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According to The Business Research Company’s Automotive Speaker, 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 in the historic period can be attributed to rise of in-car entertainment, advancements in audio technology, increased focus on interior comfort, expansion of the automotive market, consumer demand for premium sound systems.
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 growth in the forecast period can be attributed to integration of advanced connectivity features, electrification of vehicles, demand for personalized audio experiences, lightweight and compact speaker designs, growing interest in autonomous vehicle entertainment. Major trends in the forecast period include high-resolution audio systems, integration of smart voice assistants, 3d audio technology, sustainable materials in speaker manufacturing, augmented reality (ar) audio experiences.
The rising demand for entertainment options is expected to propel the growth of the automotive speaker market going forward. The entertainment options refer to the idea of getting entertained through some mediums. The different entertainment options such as songs that are preferred by the consumers will result in the usage of speakers in automobiles. For instance, in May 2023, according to S&P Global (US-based capital market company) Mobility survey, the 2,524 global survey respondents stated sound quality matters more than gaudy specification numbers. More than 70% of consumers desire a premium audio system in their next vehicle. Therefore, the increasing demand for entertainment options is driving the growth of the automotive speaker market.
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The automotive speaker market covered in this report is segmented –
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
New product innovations have emerged as a key trend gaining popularity in the automotive speaker market. Major players operating in the automotive speaker market are focused on the development of new and innovative products to strengthen their market position. For example, in June 2023, Sony, a Japanese conglomerate company, announced its GS car speaker and subwoofer lineup, including the XS-162GS, XS-160GS, XS-130GS, XS-690GS, XS-680GS speakers, and XS-W124GS and XS-W104GS subwoofers. The GS lineup is designed to deliver smooth, detailed sound, that will turn an everyday journey into a real audio experience. Further, in September 2021, Harman International Industries Inc., a US-based audio electronics company that provides automotive speakers launched JBL Club 605 CSQ, a Bluetooth-enabled car speaker system. The new speaker is unique in such a way that it includes a carbon fiber woofer with plus one architecture, which claims to offer hard-hitting bass and long performance life.
The automotive speaker market report table of contents includes:
1. Executive Summary
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