Christy Publications Automotive Premium Audio System Market | Page 2

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
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.
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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https://www.coherentmarketinsights.com/market-insight/automotive-premium-audio-system-market-2318
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.
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,