Automotive Audio Speakers Market size to grow by USD 7.68 billion from 2022 to 2027, Market is fragmented due to the presence of prominent companies like Alps Alpine Co. Ltd., Aurelius Group and Bang and Olufsen Group, and many more - Technavio
NEW YORK, Jan. 17, 2024 /PRNewswire/ -- The automotive audio speakers market is estimated to grow by USD 7.68 billion from 2022 to 2027, growing at a CAGR of 7.2%. The automotive audio speakers market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer automotive audio speakers market are Alps Alpine Co. Ltd., Aurelius Group, Bang and Olufsen Group, 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., Pioneer Corp., Samsung Electronics Co. Ltd., Sony Group Corp., VerVent Audio Group, and Panasonic Holdings Corp.
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Company Offering:
- Alpine Co. Ltd. - The company offers automotive audio speakers such as S S40, DP 653, and DP 65C.
- Aurelius Group - The company offers automotive audio speakers such as Tx 65c, Tx 652, and ICX series Icx 542 under the brand Blaupunkt GmbH.
- Bang and Olufsen Group - The company offers automotive audio speakers with ICE, TrueImage, and dynamic sound adjustment.
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By Geography, the market is classified as APAC, North America, Europe, South America, and Middle East and Africa.
- APAC will have the largest share of the market. By geography, APAC is estimated to contribute 53% to the growth of the global market during the forecast period. Countries like China, Indonesia, and India experience rapid economic growth as well as consumer awareness about in-vehicle entertainment and information systems, which support the market penetration of the human-machine interface (HMI).
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- Impactful driver- Availability of cost-effective aftermarket speakers
- Key Trend - Emergence of IoT-enabled smart speakers
- Major Challenges - Design complexities and high costs of advanced automotive audio systems
The Automotive Audio Speakers Market is witnessing dynamic trends with a focus on cutting-edge technology. In-car audio systems, including car speakers, subwoofers, and amplifiers, are evolving to integrate seamlessly with Bluetooth connectivity and wireless audio technology. High-fidelity audio, smart audio systems, and voice recognition are gaining prominence. Acoustic design, speaker materials, and sound quality improvements, reflected in frequency response, power handling capacity, sensitivity ratings, and nominal impedance, are shaping the market. Furthermore, there's a surge in demand for vehicle-specific audio solutions, aftermarket car audio, and OEM audio systems, emphasizing audio tuning, customization, and surround sound integration in in-dash receivers.
Market Segmentation
- The OEM segment will be significant during the forecast period. As OEM is the original manufacturer of the vehicle's components, OEM auto parts are the same ones used to build the vehicle. OEM parts typically come with a guarantee that the vehicle will work with them. OEMs can order directly from automakers and typically sell their products through branded auto dealers. OEM products are suggested through automakers and are frequently essentially more costly than secondary selling parts.
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SOURCE Technavio
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