superior sound
  quality in comparison to regular audio system.
  Moreover, some premium audio systems also feature
  noise cancelation to block unwanted external
  noise and vibrations for a theater-like
  experience. Therefore, these factors are expected
  to boost growth of the automotive premium audio
  system market over the forecasted period.

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Figure Global Automotive Premium Audio System
Market Value (US billion) by Region, 2026
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• North America automotive premium audio system
  market is expected to witness the highest CAGR
  over the forecast period
• The market for North America is expected to
  witness significant growth rate over the forecast
  period, owing to increasing passenger car sales,
  especially in the U.S. According to OICA, in
  2017, around 11 million units of passenger cars
  were sold worldwide, in which around 6 million
  units were sold in the U.S. Therefore, increasing
  sales of passenger cars boosts demand for
  accessories such as premium audio system, thereby
  propelling the market growth in North America.

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Key companies

• Major players operating in the global automotive
  premium audio system market include, Bose
  Corporation, Bowers Wilkins, Harman
  International Industries, Inc., Klipsch Audio
  Technologies, Bang Olufsen, Alpine Electronics,
  Inc., Sonos, Onkyo Corporation, Panasonic
  Automotive System, Blaupunkt GmbH, and QSC, LLC.

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Key Development

• Major players in the market are focused on
  adopting product development strategies in order
  to enhance market share. For instance, in October
  2018, Panasonic Corporation, in collaboration
  with Fender Musical Instruments Corporation,
  introduced Fender Premium Audio System, which
  will debut on selected trim levels of the 2019
  Nissan TITAN. The 2019 Nissan TITAN is the first
  Nissan vehicle and the only vehicle in its class
  to feature the Fender Premium Audio System.

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  rket-2318

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