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The automotive audio speakers market size is forecast to increase by USD 9.02 billion at a CAGR of 7.82% between 2023 and 2028. The market's growth hinges on various factors, such as the accessibility of economical aftermarket speakers, rising consumer demand for unique in-car experiences, and heightened research and development efforts aimed at producing superior products. These elements collectively drive innovation and competitiveness within the automotive audio industry, fueling market expansion and fostering enhanced customer satisfaction.
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The Automotive Audio Speakers market is a significant segment within the global Automotive Electronics industry. Drive, comfort, and safety are key factors that influence consumer preferences in this market. Comfort is paramount for long journeys, making high-quality audio systems a desirable feature in modern vehicles. The voice enabled audio systems are gaining popularity due to their convenience and ease of use. The Autonomous vehicles market is expected to significantly impact the automotive audio speakers market, as these vehicles offer advanced features and enhanced user experiences. The speakers in autonomous vehicles need to provide clear and accurate sound for navigation systems, entertainment, and communication. The sound systems in these vehicles also need to adapt to various environments and noise levels. The market for advanced audio systems in autonomous vehicles is expected to grow significantly in the coming years. The voice enabled audio systems are also gaining traction in conventional vehicles, as they offer a more convenient and hands-free driving experience. The market for automotive audio speakers is expected to grow at a steady pace, driven by increasing demand for comfort and convenience features in vehicles.
Moreover, the Automotive Audio Speakers Market is a significant segment in the global automotive industry. Manufacturers are focusing on producing high-quality audio systems to cater to the increasing demand for in-car entertainment and connectivity. The market is marked by the adoption of advanced technologies such as manufacturers like Dolby and Atmosonic are introducing Active Noise Cancellation (ANC) technology to provide a more immersive audio experience. The market is also witnessing the integration of Vehlce-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication systems, enabling real-time traffic updates and personalized entertainment. The market is expected to grow at a significant rate due to the increasing sales of luxury and premium vehicles, which come equipped with high-end audio systems.
The availability of cost-effective speakers in the automotive aftermarket is one of the key drivers fueling the market growth. Generally, automotive OEMs refrain from offering audio speakers in low-priced commercial vehicles to reduce manufacturing costs. Such vehicles, therefore, use aftermarket speakers. The demand for aftermarket automotive products and services is growing amid rising consumer preference for better features and sound quality as they spend more time in their vehicles.
The scope of providing aftermarket products with additional features and increasing consumer expectations have led to the growth of aftermarket automotive audio speakers. As aftermarket speakers are low-priced, there is strong demand for the aftermarket replacement of speakers or entire sound systems. Thus, the growing demand for aftermarket audio systems is expected to drive the market during the forecast period.
The emergence of IoT-enabled smart speakers is one of the key market trends propelling market growth. The dawn of the millennium has seen automotive entertainment systems evolving significantly to include the latest features and rapid processing power for delivering a personalized experience in vehicles. As automobile infotainment systems are differentiated in terms of their capabilities, manufacturers are collaborating with technology providers to integrate advanced features in more segments of their product portfolio.
Amazon is in collaboration with several car manufacturers to integrate Alexa, its intuitive, artificial intelligence-based voice assistant, into mainstream automotive infotainment systems. Automakers, including BMW, Ford, Toyota/Lexus, and Audi, have announced plans to integrate Alexa into their vehicles' infotainment systems. Thus, the emergence of IoT-enabled smart speakers will drive the growth of the market during the forecast period.
Design complexities and high costs of advanced automotive audio systems are one of the factors limiting the market's growth. OEM-fitted premium audio systems in modern luxury and premium cars include numerous speakers, amplifiers, and tweeters. These systems come bundled with advanced touchscreen systems, making them a complete infotainment package. Germany-based Burmester Audiosysteme offers premium sound systems to automakers such as Daimler and Porsche, among others.
The company offers a 3D sound experience through a specially crafted sound system, which is priced at more than USD 5,000. The company's 3D surround sound system in Mercedes-Benz's C-Class vehicle costs more than USD 2,000. Thus, the high prices of such advanced audio systems make them unaffordable to many prospective consumers and can hinder the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aurelius Group: The company offers automotive audio speakers such as Tx 65c, Tx 652, ICX series Icx 542 under the brand Blaupunkt GmbH.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the OEM segment will be significant during the forecast period. OEM stands for original equipment manufacturer. OEM auto parts are the same parts used to build vehicles, as the OEM is the original producer of the vehicle's components. For OEM parts, car manufacturers typically guarantee compatibility with the vehicle.
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The OEM segment was valued at USD 12.66 billion in 2018. As original suppliers of auto parts, OEMs often sell their products through branded auto dealers and can order directly from automakers. OEM products are recommended by automakers and are often significantly more expensive than aftermarket parts. This may slow down the growth of the segment in the future. However, new technologies such as 3D printing can transform the OEM supply chain, which, in turn, will result in significant growth of the OEM segment in the market during the forecast period.
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APAC is estimated to contribute 54% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The rapid economic growth of China, Indonesia, and India and growing consumer awareness about in-vehicle entertainment and information systems are supporting the market penetration of the human-machine interface (HMI). Globalization and the concept of connected cars have also paved the way for the use of advanced in-vehicle entertainment and information systems. Intense competition and the saturation of developed markets such as the US and Europe have compelled OEMs to shift their focus to emerging markets for growth.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The Automotive Audio Speakers Market is witnessing significant growth due to the increasing demand for enhanced audio experiences in passenger cars and commercial vehicles. With the advent of voice-enabled audio systems and smartphone control, automotive audio systems have become an essential component of modern-day personal and commercial vehicles. The automotive audio market caters to various vehicle segments, including passenger cars and light and heavy commercial vehicles (LCV and HCV). The application of automotive audio systems extends beyond mere entertainment, as they also help mitigate the effects of traffic congestion during daily work commutes. Sound amplifiers and high-volume speakers are crucial components of automotive audio systems, providing superior sound quality and bass. The integration of IoT and AI technologies, such as Siri and Cortana, enables seamless music streaming and hands-free calling, enhancing the overall in-car experience. The Society of Indian Automobile Manufacturers (SIAM) reports a surge in vehicle production sales, driven by rising disposable incomes and the availability of smart connectivity features. This trend is expected to boost the demand for premium branded audio systems, including those from Alpine Electronics and Alps Electric.
However, the market also faces challenges from counterfeit products, which can negatively impact the quality and safety of in-car audio systems. To mitigate this issue, vehicle manufacturers and audio system manufacturers are focusing on implementing advanced security measures and collaborating with regulatory bodies to ensure the authenticity of their products. In conclusion, the Automotive Audio Speakers Market is poised for growth, driven by the increasing demand for advanced audio systems and the integration of smart technologies in vehicles. The market presents significant opportunities for innovation and growth, particularly in the passenger car segment and the aftermarket infotainment and sound systems industries.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.82% |
Market growth 2024-2028 |
USD 9.02 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.1 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 54% |
Key countries |
China, US, Japan, Germany, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alps Alpine Co. Ltd., Bang and Olufsen Group, Blaupunkt, BASSOHOLIC, Bose Corp., Burmester Audiosysteme GmbH, Continental AG, DENSO Corp., Fender Musical Instruments Corp., Goertek Inc., JL Audio Inc., JVCKENWOOD Corp., Masimo Corp., McIntosh Group, Meridian Audio Ltd., Panasonic Holdings Corp., Pioneer Corp., Samsung Electronics Co. Ltd., Sony Group Corp., and VerVent Audio Group |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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