Automotive Audio Speakers Market Size to Grow by $ 6.38 bn through 2021-2025
Technavio research projects the automotive audio speakers market to grow by $ 6.38 bn, accelerating at a CAGR of over 7% till 2025. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking
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Automotive Audio Speakers Market: Key Market Driver
One of the primary factors that will trigger the growth of the automotive audio speakers market size is Availability of cost-effective aftermarket speakers. This research report provides a comprehensive analysis of all the factors that are likely to propel market growth, taking into account the market trends as well as challenges that are likely to impede growth. The objective of this research report is to equip clients with actionable insights that will help them leverage opportunities and formulate growth strategies for their business.
Automotive Audio Speakers Market: Vendor Analysis
The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Alpine Electronics Inc., B & W Group Ltd., Bose Corp., Clarion Co. Ltd., Continental AG, JVCKENWOOD Corp., Panasonic Corp., Pioneer Corp., Samsung Electronics Co. Ltd., and Sony Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. This customized report will help clients keep up with new product launches in direct & indirect or related markets. It will also provide insights on upcoming developments along with a pipeline analysis of vendor operations and the impact of government regulations.
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The automotive audio speakers market has the potential to grow by USD 6.38 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 7.29%.
This automotive audio speakers market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by application (passenger vehicles and commercial vehicles) and geography (APAC, Europe, North America, South America, and MEA). The automotive audio speakers market report also offers information on several market vendors, including Alpine Electronics Inc., B & W Group Ltd., Bose Corp., Clarion Co. Ltd., Continental AG, JVCKENWOOD Corp., Panasonic Corp., Pioneer Corp., Samsung Electronics Co. Ltd., and Sony Corp. among others. View Free Sample Report
Key Trends to impact market growth
The increased R&D to deliver superior products will fuel the growth of the automotive audio speakers market size. Demand for sophisticated in-car entertainment systems is growing as consumers are no longer satisfied with just good surround music quality. They seek more state-of-the-art features in audio systems, including energy-efficient systems, Bluetooth-enabled hands-free communication systems, and reverse guidance, touchscreen navigation, and vehicle noise compensation systems. In-vehicle entertainment systems are undergoing improvements in audio technology and design structure. Ongoing R&D in automotive electronics is helping improve the performance of modern in-vehicle speakers.
Top Driver to Boost Demand for automotive audio speakers market
The growing demand for cost-effective aftermarket audio systems is expected to drive the global automotive audio speakers market during the forecast period. The demand for aftermarket products and services is growing amid rising consumer preference for better features and sound quality as they spend more time in their vehicles. The scope of providing aftermarket products with additional features and increasing consumer expectations have led to the growth of aftermarket automotive audio speakers. As aftermarket speakers are low-priced, there is a strong demand for aftermarket replacement of speakers or entire sound systems.
Vendor Analysis: Alpine Electronics Inc., B & W Group Ltd. and Bose Corp. are key growth contributors
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Alpine Electronics Inc., B & W Group Ltd., Bose Corp., Clarion Co. Ltd., Continental AG, JVCKENWOOD Corp., Panasonic Corp., Pioneer Corp., Samsung Electronics Co. Ltd., and Sony Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report
Automotive Audio Speakers Market: Key Highlights of the Report for 2021-2025
