Automotive Speaker Global Market Report 2024

“Automotive Speaker Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on automotive speaker market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for automotive speaker? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive speaker market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

• 1) By Type: 2-Way Speaker; 3-Way Speaker; 4-Way Speaker
• 2) By Vehicle Type: Passenger Car; Commercial Vehicle
• 3) By Speaker Type: Subwoofer; Midbass; Midrange; Tweeter
• 4) By Application: Voice Assistance; Entertainment; Warnings and Alerts; Guidance and Navigation; Automatic Pedestrian Alert System; Other Applications
• 5) By Sales Channel: Original Equipment Manufacturer; After Market
• Companies Mentioned: Alpine Electronics Inc.; Bose Corporation; JVCKenwood Corporation; Harman International Industries Inc.; Pioneer Corporation
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

An automotive speaker is a sound device installed in a vehicle that converts electrical impulses into sound waves through the use of a magnet and a relatively large vibrating diaphragm. These speakers play a crucial role in transforming an amplified electrical signal into mechanical energy, causing the speaker cone to move back and forth and produce sound. Automotive speakers are utilized to provide entertainment and information to the passengers in the vehicle.

The main types of automotive speakers are 2-way speakers, 3-way speakers, and 4-way speakers. In the context of automotive speakers, a 2-way speaker features two distinct frequency bands. This includes the woofer, responsible for producing low frequencies, and the tweeter, which generates higher-frequency sounds. 2-way speakers are employed to achieve a balance of bass and cleaner sounds at higher pitches. Various vehicle types, including passenger cars and commercial vehicles, incorporate different types of speakers such as subwoofers, midbass, midrange, and tweeters. These speakers find applications in voice assistance, entertainment, warnings and alerts, guidance and navigation, automatic pedestrian alert systems, and more. Sales channels for automotive speakers include original equipment manufacturers and the aftermarket.

The automotive speaker market research report is one of a series of new reports from The Business Research Company that provides automotive speaker market statistics, including automotive speaker industry global market size, regional shares, competitors with an automotive speaker market share, detailed automotive speaker market segments, market trends and opportunities, and any further data you may need to thrive in the automotive speaker industry. This automotive speaker market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The automotive speaker market size has grown strongly in recent years. It will grow from $5. 88 billion in 2023 to $6. 35 billion in 2024 at a compound annual growth rate (CAGR) of 8. 0%. The growth observed during the historic period can be attributed to various factors, including the rise of in-car entertainment, advancements in audio technology, an increased focus on interior comfort in vehicles, the expansion of the automotive market, and consumer demand for premium sound systems. These factors collectively influenced the development and adoption of automotive speakers during the historic period.

The automotive speaker market size is expected to see strong growth in the next few years. It will grow to $8. 69 billion in 2028 at a compound annual growth rate (CAGR) of 8. 1%. The anticipated growth in the forecast period can be attributed to the integration of advanced connectivity features in vehicles, the electrification of vehicles, the demand for personalized audio experiences, the development of lightweight and compact speaker designs, and the growing interest in entertainment systems for autonomous vehicles. Major trends expected during this period include the adoption of high-resolution audio systems, the integration of smart voice assistants, the incorporation of 3D audio technology, the use of sustainable materials in speaker manufacturing, and the introduction of augmented reality (AR) audio experiences. These trends are expected to shape the evolution of automotive speakers in the forecast period.

The surge in demand for diverse entertainment options is poised to drive the expansion of the automotive speaker market. These entertainment choices encompass various mediums aimed at providing consumer satisfaction. Preferences for specific entertainment options, such as music genres favored by consumers, directly influence the utilization of speakers within automobiles. Notably, a May 2023 S&P Global Mobility survey, comprising 2,524 respondents globally, highlighted that sound quality holds greater importance than flashy specification figures. Over 70% of consumers expressed a preference for a premium audio system in their forthcoming vehicle purchases. Consequently, the escalating desire for entertainment options stands as a pivotal factor propelling growth within the automotive speaker market.

