The automotive OEM premium audio market will register a CAGR of over 5% by 2023
LONDON, Feb. 11, 2019 /PRNewswire/ -- About this market
The global luxury vehicle market is witnessing growth in popularity and their demand year-on-year, which has accelerated the sales volume of premium or luxury vehicles. Luxury vehicles find a high penetration rate of advanced comfort and convenience functionalities, which also increases their value proposition. The growth in volume sales of vehicles from such luxury automakers is indicative of the growing market for OEM premium audio systems. This growth is attributable to most of these vehicles being offered with premium audio systems as part of in-car entertainment packages either as standard or optional fitment. Technavio's analysts have predicted that the automotive OEM premium audio market will register a CAGR of over 5% by 2023.
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Market Overview
Growing demand for differentiated in-car experiences
The world automotive industry is experiencing a rapid change in dynamics whether it is from buyers end or the supplier's perspective. The advancements in automotive technology and an increasing penetration rate of automotive electronics in vehicles has intensified the competition in the global automotive market highly. This increase in the penetration of advanced automotive technologies and features in lower variants of mid-segment vehicles has invariably led to high consumer expectations.
Advanced audio system may result in cognitive distraction
The advanced in-car audio systems feature numerous functionalities that can be controlled through voice commands as well. However, this has increased the risk of driver distraction. Automotive experts have found that such systems are increasingly resulting in cognitive distraction, which has a negative impact on driving performance. Therefore, these factors may impede the growth of the global automotive OEM premium audio market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the automotive OEM premium audio market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
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