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Automotive Speaker Market Size By Type (2-Way Speaker [Component, Coaxial], 3-Way Speaker [Component, Coaxial], 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, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI3630
  • Published Date: Feb 2021
  • Report Format: PDF

Industry Trends

Automotive Speaker Market size exceeded USD 4.5 billion in 2020 and is expected to grow at over 6.5% CAGR between 2021 and 2027. Increasing adoption of in-car infotainment systems for internet-based content such as podcasts, internet radio, and music is driving the industry growth.

Automotive speakers are integrated into passenger cars and commercial vehicles to offer in-vehicle entertainment and information to occupants. There have been technological advancements in speaker systems to improve the overall audio quality and enhance the passenger experience.

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The surging demand for aftermarket sound systems and components across the globe is one of the major factors fueling the automotive speaker market expansion. The prominent market players are enhancing their aftermarket distribution channels.

Rapid changes in consumer lifestyles along with shifting inclination toward the usage of onboard infotainment systems in ride sharing services are anticipated to provide new market growth opportunities. Consumers are inclined toward using onboard infotainment systems in public transport to play music during travel, augmenting the demand for automotive speakers. The surging acceptance of technologically advanced audio-visual systems will propel product penetration.

The factors hampering the industry statistics include high ownership and maintenance costs associated with premium automotive speakers. The high cost of advanced speakers increases the total cost of ownership of automobiles. These systems are integrated with progressive internal cameras, sensors, amplifiers, speakers, LED touch displays, and woofers, increasing the overall equipment purchasing cost. The availability of counterfeit sound system components and automotive speakers is also adversely impacting the market size.

The outbreak of COVID-19 pandemic in several countries has led to a global economic slowdown. Strict measures implemented for the containment of Coronavirus impacted the market ecosystem on a huge scale. Several factors, including shortage of labor and raw materials, led to numerous difficulties in development and design of new devices, creating a wide gap in supply and demand. Market leaders are focused on catering to the order backlog to sustain a consistent stream of revenues in 2021.

High demand for 2-way speaker owing to the compact size

The 2-way automotive speaker market segment is likely to witness an upward trend during the forecast period due to its compact size and low initial costs. The 2-way segment will grow at a 6.5% CAGR through 2027. The ability of these automotive speakers to divide low and high-range frequencies with separate woofer and tweeter components for enhanced sound output is propelling their acceptance in the market.

The 2-way component speakers are predicted to see a growing industry demand on account of their ability to produce better sound quality compared to 2-way coaxial speakers. The 2-way component automotive speaker system is made-up of distinctly mounted tweeter and woofer that offer realistic audio quality in passenger vehicles. Companies are introducing advanced 2-way component systems to cater to the changing market demand. For instance, in November 2019, MB QUART launched its new 2-way component speaker system at SEMA 2019, Las Vegas, the U.S.

Growing demand for onboard infotainment systems will augment the market growth

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The passenger car segment held around 70% of the automotive speaker market share in 2020. Technological advancements coupled with changes in passenger vehicle interiors, including enhanced safety features with ADAS, are supporting the automotive speakers demand. Increasing adoption of high-quality infotainment systems connected with smartphones via Wi-Fi and Bluetooth technologies will boost the market statistics.

Proliferation of speaker OEMs is fueling the market revenue

The OEM sales channel captured more than 60% market share in 2020 impelled by the presence of several manufacturers across the globe. Industry players, such as Sony, Bose Corporation, Sonus Faber, Harman International, and Panasonic, develop and design customized speakers for vehicle models. These players are undertaking partnership and collaboration strategies to grow their presence in the industry through 2027. For instance, in September 2020, Sonus Faber and Maserati entered a strategic partnership to provide sound systems for Maserati’s upcoming MC20 supercar. The new system showcases a 695-watt amplifier that controls 12 speakers and channels.

Increasing disposable income is driving the market expansion in Asia Pacific

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The Asia Pacific automotive speaker market valued at above USD 2 billion in 2020. The region is observing economic growth, which has led to rise in disposable incomes and increased spending on leisure products including vehicle & personal audio electronics. As per the data published by the National Bureau of Statistics of China, in 2020, the country’s per capita disposable income reached USD 4,665, accounting for about a 4.7% increase compared to 2019.

The presence of several leading automotive speaker manufacturers including Panasonic Corporation, Alpine Electronics, Inc., Sony, Kenwood, and Pioneer in the region is poised to drive the regional market growth. These companies are focusing on new product launches to enhance their automotive speaker product portfolio.

Players focusing on new product launches to enhance the market share

Automotive speaker manufacturers are primarily focusing on new product launches to enhance their market representation. For instance, in May 2020, Alpine Electronics, Inc. launched two new models of lift-up automotive speakers for car audio systems, X3-180S-LUP-LP2 and X2-25TW-LUP-RV4. The three-ways lift-up speakers are available for Land Cruiser Prado and RAV4 car models.

Similarly, in July 2018, Blaupunkt launched two new audio infotainment systems for cars, Osaka 760 and Monte Carlo 750. These connected systems offered by the company were the first to support Apple CarPlay and Google’s Android Auto software that elevate the overall user experience in cars. The new product launch aided the company to enhance its product portfolio, contributing to the market outlook.

The prominent players in automotive speaker market include Alpine Electronics, Inc., Blaupunkt, Bose Corporation, Bowers & Wilkins, Clarion Co., Ltd, Harman International Industries, Inc., Panasonic Corporation, Sony Corporation, Kenwood Corporation, and Pioneer Corporation.

This market research report on automotive speaker includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2021 to 2027 for the following segments:

Market, By Type

  • 2-Way Speaker
    • Component
    • Coaxial
  • 3-Way Speaker
    • Component
    • Coaxial
  • 4-Way Speaker

Market, 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

Market, By Sales Channel

  • 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
    • UAE
    • Saudi Arabia
    • South Africa
Authors: Preeti Wadhwani, Prasenjit Saha

Frequently Asked Questions (FAQ) :

The global industry for automotive speakers registered an annual value of more than USD 4.5 billion in 2020 and will rise at a 6.5% CAGR through 2027 owing to the growing adoption of in-car infotainment systems for internet-based content like podcasts, and internet radio.
The 2-way automotive speaker industry size is estimated to record a 6.5% CAGR up to 2027 driven by their compact size and low initial costs.
Passenger cars contributed to 70% of the automotive speakers market share in 2020 and will witness higher demand owing to technological advancements and the rising adoption of high-quality infotainment systems.
The demand for automotive speakers from the OEM sales channels reached 60% of the global market share in 2020 and will expand through 2027 with the prominent presence of various manufacturers across the globe.
The automotive speaker market in Asia Pacific valued at USD 2 billion in 2020 and is set to witness inclination with increased disposable incomes and higher spending on leisure products across the region.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 19
  • Tables & Figures: 788
  • Countries covered: 16
  • Pages: 400
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