Automotive Speaker Market: Introduction
According to the report, the global automotive speaker market is projected to surpass US$ 9.6 Bn by 2030, expanding at a CAGR of ~4% during the forecast period. Rise in integration of navigation system and use of electronic components in vehicles, and growing integration of mobile and multimedia devices are likely to fuel the demand for speakers during the forecast period. The increase in demand for premium and luxury vehicles that are fitted with good audio systems is likely to fuel the automotive speaker market across the globe. The surge in adoption of autonomous vehicles and ADAS features in vehicles is anticipated to boost the automotive speaker market across the globe. For instance, after a global slowdown in the automobile industry, several governments have reduced taxes on automobiles to encourage sale of vehicles. Safety features and comfort features in vehicles with good audio systems are boosting sale of automotive speakers, which, in turn, is likely to propel the automotive speaker market across the globe
Expansion of Automotive Speaker Market
The surge in trade volume, owing to rising bilateral trade among countries is projected to boost the automotive speaker market during the forecast period. China witnessed an increase in both general trade volume and proportion escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.
Based on vehicle type, the global automotive speaker market has been segmented into passenger vehicle and commercial vehicle. Passenger vehicle is likely to be a highly lucrative segment during the forecast period. This is primarily due to the rise in the production of passenger vehicles across the globe. Rise in integration of electronic systems in vehicles is likely to boost the automotive speaker market across the globe. High rate of adoption of advance features and technologies in passenger vehicles as compared to that in commercial vehicles can be attributed to a significant share held by the passenger vehicle segment in the global automotive speaker market. In terms of position, the dashboard segment account for a significant share of the global automotive speaker market. Speakers are easy to install in the dashboard as compared to that in other positions. Speakers installed in dashboards provide good sound quality. This is likely to propel the automotive speaker market across the globe.
Regional Analysis of Automotive Speaker Market
In terms of region, the global automotive speaker market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global automotive speaker market in 2019. It is anticipated to hold a leading share during the forecast period, due to a rise in the production and sale of vehicles in China and countries in ASEAN. Followed by Asia Pacific, Europe also held a significant share of the global automotive speaker market due to the rise in the demand for premium vehicles in the region. The growing adoption of autonomous vehicles and ADAS features in vehicles across Europe is likely to fuel the automotive speaker market in the region.
Major Players in Automotive Speaker Market
Prominent players operating in the global automotive speaker market include Alpine Electronics Inc., Bose Corporation, Harman International, Pioneer Corporation, Altec Lansing, SK Telecom, Sony, Lear Corporation, Metra Electronics, Sanyo, Dynaudio, and Boston Audio.
Global Automotive Speaker Market: Segmentation
Automotive Speaker Market , by Vehicle Type
- Passenger Vehicle
- Utility Vehicle
- Commercial Vehicle
Automotive Speaker Market , by Position
Automotive Speaker Market , by Speaker Type
Automotive Speaker Market, by Application
- Voice Assistance
- Google Assistant
- Warnings & Alerts
- Guidance & Navigation
- Automatic Pedestrian Alert System
Automotive Speaker Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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