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Automotive Speaker Market - Industry Growth Analysis & Forecast By 2026

Author : Ronak Bora | Published Date : 2020-09-16 

3 key trends that will drive demand in automotive speaker market by 2026

The automotive speaker market is expected to record exponential growth given to mounting demand for multi-driver speakers in the automotive sector. Automakers are gradually shifting towards multi-driver speakers as they provide enhanced sound quality compared to single driver speaker systems. Rising trends of overhauling the performance of vehicle sound systems could enhance the business prospects of automotive speaker manufacturers.

A report published by Global Market Insights, Inc., suggests that the automotive speaker market could cross USD 7 billion by the year 2026.

However, the industry is presently experiencing slow growth because of the ongoing COVID-19 crisis, which has also managed to dampen the growth of the global economy. Numerous governments are compelled to enforce nationwide lockdowns to restrict heavy consumer movement and virus spread.

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This has resulted in temporary shutdown of distribution and manufacturing facilities of prominent automobile companies, which has hugely affected the production and sales of vehicles. Reports suggest that as of March 2020, the automotive industry could expect a loss of $2 billion in revenue and 7.5 lakh units in production. But economists believe that the market could observe a steady growth after the impact of this epidemic minimizes.

Mentioned below are the ongoing trends that may offer impetus to the automotive speaker market:

Aftermarket stereos gaining popularity-

Prominent industry players have begun to launch new in-vehicle speakers that cater to the growing demand for aftermarket vehicle stereos. Citing an instance, in March 2020, Pioneer released its new in-car infotainment device in the Indian automotive equipment aftermarket. Evidently, the system manages to offer navigation capabilities along with other high-end features like parking sensors that provide smart driver assistance.

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Increasing growth opportunities across APAC-

Increasing consumer expenditure on state-of-the-art in-vehicle entertainment systems could drive the demand for automotive speakers across the Asia Pacific. Consumers nowadays are willing to spend more on advanced audio & infotainment solutions owing to its improved entertainment and safety features.

Meanwhile, evolving perspective towards aftermarket vehicle audio systems could improve the regional automotive speaker industry outlook over the predicted timeframe. 

Rising adoption of lucrative business strategies-

Companies operating in the automotive speaker market are concentrating on developing strategic relationships with automobile manufacturers and technology providers to gain a significant competitive edge over competitors.

In addition to this, manufacturers are planning on developing their distribution channels to reach out to a larger customer base. Taking December 2019 for instance, Faurecia, one of the world’s leading automobile technology firms, signed a partnership agreement with French sound technology company, Devialet. The partnership agreement would help Faurecia leverage Devialet’s unparalleled resources and expertise to develop a state-of-the-art sound solution.

Currently, companies like Harman International Industries Inc., JVCKENWOOD Corporation, Elettromedia S.r.l, Sound United, Focal JM Lab, Kicker, Alpine Electronics, Clarion Co. Ltd., Bose Corporation, Sony Corporation, and Panasonic Corporation are some of the leading players in the industry landscape developing pioneering product lineups. 

Get In-depth table of contents @ https://www.gminsights.com/toc/detail/automotive-audio-system-market

Report Content

Chapter 1.    Methodology and Scope

1.1.    Definitions & forecast parameters

1.1.1. Definitions

1.1.2. Methodology and forecast parameters

1.2.    Data Sources

1.2.1. Secondary

1.2.2. Primary

Chapter 2.    Executive Summary

2.1.    Automotive speaker industry 360° synopsis, 2016 – 2026

2.1.1. Business trends

2.1.2. Product trends

2.1.3. Engine trends

2.1.4. Regional trends

Chapter 3.    Automotive Speaker Industry Insights

3.1.    Industry segmentation

3.2.    Industry landscape, 2016 – 2026

3.3.    Impact of COVID-19 pandemic

3.3.1. Global outlook

3.3.2. Impact by region

3.3.2.1.    North America

3.3.2.2.    Europe

3.3.2.3.    Asia Pacific

3.3.2.4.    Latin America

3.3.2.5.    MEA

3.3.3. Industry value chain

3.3.3.1.    Research and development

3.3.3.2.    Manufacturing

3.3.3.3.    Marketing

3.3.3.4.    Supply

3.3.4. Competitive landscape

3.3.4.1.    Strategy

3.3.4.2.    Distribution network

3.3.4.3.    Business growth

3.4.    Industry ecosystem analysis

3.4.1. Raw material supplier

3.4.2. Manufacturers

3.4.3. Distribution channel analysis

3.4.4. Vendor matrix

3.5.    Technology & innovation landscape

3.6.    Pricing analysis, by region

3.6.1. North America

3.6.2. Europe

3.6.3. Asia Pacific

3.6.4. LATAM

3.6.5. Cost structure analysis

3.7.    Regulatory landscape

3.7.1. North America

3.7.2. Europe

3.7.3. Asia Pacific

3.7.4. Latin America

3.7.5. MEA

3.8.    Industry impact forces

3.8.1. Growth drivers

3.8.1.1.    Growing demand for onboard entertainment in private and commercial vehicles globally

3.8.1.2.    Rising adoption of ADAS and autonomous vehicles

3.8.1.3.    Growing demand for high-end luxury cars in Middle East and North America

3.8.1.4.    The growing presence of established automobile manufacturers in Europe

3.8.1.5.    Increasing demand for aftermarket automotive audio systems in Asia Pacific and Latin America

3.8.2. Industry pitfalls & challenges

3.8.2.1.    High costs associated with premium automotive audio systems

3.9.    Growth potential analysis

3.10.    Porter's analysis

3.11.    PESTEL analysis

Chapter 4.    Competitive Landscape

4.1.    Introduction

4.2.    Automotive speaker market share, by region, 2019

4.2.1. North America

4.2.2. Europe

4.2.3. Asia Pacific

4.2.4. Latin America

4.2.5. MEA

4.3.    Top players analysis, 2019

4.4.    Strategy dashboard

 

 

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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