The escalating demand for infotainment systems integrated into vehicles is anticipated to significantly bolster the automotive speaker market's growth trajectory. Infotainment systems represent a fusion of entertainment and informational features, enriching the in-vehicle experience. Comprising a unified hardware interface inclusive of screens, buttons, and controls, these systems facilitate diverse integrated functions related to information and entertainment. For instance, statistics from July 2022 by Apple, a leading US-based technology company, revealed that 98% of new cars in the U. S. are equipped with CarPlay. Furthermore, 79% of U. S. buyers exhibit a preference for cars supporting CarPlay, emphasizing the soaring demand for infotainment systems. This trend is expected to significantly drive the expansion of the automotive speaker market.

A notable trend gaining traction within the automotive speaker market is the emergence of new product innovations. Major players in this sector are dedicated to developing novel and innovative products to solidify their market presence. Illustratively, in June 2023, Sony, a prominent Japanese conglomerate, introduced its GS car speaker and subwoofer lineup, featuring various models designed to deliver detailed and smooth sound quality, promising to transform routine journeys into immersive audio experiences. Similarly, Harman International Industries Inc., a US-based audio electronics company, unveiled the JBL Club 605 CSQ in September 2021-a Bluetooth-enabled car speaker system. This innovative speaker boasts a carbon fiber woofer employing a plus-one architecture, ensuring powerful bass and prolonged performance lifespan, indicating the market's inclination towards cutting-edge automotive speaker technology.

Major players within the automotive speaker market are actively engaged in the development of innovative systems geared towards heightened connectivity, exemplified by technologies like Ready Together and Software Enabled Branded Audio. These advancements aim to elevate sound quality, diminish noise, and significantly enrich the overall audio experience for both drivers and passengers. Ready Together leverages cutting-edge acoustic technology to optimize in-vehicle communication and entertainment. A prominent illustration occurred in February 2022 at the HARMAN EXPLORE 2022 event, where HARMAN, a US-based audio electronics company, unveiled two groundbreaking acoustic innovations such as Ready Together and Software Enabled Branded Audio. The latter, Software Enabled Branded Audio, operates as an on-demand software platform, empowering users to enhance sound quality and expand feature sets within existing unbranded car audio systems with a simple touch. These pioneering products stand poised for seamless integration into vehicles, reflecting the industry's commitment to elevated in-car audio experiences.

In a significant move during April 2022, AAMP Global, a prominent US-based designer and manufacturer of vehicle solutions, completed the undisclosed acquisition of AudioControl. This acquisition signals AAMP Global's dedication to preserving AudioControl's mission of delivering superior entertainment solutions across the automotive aftermarket installation sphere, professional audio/video domains, and home technology integration sectors. Renowned as a US-based audio amplifier manufacturer, AudioControl has garnered recognition for its high-performance array of solutions catering to automotive, residential, and commercial applications. This acquisition underscores the strategic alignment between companies, consolidating efforts to fortify and expand offerings within the automotive audio solutions market while maintaining a commitment to top-tier entertainment experiences for diverse user segments.

Major companies operating in the in the automotive speaker market report are Alpine Electronics Inc., Bose Corporation, JVCKenwood Corporation, Harman International Industries Inc., Pioneer Corporation, Sony Corporation, Dynaudio A/S, Clarion Co Ltd., Continental AG, Blaupunkt GmbH, Panasonic Corporation, JL Audio Inc., Altec Lansing LLC, Focal JM Lab, Stillwater Designs and Audio Inc., Lear Corporation, Metra Electronics Corp., Sanyo Electric Co. Ltd., Samsung Electronics Co Ltd., Sound United LLC, Boston Acoustics Corp., McIntosh Laboratory Inc., Bowers & Wilkins Group Ltd., Meridian Audio Ltd., Burmester Audiosysteme GmbH, Cadence Design Systems Inc., Cerwin-Vega Mobile, Resonance Inc., Grundig AG, Lucky-Goldstar Electronics Co. Ltd.

North America was the largest region in the automotive speakers' market in 2023. The regions covered in the automotive speaker market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the automotive speaker market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The automotive speaker market consists of sales of component speakers, super-tweeters, and component speaker sound quality. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.