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(Transportation-News.com, November 26, 2024 ) The global automotive speaker market is expected to reach USD 12.92 billion in 2029 from USD 9.49 billion in 2024, at a CAGR of 6.4% during the forecast period. The automotive speaker market is growing with a rise in consumer demand for better in-car entertainment. Modern car speakers provide high-fidelity sound, more connectivity options, and user-set audio settings that make routine travel enjoyable. The key drivers of this market growth are increased disposable incomes, growing demand for luxury automobiles, and the development of automobile sound systems. Manufacturers are responding to this by creating innovative products, like voice control and spatial audio-capable smart speakers. Electric vehicles are also emerging with the promise of fewer noises in car cabins.
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Based on vehicle type, the passenger vehicle segment is expected to hold the largest market share in the automotive speaker market due to the high volume of production and sales. With global passenger vehicle production reaching 68 million units in 2023, manufacturers are responding to the growing demand for quality audio systems. The recovery of the market post-pandemic, coupled with increased consumer spending, is driving vehicle sales. Additionally, partnerships between luxury automakers and audio brands, such as Burmester and Meridian Audio, highlight the importance of premium sound systems, further boosting the demand for automotive speakers in this segment.
Based on installation type, door speakers are expected to hold the largest market share during the forecast period. Door speakers are the market leaders in the automotive speaker market because of their very important role in every audio system of an automobile. Door speakers actually project audio straight to a car's passenger seat to allow better music support for music listening or to provide navigation to customers—demand for higher-quality audio and the rapid growth of technology influence door speakers to grow faster. Automotive producers have started including many more than one set of door speakers, which will use the woofer for a base and a tweeter as a more delicate addition for a wider variety of audio.
Based on region, Asia Pacific is expected to grow at the highest rate in the automotive speaker market during the forecast period. The Asia Pacific region leads the automotive speaker market with the growth of the region's EV market and support from governments. For instance, market entry by companies such as Tesla and BYD into Malaysia fuels demand for audio systems. Investment in electric vehicle infrastructure by Indonesia and efforts by Vietnam on localization of automobile production form a basis for this market growth. Increased income levels and interest among consumers in experiencing an in-car experience propel growth in this region. Countries focusing heavily on electric vehicles and further development from manufacturers remain the growth center for Asia Pacific automotive speakers.
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Key Market Players
Major players operating in the automotive speaker market are Panasonic Holdings Corporation (US), Bose Corporation (US), Samsung Electronics Co., Ltd. (South Korea), Alps Alpine Co., Ltd. (Japan), Pioneer Corporation (Japan), Sony Group Corporation (Japan), Masimo Corporation (US), Clarion (US), Focal (France), Elettromedia S.p.A. (Italy), JVC KENWOOD Corporation (Japan), Stillwater Designs (US), Rockford Corp. (US). These companies have reliable manufacturing facilities and strong distribution networks across critical regions like North America, Europe, and Asia Pacific. These companies have built a strong reputation for their products and services, with a well-established portfolio reflecting their industry expertise. Their market presence is robust, backed by solid business strategies that have enabled them to maintain a significant market share.
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