Automotive Speaker Market Report 2021-2027: Regional Revenue, Top Key Players & Trends Analysis
The size of automotive speaker market was registered at USD 4.5 billion in the year 2020 and is anticipated to cross USD 7 billion by 2027. Between the period 2021-2027, the market is expected to register a CAGR of 6.5%.
The global automotive speaker market is poised to depict lucrative growth through the coming years owing to a surging trend towards the adoption of high-end luxury vehicles. In addition, shifting consumer preference towards the enhancement of in-car audio quality with the help of technologically advanced sound systems will boost industry demand over the analysis period.
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Based on type, the demand for 4-way speakers is surging in the luxury vehicle segment owing to its improved power and bass volume compared to 3-way and 2-way speakers. 4-way speakers have the ability to produce high-quality sound and handle high frequencies. However, 2-way speakers are also projected to witness substantial growth given to their compact size and low initial costs. Ample availability of these speakers by aftermarket vendors and OEMs may help meet user demand.
The 2-way speakers segment is set to depict a considerable growth rate owing to their compact size and low initial costs. The sufficient availability of these speakers offered by aftermarket vendors and OEMs is expected to drive the segment growth over the assessment span.
In a nutshell, the surging demand for technologically advanced aftermarket automotive speaker systems and other components will stimulate automotive speaker market expansion through the forecasted period.
Geographically speaking, the North America and Europe automotive speaker market is expected to gain traction owing to growing trend of utilizing on-board infotainment systems as well as the presence of multiple key business players in the region. Audio-visual system integrated into ride sharing vehicles and taxis is anticipated to boost regional product demand. In Latin America, countries such as Mexico and Brazil are projected to hold a major market share based on the availability of skilled and affordable labor force, which has encouraged many speaker manufacturers to promote their local presence.
The Latin America automotive speaker industry is characterized by the availability of skilled and affordable labor force in countries comprising Mexico and Brazil. This has encouraged numerous automotive speaker manufacturers to expand their footprint in the region.
In October 2018, Harman International Industries announced the opening of its new research and development unit in Queretaro, Mexico. This facility helped the company in the expansion of its presence in the LATAM sound industry.
Key participants in the automotive speaker market comprise Bose Corporation, Kenwood Corporation, Pioneer Corporation, Focal JM Lab, Clarion Co., Ltd., and others. These players are focusing on collaborations and partnerships for the enhancement of their business operations.
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Some Point from Table of Contents:
Chapter 5 Automotive Speaker Market, By Speaker Type
5.1 Key trends, by speaker
5.2 2-way speakers
5.2.1 Market estimates and forecast, 2017 - 2027
5.3 3-way speakers
5.3.1 Market estimates and forecast, 2017 – 2027
5.4 4-way speakers
5.4.1 Market estimates and forecast, 2017 - 2027
Chapter 6 Automotive Speaker Market, By Vehicle
6.1 Key trends, by vehicle
6.2 Passenger car
6.2.1 Market estimates and forecast, 2017 - 2027
6.2.1.1 Market estimates and forecast, by product, 2017 - 2027
6.3 Commercial Vehicles
6.3.1 Market estimates and forecast, 2017 - 2027
6.3.1.1 Market estimates and forecast, by product, 2017 - 2027
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