Automotive Speaker Market Size By Type (2-Way Speaker, 3-Way Speaker, 4-Way Speaker), By Vehicle Type (Passenger Car [2-Way Speaker, 3-Way Speaker, 4-Way Speaker], Commercial Vehicle [2-Way Speaker, 3-Way Speaker, 4-Way Speaker]), By Sales Channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: May 2020  |  Report ID: GMI3630  |  Authors: Preeti Wadhwani, Prasenjit Saha

Report Format: PDF   |   Pages: 280   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Automotive Speaker Market size exceeded USD 5 billion in 2019 and is anticipated to grow at a CAGR of over 6.5% between 2020 and 2026. Rapid development in IoT and AI technologies to improve the system performance and enhance user comfort is driving the market demand.
 

Increasing number of strategic collaborations between automakers and audio system manufacturers is supporting the automotive speaker market growth. Major automobile manufacturers including Bentley, BMW, Audi, and Mercedes-Benz are partnering with sound system manufacturers to incorporate advanced audio sound systems into new vehicles, boosting the market size expansion.
 

Automotive Speaker Market

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Changing consumer lifestyles and shifting preference toward the usage of onboard infotainment systems in ride hailing services, such as Uber and Ola, are expected to provide lucrative opportunities for the automotive speaker market. Customers in North America, Europe, and urban areas of Asia Pacific are utilizing onboard infotainment systems in public transport facilities to access information related to ride details and stream music during day-to-day commute.
 

Sound systems connected to smartphones with Bluetooth connectivity are expected to gain a high market share. These devices offer several benefits such as shuffling through the music playlist and making phone calls. Increasing usage of voice assistants, such as Alexa, Siri, Cortana, and Google Home, to remotely control devices through voice commands will drive the market trend of intelligent automotive speakers.
 

The major factor impacting the adoption of automotive speaker is the high initial cost. Expensive automotive speakers increase the total cost of ownership of vehicles. These systems are integrated with advanced components, such as sensors, speakers, and LED touch display, increasing the overall equipment purchasing cost. This may challenge the product adoption of premium automotive speaker in commercial vehicles and lower segment cars.
 

The automotive speaker market is expected to witness a temporary slowdown in 2020 owing to outbreak of COVID-19 pandemic across the globe. The sluggish growth can be attributed to decreasing purchasing power of consumers. Due to spread of COVID-19, consumers are highly inclined toward purchasing essential goods such as groceries and healthcare products. This has hampered the sales of automobiles, restricting the market size in 2020 and posing several industry challenges.
 

Automotive Speaker Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 5 billion (USD)
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 6.5% 2026 Value Projection: 7 Billion (USD)
Pages: 280 Tables, Charts & Figures: 510
Geographies covered (16): U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, UAE, Saudi Arabia, South Africa
Segments covered: Product, Application
Companies covered (16): Alpine Electronics, Inc., Blaupunkt GmbH, Bose Corporation, Clarion Co. Ltd. Continental AG, Dynaudio A/S, ELETTROMEDIA SRL, Focal JMLAB, Harman International Industries, Inc., JL Audio, Inc, JVCKENWOOD Corporation, KICKER, Panasonic Corporation, Pioneer Corporation, Sony Corporation, Sound United, LLC
Growth Drivers:
  • Growing demand for onboard entertainment in private and commercial vehicles globally
  • Rising adoption of ADAS and autonomous vehicles
  • Growing demand for high-end luxury cars in Middle East and North America
  • The growing presence of established automobile manufacturers in Europe
  • Increasing demand for aftermarket automotive audio systems in Asia Pacific and Latin America
Pitfalls & Challenges:
  • High costs associated with premium automotive audio systems

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Increasing demand for affordable speaker systems in passenger cars is augmenting the market share of 2-way speakers

The 2-way automotive speaker market held around 33% revenue share in 2019 on account of benefits such as easy installation, small size, and high-quality audio at affordable prices. The capability of 2-way speakers to divide high and low range frequencies with separate tweeter and woofer for enhanced sound output is boosting their market share.
 

2-way speakers are equipped with an integrated electronic crossover circuit, which allows users to control frequency range for enhanced clarity. Market leaders are launching new products in the 2-way speaker segment to cater to the high demand.
 

