Global Automotive OEM Premium Audio Market 2019-2023 | 5% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Jan 28, 2020--
The automotive OEM premium audio market size is poised to grow by USD 9.04 billion during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive OEM premium audio market 2019-2023. (Graphic: Business Wire)
Advancements in automotive technology and the increasing penetration rate of automotive electronics such as connected infotainment systems, noise-canceling premium audio experiences, and personalized audio system effects have increased the competition in the global automotive market. Furthermore, emerging consumer demands have led automakers to offer differentiated features in their product offerings, which is driving the need for automotive OEM premium audio.
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As per Technavio, the adoption of over-the-air (OTA) updates for advanced in-car infotainment systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Automotive OEM premium audio Market: Over-the-Air (OTA) Updates for Advanced In-Car Infotainment Systems
The rising penetration rate of advanced computer-based systems involving electronics and complex software/algorithms in automobiles is promoting the adoption of remote prognostics and OTA updates. These services help to provide better vehicle service and repair and maintenance when compared to conventional modes of vehicle repair and maintenance. Advanced infotainment and audio systems serve as a platform for OTA software updates. Thus, the increasing penetration of remote diagnostics mandates over-the-air (OTA) updates of software. This will further boost the demand for in-car infotainment systems leading to market growth during the forecast period.
“Developments in the field of advanced automotive sound systems and development of headrest integrated speakers with noise-cancellation will have a significant impact on the growth of the automotive OEM premium audio market value during the forecast period,” says a senior analyst at Technavio.
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Automotive OEM Premium Audio Market: Segmentation Analysis
This market research report segments the automotive OEM premium audio market by application (luxury segment vehicles and mid-segment vehicles) and geography (APAC, Europe, MEA, South America, and North America).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA, respectively. The growth of the automotive OEM premium audio market share in APAC can be attributed to the growing demand and production of luxury passenger vehicles in the region.
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Five Forces Analysis
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INDUSTRY KEYWORD: AUTOMOTIVE GENERAL AUTOMOTIVE
SOURCE: Technavio Research
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