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.
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. However, the cost required to install automobile audio equipment is very high. Additionally, the design structure of automobile audio equipment market is very complex. These factors are hampering the growth of global automobile audio equipment market.
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. 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.
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. Moreover, the increase in customer preference for better quality vehicle audio-graphic and navigation systems will further raise competition in the market. 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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.