Growing adoption of onboard infotainment systems for improved entertainment experience and driver safety in passenger vehicles

The passenger car segment valued at USD 4 billion in 2019 and is estimated to witness around 7% growth in the automotive speaker market till 2026. Changing consumer lifestyles and increase in consumer disposable income are supporting the investments in high-quality sound systems in private vehicles. An increase in the sale of passenger cars in the U.S. is attracting new manufacturers to the market. SUVs and sedans are witnessing increased installation of modern automotive speakers to provide in-car entertainment at affordable prices.
 

The development of AI technologies coupled with smartphone connectivity in automotive speaker enables users to operate the system with voice commands, propelling the market growth. Technological developments in passenger vehicles aid in integrating enhanced safety features with audio systems, creating new opportunities for the market.
 

Proliferation of OEM sales channels owing to increasing partnerships between automakers and audio system manufacturers

Global Automotive Speaker Market

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The OEM sales channel in the automotive speaker market is expected to witness high growth over the coming years due to increasing number of strategic collaborations of audio system manufacturers with OEMs. Consumers are shifting their preference toward high-quality audio systems, which led automakers to install enhanced in-car audio systems to cater to the demand. Moreover, the rising demand for driver assistance systems in autonomous vehicles driven by need for improved passenger and pedestrian safety is supporting the adoption of advanced audio systems.
 

Increasing demand in Europe due to presence of established automobile manufacturers

Europe Automotive Speakers Market

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Europe automotive speaker market revenue is predicted to expand at substantial CAGR during the forecast period led by presence of established automobile manufacturers in countries including Germany, Italy, Spain, the UK, and France.
 

According to an industry report published in 2018 by the European Automobile Manufacturers Association, the automotive sector in Europe witnessed 13% growth rate in 2017, contributing strongly to the GDP growth. Leading automobile manufacturers, such as Daimler, Volkswagen, Audi, Mercedes, and BMW, have established manufacturing and R&D facilities in European countries, providing opportunities to the regional market demand.
 

Increasing collaborations of the market players with established automobile manufacturers are providing a positive outlook for the market in Europe. For instance, in October 2019, Harman Kardon announced its partnership with Volkswagen in the market to introduce its premium sound system in VW Golf Series 8 car. The audio system offers an augmented musical experience with a 12-channel ethernet amplifier and 10 high-performance automotive speakers.
 

Business expansion and continuous innovation are the key strategies of automotive speaker market leaders

Strategies adopted by players in the market include new product launches and expansion of operations. The players are expanding their automotive speaker lineup with advanced features to cater to the rising market shares. For instance, in January 2017, Sony Corporation launched the XAV-AX100, its new in-car audio system compatible with Android Auto and CarPlay. The system offers smart driving with navigation and communication facilities. The system also provides intelligent voice control from smartphones for easy accessibility. This launch aided the company to expand its portfolio of smart connected automotive speakers.
 

Key market players include Alpine Electronics, Inc., Clarion Co. Ltd, Harman International Industries, Inc., Continental Corporation, JVCKENWOOD Corporation, Blaupunkt, Sound United, Focal JM Lab, Kicker, Bose Corporation, and Pioneer Corporation.
 

The automotive speaker market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2020 to 2026 for the following segments:

Market by Type

  • 2-way speakers
  • 3-way speakers
  • 4-way speakers

Market by Vehicle Type

  • Passenger cars
    • 2-way speakers
    • 3-way speakers
    • 4-way speakers
  • Commercial vehicles
    • 2-way speakers
    • 3-way speakers
    • 4-way speakers

Market by Vehicle Type

  • OEM
  • Aftermarket

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa

 

Frequently Asked Questions (FAQ) :

The 2-way speakers held around 33% of the market revenue share in 2019 on account of benefits such as easy installation, small size, and high-quality audio at affordable prices.
According to the analysts at GMI, the passenger car segment in the industry is estimated to witness around 7% growth till 2026.
Key market players include Alpine Electronics, Inc., Clarion Co. Ltd, Harman International Industries, Inc., Continental Corporation, JVCKENWOOD Corporation, Blaupunkt, Sound United, Focal JM Lab, Kicker, Bose Corporation, and Pioneer Corporation.
Europe market revenue is predicted to expand at substantial CAGR during the forecast period led by presence of established automobile manufacturers in countries including Germany, Italy, Spain, the UK, and France.

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Premium Report Details

  • Published Date: May 2020
  • Pages: 280
  • Tables: 487
  • Charts / Figures: 23
  • Companies covered: 16
  • Countries covered: 16

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