- December 14, 2020
- Category: automotive-material-components, Automotive, Logistics and Transportation
Global Automotive Speaker Market is valued approximately at USD 5 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 6.7% over the forecast period 2020-2027. The rapid development of IoT and AI technologies to improve device efficiency and improve user comfort drives consumer demand. Growing number of strategic partnerships between automakers and audio system manufacturers are promoting the growth of the automotive speaker industry. Major automotive manufacturers, including Bentley, BMW, Audi and Mercedes-Benz, are working with sound system manufacturers to integrate sophisticated audio sound systems into new cars, boosting market size growth. The automotive industry has undergone major changes over the last few decades. Although the regulatory environment continues to drive advances in terms of engine design, efficiency and other technological parameters, other aspects of the automotive industry, including in-car entertainment, have also seen substantial changes, especially over the last decade. Vehicle entertainment has gained tremendous popularity worldwide, as more consumers are inclined to install personalized, interactive and state-of-the-art entertainment systems in their cars. The declining prices of automotive entertainment components are a major factor expected to fuel demand for automotive speakers during the assessment period. Sensing the rising interest in in-car entertainment, automotive companies are gradually moving towards the launch of vehicles integrated with advanced automotive speakers to cut through tough market competition. Market trends continue to develop at a rapid rate, which obliges industry participants to innovate and launch products in line with evolving market trends and consumer trends. The rising demand for music-inspired luxury cars and 3D car sound systems is another key factor that is expected to shape the growth of the global automotive speaker market in the coming decade. Increased cooperation between industry players and existing car manufacturers offers a optimistic outlook for the European market. For example, in October 2019, Harman Kardon announced on the market its partnership with Volkswagen to introduce its premium sound system in the VW Golf Series 8 car. The audio system provides enhanced musical experience with a 12-channel ethernet amplifier and 10 high-performance automotive speakers. In December 2019, Faurecia announced the partnership with Devialet– a move that is expected to fast track the development of high-quality automotive speakers and audio solutions for various automotive companies.
The regional analysis of global Automotive Speaker Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific and Europe are expected to be highly lucrative markets in the forecast era. This is partly due to the involvement of leading automotive firms in China, Germany, Japan and India. Increasing understanding of the safety and comfort features of a sound system creates an opportunity for the automotive speaker industry. Europe has the presence of major OEMs and Tier-1 suppliers with advanced facilities for research and development on speakers, which are expected to improve the automotive speakers market across Europe.
Major market player included in this report are:
Alpine Electronics, Inc.
Clarion Co. Ltd.
Harman International Industries, Inc.
JL Audio, Inc
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Vehicle Type:
By Sales Channel:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Automotive Speaker Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers