According to the research report titled ‘Global Automotive Speaker Market Size study, By Type (2-Way Speaker, 3-Way Speaker, 4-Way Speaker), By Vehicle Type (Passenger Car, Commercial Vehicle), By Sales Channel (OEM, Aftermarket), and Regional Forecasts 2020-2027’, available with Market Study Report, global automotive speaker market had reach USD 5 billion mark in 2019 and is expected to record a CAGR of 6.7% during the forecast period. This market space is likely to reach USD 8.4 billion valuation by 2027.
 

Advancements in AI and IoT technologies, rising number of collaborations between audio system manufacturers and automakers, and growing demand for advanced vehicle entertainment systems are fueling the growth of global automotive speaker market.
 

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The automotive sector has been witnessing significant transformation since the recent past. Although strict environmental norms continue to drive advances in terms of fuel efficiency and engine design, there has been consistent demand for advanced vehicle entertainment systems.
 

Moreover, declining costs of these systems coupled with focus among automakers towards launching cars integrated with advanced audio systems are contributing towards global automotive speaker industry outlook. Growing demand for music-inspired premium vehicles in consort with innovative product launches are adding traction to the overall market size.
 

By type, the market is segmented into 4-way speaker, 3-way speaker, and 2-way speaker. In terms of vehicle type, the industry is split into commercial vehicles and passenger cars. Citing the sales channel, global automotive speaker market is bifurcated into aftermarket and OEM.
 

From the regional point of view, Asia-Pacific and Europe are likely to emerge as major revenue generators for worldwide automotive speaker market by 2027. High concentration of prominent automakers in India, Japan, Germany and China coupled with availability of Tier-1 suppliers are favoring automotive speaker market outlook in the two regions.
 

Panasonic Corporation, JVCKENWOOD Corporation, 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. are the prominent companies operating in global automotive speaker market.