Automobile audio equipment is a device connected in a vehicle providing in-vehicle entertainment and information to driver and passengers. The automobile audio equipment system gives integrated support and enhanced solutions to the users and replace the need for multiple products such as navigation system, music system and others. This system provides better connectivity, security and large entertainment options. Conventional automobile audio equipment system consists only a simple AM (analog modulation) system. With the advancement, current automobile audio equipment involves FM (Frequency modulation) radio, Bluetooth telephone integration, CD (compact discs) players, navigation systems and smartphone controllers like android auto and car play.
The automobile audio equipment consists of three main units such as the head units, amplifiers and speakers. The functions of these three units are dependent on each other. Head unit produces an audio signal, the amplifier increases the power of that audio signal, and the speaker actually produces the sound. Quality of produced sound is improved by digital signal processing.
Market Growth Drivers
The driving factor for global automobile audio equipment market includes improved incorporation of digitalized content with advanced audio-visual navigation system. Moreover, demand for in-vehicle entertainment systems is growing with rapid rate. The integration of Bluetooth technology, installed into a vehicle’s audio system permits easy connectivity between the user’s phone and the vehicle’s audio system. Similarly, chips and microprocessor used in audio system provides improved sound quality. Due to these features, demand for automobile audio equipment market is growing continuously and it is expected to increase enormously during the forecast period.
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Global automobile audio equipment market is segmented on the basis of vehicle type, connectivity and geography.
Based on type of vehicle, the global automobile audio equipment market is sub segmented into premium SUVs and luxury sedans. The market for premium SUVs is estimated to grow in forecasted period due to performance pickup trucks, and MP (media player) worldwide. Global automobile audio equipment market is also segmented in terms of connectivity into wired connection and wireless connection. Wireless connection is popular due to flexible structure and improved sound quality.
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Geographically, the global automobile audio equipment market is categorized into Europe, North America, Middle East and Africa and Asia Pacific, and Latin America.
The North America has the largest market share for automobile audio equipment globally. The U.S. is one of the top revenue generating country in this region owing to high production of luxury vehicles.
Asia Pacific is followed by Europe which shows a potential growth in global automobile audio equipment market as the adoption of new technology in this region is very high. Moreover, countries in Asia Pacific such as China, India have significant growth in global automobile audio equipment market owing to increased demand of vehicles due to more population.
Key Players and their Strategy
The global automobile audio equipment market includes a few established players, who principally manufacture and supply innovative audio systems and components. The competition in this market is projected to strengthen in the estimated period due to higher demand of vehicles with advanced features.
Some of the key players are Bose, Harman, Bang & Olufsen, Burmester Audiosysteme, Alpine Electronics, Meridian Audio, Blaupunkt, Pioneer, Bowers & Wilkins, McIntosh Laboratory, Boston Acoustics, Dynaudio and meridian audio . among others.