Categories: Market Research

Automotive Speaker Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
An automotive speaker is a sound device in a vehicle that converts electrical impulses into sound waves by using a magnet and a relatively large vibrating diaphragm. Speakers transform an amplified electrical signal into mechanical energy, which is used to move the speaker cone back and forth to produce sound. The automotive speakers are used to offer entertainment and information to the passengers in the vehicle.

Sizing and Forecast
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.

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Segmentation & Regional Insights
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

North America was the largest region in the automotive speakers’ market in 2023. The regions covered in the automotive speaker market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the automotive speaker market report are 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.

The automotive speaker market report table of contents includes:

1. Executive Summary

2. Automotive Speaker Market Characteristics

3. Automotive Speaker Market Trends And Strategies

4. Automotive Speaker Market – Macro Economic Scenario

5. Global Automotive Speaker Market Size and Growth

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31. Global Automotive Speaker Market Competitive Benchmarking

32. Global Automotive Speaker Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Automotive Speaker Market

34. Automotive Speaker Market Future Outlook and Potential Analysis

35. Appendix