Automotive Speaker Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis, Regional Insights and Forecast 2021-2030

Published Date : Nov 2020 | No. of Pages : 150+ Pages | Category : Automation and Transport

The global automotive speaker market size is expected to reach US$ 9.5 billion by 2030 expanding at a CAGR of 4.1% from 2021 to 2030. Rise in integration of navigation system and use of electronic components in vehicles, and growing integration of mobile and multimedia devices are likely to fuel the demand for speakers during the forecast period.

The increase in demand for premium and luxury vehicles that are fitted with good audio systems is likely to fuel the automotive speaker market across the globe. The surge in adoption of autonomous vehicles and ADAS features in vehicles is anticipated to boost the automotive speaker market across the globe. For instance, after a global slowdown in the automobile industry, several governments have reduced taxes on automobiles to encourage sale of vehicles. Safety features and comfort features in vehicles with good audio systems are boosting sale of automotive speakers, which, in turn, is likely to propel the automotive speaker market across the globe.

COVID-19 Pandemic to Impact Demand for Automotive Speakers in 2020

The COVID-19 pandemic is expected to have a catastrophic impact on the global automotive sector. While the initial lockdown measures in China and several major automotive hubs primarily hindered the growth of the global auto sector, the demand for automotive vehicles has witnessed a drastic decline in 2020 due to the COVID-19 pandemic. As the demand for automotive vehicles continues to drop, along with it, the demand for automotive speakers continues to move in the downward trajectory, especially in the developing regions, thus impacting the expansion of the automotive speaker market.

Overview

  • The global automotive speaker market is anticipated to expand at a CAGR of 4.1% during the forecast period, owing to an increase in sale and production of luxury vehicles across the globe, which has led to a rise in use of good audio systems in vehicles. This, in turn, is estimated to boost the production of automotive speakers. Rise in consumer trend toward autonomous vehicles is expected to provide significant opportunities for the automotive speaker market across the globe.
  • Rise in consumer trend toward onboard infotainment system in public transportation facilities to obtain information about transport details is expected to also offer considerable opportunities for the automotive speaker market across the globe. Increase in use of FM radio systems, Bluetooth speakers while traveling, and increased multiple application of speakers in vehicles is anticipated to boost the automotive speaker market across the globe. Incorporation of technology in passenger vehicles, including advanced safety features with audio systems, is expected to propel the global automotive speaker market.

Drivers

  • Rise in adoption of onboard infotainment system in passenger and commercial vehicles for improved entertainment while driving and to improve passenger safety is anticipated to propel the automotive speaker market across the globe. Collaboration between original equipment manufacturers and audio system manufacturers to incorporate advanced audio systems in vehicles is likely to boost the automotive speaker market across the globe. Growing consumer trend toward luxury and premium vehicles, owing to an increase in purchasing capacity of buyers across the globe is likely to fuel the automotive speaker market across the globe.
  • Increase in awareness among consumers and rise in per capita income have driven consumer preference toward comfort features and vehicle safety. Growing incorporation of artificial intelligence in vehicles is likely to fuel the demand for automotive speakers. Increased integration of smartphones with sound systems through Bluetooth connectivity is anticipated to propel the automotive speaker market. Such sound systems help make phone calls and also change music while driving. Rise in use of voice assistance, including Alexa, Google assistant, and Siri to control through voice commands, is expected to boost the automotive speaker market across the globe. The introduction to autonomous vehicles and growing adoption of ADAS features in vehicles are further driving the automotive speaker market across the globe.

Challenges

  • Major vehicle manufacturers shutdown their plants due to the COVID-19 pandemic, which led to a decline in vehicle production and sale. Prominent automakers, including GM, Ford, and FCA, under pressure from unions to protect employees and to follow government advisories, decided to idle their plants across the globe. Toyota, Honda, Tesla, and Nissan also announced a temporary suspension of production across the globe, which is a major challenge for the automotive speaker market across the globe.
  • Major challenge for automotive speaker is high initial cost of speakers. Vehicles fitted with advanced sound systems increase the overall vehicle cost, which is likely to restrain the global automotive speaker market.

Segmentation

  • Based on vehicle type, the passenger vehicle segment dominated the global automotive speaker market due to rise in production of passenger vehicles across the globe. Technological development in passenger vehicles to enhance safety features with audio systems is likely to propel the automotive speaker market. Rise in demand for passenger vehicles from ride hailing services, which offer entertainment services, is likely to fuel the automotive speaker market.
  • Based on position, the dashboard segment held a major share of the global automotive speaker market. Major vehicle manufacturers prefer the dashboard installed speakers due to an increase in use of voice assistance in vehicles. Speakers in dashboard are easy to install and provide compact space. This is likely to boost the global automotive speaker market.

Regional Analysis

  • Based on region, the global automotive speaker market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • Asia Pacific and Europe are projected to be highly lucrative markets during the forecast period. This is primarily due to the presence of prominent automotive industry in China, Germany, Japan, and India. Growing awareness about safety and comfort features with sound system provides opportunity for the automotive speaker market. Europe has presence of major OEMs and tier-1 suppliers who have advanced facilities that carry out research and development on speakers, which is anticipated to boost the automotive speaker market across Europe.

Key players

    • Alpine Electronics Inc.
    • Bose Corporation
    • Harman International
    • Pioneer Corporation
    • Altec Lansing
    • SK Telecom
    • Sony
    • Lear Corporation
    • Metra Electronics
    • Sanyo
    • Dynaudio
    • Boston Audio

Market Segmentation

By Vehicle Type

  • Passenger Vehicle
  • Hatchback
    • Sedan
    • Utility Vehicle
  • Commercial Vehicle

By Position

  • Door
  • Dashboard
  • Others

By Speaker Type

  • Subwoofer
  • Midbass
  • Midrange
  • Tweeter

By Application

  • Voice Assistance
    • Alexa
    • Google Assistant
    • Siri
  • Entertainment
  • Warnings & Alerts
  • Guidance & Navigation
  • Automatic Pedestrian Alert System
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America

The Automotive speaker market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Automotive speaker market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Automotive speaker market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Automotive speaker market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Automotive speaker market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Automotive speaker capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Automotive speaker by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Automotive speaker market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Automotive speaker market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Automotive speaker market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Automotive speaker industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Automotive speaker market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Automotive speaker market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Automotive speaker market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Automotive speaker market. These factors have benefited the growth of the global market for Automotive speaker. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Automotive speaker. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Automotive speaker are as follows:

  • History Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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