Automotive Speaker Market Is Likely to Experience a Strong Growth During 2021-2026
May 06, 2022
According to a research report by Stratview Research, the Automotive Speaker market is likely to witness an impressive CAGR of 4.5% during the forecast period. The prime factor that is contributing to the demand for automotive speakers is mainly the increasing trend of using these speakers in various end-use industries, such as OEMs and aftermarket.
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Research Methodology
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
Segments' Analysis
Based on the vehicle type, the automotive speaker market is segmented as passenger car and commercial vehicle. The passenger car segment held the larger share of the market in 2020 and is likely to maintain its leading position during the forecast period as well. Further, changing consumer lifestyles and increase in consumer disposable income are supporting the investments in high-quality sound systems in private vehicles, which in turn, are the major factors propelling the growth of this segment
Based on the sales channel type, the market is segmented as OEM and aftermarket. The OEM segment held the larger share of the market in 2020 and is expected to remain dominant during the forecast period. Consumers are shifting their preference towards high-quality audio systems, which are leading the automakers to install enhanced in-car audio systems – a major factor expected to drive the growth of this segment.
In terms of regions, Europe is estimated to be the largest as well as the fastest-growing market for automotive speakers during the forecast period, with Germany, France, and the UK being the major countries offering lucrative growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as OEM and aftermarket, which is generating huge demand for automotive speakers and the presence of a large number of automotive speaker manufacturers in the European region. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
Leading Players Covered in the Automotive Speaker Market Report:
- Alpine Electronics, Inc.
- Bose Corporation
- Clarion Co. Ltd
- Continental Corporation
- Focal JM Lab
- Harman International Industries, Inc.
- JVCKENWOOD Corporation
- Kicker
- Pioneer Corporation
- Sound United.
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