Automotive Speaker Market revenue worth $7 Bn by 2027
Automotive Speakers Market size is set to surpass USD 7 billion by 2027, according to a new research report by Global Market Insights Inc.
SELBYVILLE, Del. - March 2, 2021 - (Newswire.com)
Global Market Insights Inc. has recently added a new report on the automotive speaker market, which estimates the market valuation for automotive speakers will cross US $7 billion by 2027. Increasing demand for technologically advanced aftermarket automotive audio components is likely to drive industry growth.
The automotive speaker industry is facing several challenges, owing to the quick spread of the COVID-19 pandemic worldwide. Restrictions imposed by various governments on international as well as domestic trade have led to a steady decline in the sale of automotive speakers in the global market. However, the market statistics are anticipated to witness significant growth by 2021 due to the economic revival and containment of the virus.
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The demand for four-way speakers is increasing in the luxury vehicle segment due to their enhanced power and bass volume compared to two-way and three-way speakers. Moreover, the ability of these speakers to handle high frequencies and produce high-quality sound is driving their market demand.
The availability of an affordable and skilled labor force in Latin American countries including Brazil and Mexico has encouraged several speaker manufacturers to enhance their presence in the region. For instance, in October 2018, Harman announced the opening of its new R&D facility in Querétaro, Mexico. The new facility aided the company to expand its presence in the Latin American sound industry.
The players active in the automotive speaker market are JVCKENWOOD Corporation, Focal JM Lab, Bose Corporation, Clarion Co., Ltd, and Pioneer Corporation. These players are focusing on partnerships and collaborations to enhance their business operations. For instance, in January 2020, Continental AG announced its partnership with Sennheiser to develop a speaker-less audio system for cars. The system is based on Continental's Ac2ated system and Sennheiser's Ambero 3D audio technology. The partnership aided the company to upgrade its vehicle infotainment solutions segment.
Some major findings in the automotive speaker market report include:
- Growing emphasis on the adoption of high-end luxury vehicles is driving the industry size. Shifting consumer preferences toward enhancing in-car audio quality with technologically integrated sound systems will positively influence the market outlook.
- Two-way speakers will witness a steady growth rate owing due to the low initial costs and compact size. The abundant availability of these speakers provided by OEMs and aftermarket vendors will contribute to the segment growth.
- The presence of several leading market players coupled with the increasing trend of on-board infotainment is augmenting the automotive speaker market share in North America and Europe. The integration of audiovisual systems into taxis and ride-sharing vehicles will drive the industry growth.
- Key players operating in the automotive speaker market include Alpine Electronics, Inc., Clarion Co., Ltd, Panasonic Corporation, Sony Corporation, Harman International Industries, Inc., Pioneer Corporation, Kenwood Corporation, JL Audio, Bose Corporation, Naim Audio, and Blaupunkt GmbH.
- Major strategies adopted by these market players include new product launches and strategic partnerships with other industry players to enhance their market share. Other prominent strategies include the acquisition of small players by large industry players to expand their market presence.
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Partial chapters of report table of contents (TOC):
Chapter 3 Automotive Speaker Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19
3.2.1 Global outlook
3.2.2 Regional impact
220.127.116.11 North America
18.104.22.168 Asia Pacific
22.214.171.124 Latin America
3.2.3 Industry value chain
126.96.36.199 Research and Development
3.2.5 Competitive landscape
188.8.131.52 Distribution network
184.108.40.206 Business growth
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.3 Distribution channel analysis
220.127.116.11 Dealers and sales representatives
18.104.22.168 Online channels
3.4 Technological and innovation landscape
3.4.1 Lift-up speakers
3.4.2 Speaker-less sound
3.4.3 AI and Voice assistants
3.4.4 Innovations in head display units
3.5 Pricing analysis
3.5.1 Price analysis, by region
22.214.171.124 North America
126.96.36.199 Asia Pacific
188.8.131.52 Latin America
3.5.2 Cost structure analysis
3.6 Regulatory Landscape
3.6.1 International Standards
184.108.40.206 ISO 22902:2006 (Part 1-7)
220.127.116.11 ISO 7736:1984
18.104.22.168 ISO 15006:2011
22.214.171.124 IEC 60268-1:1985
3.6.2 North America
126.96.36.199 Consumer Product Safety Act
188.8.131.52 CEA CEB19-2007
184.108.40.206 EMC Directive
220.127.116.11 EN 60065:2014
18.104.22.168 BS EN 60268-5:2003
22.214.171.124 Rules of sale of goods by remote method, No. 612
126.96.36.199 Protection of rights of consumers, No. 2300-1
3.6.4 Asia Pacific
188.8.131.52 IS 616 (2010) (India)
184.108.40.206 GB/T 12060.5-2011 (China)
220.127.116.11 Waste Electrical and Electronic Equipment Directive (2002/96/EC)
3.6.5 Latin America
18.104.22.168 NOM001-SCFI-2018 (Mexico)
22.214.171.124 Consumer Protection Code (CDC) (Federal Law No. 8,078/90)
126.96.36.199 Federal Consumer Protection Law (FCPL)
188.8.131.52 GSO IEC 60268-1:2015 (GCC)
184.108.40.206 UAE Restriction of Hazardous Substances (RoHS)
220.127.116.11 South African Bureau of Standards (SABS) and the Independent Communications Authority of South Africa (ICASA)
3.7 Industry impact forces
3.7.1 Growth Drivers
18.104.22.168 Growing demand for onboard entertainment in private and commercial vehicles globally
22.214.171.124 Rising adoption of ADAS and autonomous vehicles
126.96.36.199 Growing demand for high-end luxury vehicles in Middle East and North America
188.8.131.52 The growing presence of established automobile manufacturers in Europe
184.108.40.206 Increasing demand for aftermarket automotive speakers in Asia Pacific and Latin America
3.8 Industry pitfalls & challenges
220.127.116.11 High costs associated with premium automotive speakers
18.104.22.168 High availability of counterfeit products
3.9 Growth potential analysis
3.10 Porter's analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Internal rivalry
3.11 PESTLE Analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Original Source: Automotive Speaker Market is Growing at a 6.5% CAGR to Hit $7B by 2027: GMI