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Automotive Speaker Market Trends

Report ID: GMI3630
Published Date: Oct 2023
Report Format: PDF

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Automotive Speaker Market Trends

Increasing disposable incomes are driving the automotive speaker industry revenue. As people have more discretionary income, they are more inclined to invest in high-quality audio systems for their vehicles for the enhancement of in-car entertainment experiences. According to the U.S. Bureau of Economic Analysis, in August 2023, personal income rose by USD 87.6 billion, representing a 0.4% increase from the last month. This trend is propelling the demand for advanced automotive speakers with superior sound quality and innovative features. Manufacturers are responding to this demand by developing audio technologies, thereby catering to the preferences of consumers with higher purchasing power and subsequently boosting market expansion.

The integration of smart connectivity features in vehicles is a major factor propelling the automotive speaker market growth. As vehicles become more technologically advanced, there will be a growing demand for audio systems that are capable of supporting functions such as hands-free calling, voice assistants, and seamless music streaming. Consumers are seeking immersive in-car experiences, which is driving the need for sophisticated speakers. Manufacturers are responding to this demand by developing innovative speaker systems and enhancing audio quality & connectivity, which in turn, is fueling the market demand.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of automotive speaker reached USD 7.3 billion in 2022 and is set to grow at 6.1% CAGR from 2023 to 2032, owing to the escalating sales of passenger vehicles.

In 2022, the 3-way speaker segment held a market share of over 35%. The universally compatible design, which seamlessly synchronizes with any car's audio system, is a key factor propelling the product demand.

Asia Pacific market with a major share of over 35% in 2022, backed by the proliferation of infotainment systems in the aftermarket as consumers increasingly upgrade their vehicles with infotainment systems.

Alpine Electronics, Inc., Blaupunkt GmbH, Bose Corporation, Bowers & Wilkins, Burmester Audiosysteme GmbH, Clarion Co., Ltd., Continental Aktiengesellschaft (AG), Dynaudio A/S, ELETTROMEDIA SRL, and Focal JMLAB.