The global automotive OEM premium audio market research report by Technavio predicts the market to post a CAGR of more than 5% during the period 2019-2023.
A key driver for the global automotive OEM premium audio market is the growing demand for differentiated in-car experiences. Advancements in automotive technology and the increasing penetration rate of automotive electronics in vehicles has increased the competition in the global automotive market. Furthermore, emerging consumer demands have resulted in automakers offering differentiated features in their product offerings, which is driving the demand for automotive OEM premium audio.
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 global automotive OEM premium audio market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global automotive OEM premium audio market: Over-the-air (OTA) updates for advanced in-car infotainment systems
Remote diagnostics and onboard diagnostics have been gaining traction in the global automotive industry. These services are assisting in providing better vehicle service and repair and maintenance when compared with conventional vehicle repair and maintenance. The advanced infotainment and audio systems have also been serving as a platform for OTA updates for the regular software updates and changes if needed.
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. The prominent automakers have been offering models, which allow OTA updates to keep up with the latest available upgrades, features, and bug fixes, says a senior research analyst at Technavio.
Global automotive OEM premium audio market: Segmentation analysis
This automotive OEM premium audio market analysis report segments the market by application (luxury segment vehicles and mid-segment vehicles) and geography (APAC, Europe, MEA, South America, and North America).
The luxury segment vehicles held the largest automotive OEM premium audio market share in 2018. Improving socioeconomic conditions, rising disposable income in emerging automotive markets, and a growing population of the high net-worth individual (HNWI) are factors promoting the adoption of luxury cars worldwide.
APAC accounted for the highest share of the market in 2018. The shift in consumer preference towards aesthetics and advanced features will drive the adoption of automotive premium audio systems in this region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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