BOSTON--March 20, 2012: According to the Strategy Analytics Automotive Practice report, "Premium Audio: Market Share and Market Perception," automotive OEMs could likely achieve higher margins by seeking out the audio brands that most highly resonate with consumers.
“Premium Audio: Market Share and Market Perception”
Strategy Analytics surveyed 2400 vehicle owners across the US and Europe on over 25 suppliers of in-vehicle audio systems. According to Chris Schreiner, Director of the Strategy Analytics Automotive Consumer Insights practice, "OEMs and suppliers need to address a problem of name recognition. Sony, Pioneer, and Panasonic have already extended their greater consumer electronics reputations into the automotive market. Others, such as Harman and Bose, are not well-known in the automotive realm or have blind spots in specific regions."
"Higher brand market share does not necessarily indicate consumer brand preference, but instead is more closely correlated with strong OEM supplier relationships, since vehicle purchases are driven by more than audio system concerns," says John Canali, Senior Analyst with Strategy Analytics. "However, the offering of premium audio systems can drive profit margins and enhance brand image. This Strategy Analytics research shows that realigning with more popular speaker suppliers could attract consumers to pay a premium for better audio systems."
About Strategy Analytics
Strategy Analytics, Inc. provides timely and actionable market intelligence focused on opportunities and disruptive forces in the areas of Automotive Electronics and Entertainment, Broadband Connected Home, Mobile & Wireless Intelligent Systems and Virtual Worlds. Headquartered in Boston, MA, with offices in the UK, France, Germany, Japan, S. Korea and China, Strategy Analytics works with clients through annual multi-client services, management team workshops and custom consulting engagements. For more information, please visit Strategy Analytics.
