Selbyville, Delaware, May 13, 2020 (GLOBE NEWSWIRE) --
According to latest report “Automotive Speaker Market by Type (2-Way Speaker, 3-Way Speaker, 4-Way Speaker), Vehicle Type (Passenger Car, Commercial Vehicle), Sales Channel (OEM, Aftermarket), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of automotive speaker will reach $7 billion by 2026.
The automotive speaker market is expected to witness rapid growth on account of rising adoption of multi-driver speakers in vehicles. Multi-driver speakers offer enhanced sound quality as compared to single driver speaker systems, supporting its adoption. Moreover, the rising consumer inclination towards enhancing the performance of in-vehicle sound systems is boosting the market revenue.
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However, 3-way speakers are witnessing a steady growth in the market owing to a similar operating frequency range (between 500 Hz to 45 kHz) as 2-way speakers. Connected 3-way speakers with multiple drivers deliver a dynamic and robust sound output throughout the vehicle space, increasing their demand in the market. 3-way speakers provide a woofer, a midrange driver, and a tweeter separately for enhanced control over audio frequencies.
The Asia Pacific automotive speaker market will witness significant growth through 2026 due to rising consumer spending on technologically advanced in-vehicle entertainment systems. Consumers are increasingly spending on modern audio & infotainment systems for enhanced safety and entertainment features. Changing consumer preferences toward aftermarket automotive audio systems will further support the market growth in Asia Pacific.
The passenger car segment in the automotive speaker market is expected to observe a rapid growth during the forecast period due to rising demand for onboard entertainment in vehicles. Changing consumer lifestyles are supporting the demand for high-quality infotainment systems connected with smartphones via Bluetooth and Wi-Fi technologies.
Leading companies are introducing new products in the market to cater to high demand for aftermarket automotive speakers. For instance, in March 2020, Pioneer launched its new in-car infotainment system as an aftermarket solution for the Indian market. The system also offers navigation capabilities coupled with Pioneer’s parking sensors to offer smart driver assistance.
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Some major findings of the automotive speaker market report include:
- Automotive speaker integrators are focusing on strategic collaborations with automobile manufacturers to install sound systems in several car models.
- The Europe automotive speaker market is expected to witness a rapid growth owing to increasing use of high-quality audio systems installed in high-end luxury cars and commercial vehicles.
- Key players operating in the market include JVCKENWOOD Corporation, Harman International Industries, Inc., Sound United, Elettromedia S.r.l, Kicker, Focal JM Lab, Clarion Co. Ltd, Alpine Electronics, Panasonic Corporation, Bose Corporation, and Sony Corporation.
- To gain a competitive edge in the market, players are focusing on developing strategic alliances with technology providers and automobile manufacturers. Companies are also adopting business expansion strategies and focusing on extending their distribution channels to cater to a large customer base.
Table of Contents (ToC) of the report:
Chapter 3. Automotive Speaker Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 – 2026
3.3. Impact of COVID-19 pandemic
3.3.1. Global outlook
3.3.2. Impact by region
3.3.2.1. North America
3.3.2.2. Europe
3.3.2.3. Asia Pacific
3.3.2.4. Latin America
3.3.2.5. MEA
3.3.3. Industry value chain
3.3.3.1. Research and development
3.3.3.2. Manufacturing
3.3.3.3. Marketing
3.3.3.4. Supply
3.3.4. Competitive landscape
3.3.4.1. Strategy
3.3.4.2. Distribution network
3.3.4.3. Business growth
3.4. Industry ecosystem analysis
3.4.1. Raw material supplier
3.4.2. Manufacturers
3.4.3. Distribution channel analysis
3.4.4. Vendor matrix
3.5. Technology & innovation landscape
3.6. Pricing analysis, by region
3.6.5. Cost structure analysis
3.7. Regulatory landscape
3.8. Industry impact forces
3.8.1. Growth drivers
3.8.2. Industry pitfalls & challenges
3.9. Growth potential analysis
3.10. Porter's analysis
3.11. PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/automotive-audio-system-market
About Global Market Insights, Inc.
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.