Published Date : 20 Nov 19 | Views: 87 | Industry : Consumer Goods
Passenger Cars to Emerge as a Key Application Segment in Future
The report offers detailed analysis of all the application segments such as passenger cars and commercial cars. Demand for Automotive Audio is expected to witness a surge among the passenger cars including SUV and sedan on account of increasing sales of these cars. Usage of Automotive Audio may rise in light commercial cars owing to low cost of aftermarket Automotive Audio systems. As far as the product is concerned, the Automotive Audio market is segregated as < 4 Speakers, 4-6 Speakers, and > 6 Speaker.
North America and Europe to Emerge as Frontrunners in the Years Ahead
High adoption of Automotive Audio systems among various car manufacturing companies in North America and Europe is a key factor driving the market in these regions. Moreover, the sales of passenger cars is increasing in the US, which is compelling manufacturers to establish their base in North America, thus stimulating the regional market growth. Asia Pacific may witness considerable growth in the years to come owing to surge in automotive sales and increasing demand for in-car infotainment system, particularly in countries like China and India.
Manufacturers to Develop New Technology to Enhance Customer Experience
Some of the key manufacturers operating in the global Automotive Audio market are Panasonic, Delphi, Harman, MOBIS, Pioneer, Clarion, Visteon, Fujitsu Ten, BOSE, Continental, and Alpine. Manufacturers are emphasising on the development of an innovative technology that can improve the vehicles’ audio system, thereby offering better customer experience. Additionally, they are adopting key growth strategies such as novel product development, extensive R&D, and product differentiation in order to attract more customers and strengthen their presence in the market.
Complexities in Design May Curb the Automotive Audio Market Growth in Future
Design complexities are expected to restrain the Automotive Audio market growth in the coming years. Additionally, cost of advanced Automotive Audio systems is quite high, eventually making it difficult for the customers to afford, thus hampering the growth of the Automotive Audio market. However, factors such as growing demand for automotive accessories and technological advancements may offer growth opportunities for the market in the coming years.
For further information, check: https://www.qyrconsulting.com/reports/automotive-audio-market