The automotive speaker market is estimated to procure steady growth in view of latest technological advancements in audio components. Increasing demand for high-end features in newer vehicles along with changing consumer preferences towards in-car audio quality are factors likely to fuel product adoption.
Automotive speaker manufacturers are working on new product development that meet user requirement. For instance, in 2018, key industry player, Pioneer India introduced its smart sync app and SPH-C19BT head unit in order to make driving distraction-free and safer. The head unit contains powerful entertainment features and design, and enables call answering, google navigation, music, and message reading possible without distracting the driver. With such innovations, Global Market Insights, Inc., reports that the automotive speaker market may register over USD 7 billion by 2027.
Based on type, the demand for 4-way speakers is surging in the luxury vehicle segment owing to its improved power and bass volume compared to 3-way and 2-way speakers. 4-way speakers have the ability to produce high-quality sound and handle high frequencies. However, 2-way speakers are also projected to witness substantial growth given to their compact size and low initial costs. Ample availability of these speakers by aftermarket vendors and OEMs may help meet user demand.
Geographically speaking, the North America and Europe automotive speaker market is expected to gain traction owing to growing trend of utilizing on-board infotainment systems as well as the presence of multiple key business players in the region. Audio-visual system integrated into ride sharing vehicles and taxis is anticipated to boost regional product demand. In Latin America, countries such as Mexico and Brazil are projected to hold a major market share based on the availability of skilled and affordable labor force, which has encouraged many speaker manufacturers to promote their local presence.
On a global scale, the automotive speaker market consists of companies such as Bose Corporation, Alpine Electronics, Inc., Kenwood Corporation, Panasonic Corporation, JL Audio, Blaupunkt GmbH, Pioneer Corporation, Clarion Co. Ltd., Naim Audio, Harman International Industries, and Sony Corporation. These organizations are focusing on different business strategies including partnerships, new product launches, acquisitions, and collaborations.
In 2019, Hyundai Motor announced the launch of the new generation Sonata, containing the Bose Premium sound system which has been developed in collaboration by Bose and Hyundai engineers to give an enhanced audio experience to customers. While in 2020, Naim Audio, in partnership with Bentley, announced the launch of two exclusive audio products including a special edition wireless speaker system and headphones, in an effort to continue their long-standing creative alliance.
