August 28, 2020
As per the research report titled ‘Automotive Speaker Market Size By Type , By Vehicle Type, By Sales Channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’ available with Market Study Report LLC, global automotive speaker market is expected to expand substantially during 2020-2026.
Factors such as increasing inclination towards enhanced sound systems along with favorable strategic alliances between audio solution providers and vehicle manufacturers are bolstering the growth of global automotive speaker market.
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Integrated features such as navigation & telecommunication, hands-free calling, and vehicle telematics in the audio systems help in enhancing the driving experience, which in turn is stimulating the overall market outlook.
Furthermore, rising demand for extensive in-vehicle audio solutions in limited space in vehicles followed by increasing focus of industry players towards reducing amplifier size as well as thermal load are further fueling the market expansion.
Based on type, global automotive speaker market, the report states that 2-way audio system segment is anticipated to grow significantly over the forecast period, owing to the affordability of the product.
With regards to vehicle type, the passenger cars segment is estimated to register substantial growth through 2026. Surging demand for improved sound quality passenger vehicles is expected to fuel the expansion of the segment.
Moving on to the sales channel, industry experts claim that the OEM segment is projected to record a healthy CAGR of 5.5% during 2020-2026, primarily due to increasing number of strategic joint ventures between vehicle manufacturers and audio system solution providers.
According to the regional analysis of the report, Latin America and Middle East & Africa are predicted to emerge as lucrative opportunities for the market remuneration, owing to consumer inclination towards enhanced and affordable vehicle audio systems.
The major players operating in worldwide automotive speaker market include Sound United, LLC, Sony Corporation, Pioneer Corporation, Panasonic Corporation, Kicker Audio, JVCKenwood Corp., JL Audio Inc., Harman International Industries. Inc., Focal-JMlab, Elettromedia Srl, Dynaudio A/S, Continental AG, Clarion Co Ltd., Bose Corporation, Blaupunkt GmbH, and Alpine Electronics Inc. among others.