ALBANY, N.Y., Feb. 28, 2022 (GLOBE NEWSWIRE) -- The global automotive speaker market is estimated to exceed the valuation of US$ 9.6 Bn by 2030, according to a research report by Transparency Market Research (TMR). Hence, the market for automotive speaker is prognosticated to attract growth at a CAGR of 3.6% during the forecast period 2020-2030.
Different voice assistance technologies such as Siri, Alexa, and Google Assistant are being increasingly used in many vehicles. As a result, the automotive speaker market is observing substantial sales prospects. Moreover, the market for automotive speaker is being driven by rise in adoption of ADAS features in vehicles and launch of autonomous vehicles across the globe.
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Due to improving disposable income of people from many developing and developed nations, there is a notable growth in the sales of luxury and premium vehicles globally. Moreover, this population base is inclining toward using vehicles that offer advanced comfort features and safety. These factors are favoring the growth of the global automotive speaker market.
Passenger vehicle manufacturers are focusing on the use of technological advancements in order to improve safety features in audio systems. This factor is expected to fuel the expansion of the automotive speaker market.
Companies operating in the global automotive speaker market are using different strategic moves such as mergers and acquisitions in order to strengthen their market position. Furthermore, many players are focusing on the launch of next-gen products in order to expand their product portfolio. Such efforts are leading to the expansion of the global automotive speaker market.
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Automotive Speaker Market: Key Findings
- Onboard infotainment systems are being increasingly incorporated in commercial and passenger vehicles in order to improve the passenger safety and gain advanced entertainment while driving. This factor is creating business prospects in the global automotive speaker market. Audio system manufacturers and original equipment manufacturers are entering into partnership agreements in order to include next-gen audio systems in vehicles. This, in turn, is propelling the automotive speaker market.
- Automotive companies increasing incorporation of technological advancements such as artificial intelligence (AI) in their vehicles. As a result, the demand for automotive speakers is increasing. Moreover, several enterprises in the automotive sector are also integrating smartphones with sound systems using Bluetooth connectivity. Such sound systems are gaining impetus, as they assist in making phone calls as well as change music while driving. These advancements are generating lucrative prospects in the automotive speaker market.
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Automotive Speaker Market: Growth Boosters
- Expansion of the automotive sector globally is creating sizable business opportunities in the global automotive speaker market
- Surge in consumers inclination toward autonomous vehicles is projected to help in demand for automotive speakers during the forecast period
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Automotive Speaker Market: Regional Analysis
- The automotive speaker market in Asia Pacific is estimated to maintain its dominant position during the forecast period, owing to surge in the sales as well as manufacturing of vehicles in China and other nation in ASEAN
- The Europe automotive speaker market is projected to observe lucrative opportunities due to rising use of autonomous vehicles and ADAS features in vehicles in the region
Automotive Speaker Market: Key Players
Some of the key players profiled in the report are:
- Bose Corporation
- Alpine Electronics Inc.
- Pioneer Corporation
- Harman International
- SK Telecom
- Altec Lansing
- Lear Corporation
- Sony
- Sanyo
- Metra Electronics
- Boston Audio
- Dynaudio
Automotive Speaker Market Segmentation
Position
- Door
- Dashboard
- Others
Speaker Type
- Subwoofer
- Midbass
- Midrange
- Tweeter
Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Application
- Virtual Assistance
- Entertainment
- Warnings & Alerts
- Guidance & Navigation
- Automatic Pedestrian Alert System
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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