Press release
Automotive Speaker Market Size Projected To Reach $9.38 Billion By 2034 With A Cagr Of 8.6%
Automotive Speaker
What Is the Projected Growth of the Automotive Speaker Market?
There has been a robust expansion in the size of the automotive speaker market in the past few years. It is estimated that the market will rise from its worth of $6.26 billion in 2024 to $6.73 billion in 2025, with a compound annual growth rate (CAGR) of 7.4%. The growth witnessed in the historic era can be linked to the surge in in-car entertainment, enhanced advancements in audio technology, greater emphasis on interior comfort, spread of the automotive market, and consumer preference for high-quality sound systems.
In the coming years, the automotive speaker market is set to experience robust growth. The market is projected to expand to a value of $9.38 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 8.6%. Factors contributing to this expected growth during the forecast period include the adoption of advanced connectivity features, the electrification of vehicles, the demand for individualized audio experiences, and the introduction of lightweight and compact speaker designs. Additionally, the rising interest in entertainment for autonomous vehicles will also play a role. Key trends during the forecast period will include high-definition audio systems, the integration of intelligent voice assistants, 3D audio technology, the use of sustainable materials in speaker production, and augmented reality (AR) audio experiences.
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What Are the Different Automotive Speaker Market Segments?
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
Subsegments:
1) By 2-Way Speaker: Coaxial 2-Way Speakers, Component 2-Way Speakers
2) By 3-Way Speaker: Coaxial 3-Way Speakers, Component 3-Way Speakers
3) By 4-Way Speaker: Coaxial 4-Way Speakers, Component 4-Way Speakers
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What Are the Primary Drivers Shaping the Automotive Speaker Market?
The automotive speaker market's growth is anticipated to be driven by the escalating demand for various entertainment mediums. Such mediums of entertainment, including popular music, lead to the increased use of speakers in vehicles. For example, the Mobility survey conducted by S&P Global, a US-based capital market corporation, in May 2023 revealed that sound quality has a higher priority among 2,524 global respondents than flashy specifications. Over 70% of consumers expressed their wish to have a high-end audio system in their next automobile. Consequently, this rising interest in entertainment mediums is fueling the expansion of the automotive speaker market.
Which Companies Are Leading in the Automotive Speaker Market?
Major companies operating in the automotive speaker market include Alpine Electronics Inc., Bose Corporation, JVCKenwood Corporation, Harman International Industries Inc., Pioneer Corporation, Sony Corporation, Dynaudio A/S, Clarion Co Ltd., Continental AG, Blaupunkt GmbH, Panasonic Corporation, JL Audio Inc., Altec Lansing LLC, Focal JM Lab, Stillwater Designs and Audio Inc., Lear Corporation, Metra Electronics Corp., Sanyo Electric Co. Ltd., Samsung Electronics Co Ltd., Sound United LLC, Boston Acoustics Corp., McIntosh Laboratory Inc., Bowers & Wilkins Group Ltd., Meridian Audio Ltd., Burmester Audiosysteme GmbH, Cadence Design Systems Inc., Cerwin-Vega Mobile, Resonance Inc., Grundig AG, Lucky-Goldstar Electronics Co. Ltd.
What Are the Major Trends Shaping the Automotive Speaker Market?
The automotive speaker market is witnessing a significant trend of new product innovations coming to the fore. With an aim to fortify their position in the market, key players are concentrating on developing innovative products. For instance, in June 2023, the Japanese conglomerate, Sony, unveiled its GS car speaker and subwoofer lineup, which includes the XS-162GS, XS-160GS, XS-130GS, XS-690GS, XS-680GS speakers, and XS-W124GS and XS-W104GS subwoofers. This lineup promises to transform a routine journey into a distinct audio experience by delivering smooth, detailed sound. Moreover, Harman International Industries Inc., an American audio electronics company known for its automotive speakers, introduced JBL Club 605 CSQ, a Bluetooth-equipped car speaker system in September 2021. This breakthrough speaker features a carbon fiber woofer with plus one architecture, boasting an impressive bass and longevity.
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What Are the Top Revenue-Generating Geographies in the Automotive Speaker Market?
North America was the largest region in the automotive speakers market in 2024. The regions covered in the automotive speaker market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Speaker Market?
2. What is the CAGR expected in the Automotive Speaker Market?
3. What Are the Key Innovations Transforming the Automotive Speaker Industry?
4. Which Region Is Leading the Automotive Speaker Market?
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