Global Automotive Audio Speakers Market 2017-2021
About Automotive Audio Speakers
The audio system installed in the vehicle delivers the high-performance sound experience and provide entertainment and information for the occupants using a number of speakers, woofers, and other components. Earlier, the infotainment system used in the cars were limited to radios and CD players. Since then, a lot of developments has been made including FM radio, Bluetooth telephone integration, navigation systems, and smartphone controllers like CarPlay and Android Auto. This is driving the demand for the automotive audio speakers.
Technavio’s analysts forecast the global automotive audio speakers market to grow at a CAGR of 3.61% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive audio speakers market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Audio Speakers Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive audio speakers market: Alpine Electronics, Bose, HARMAN International, JVCKENWOOD Corporation, and Pioneer Corporation.
Other Prominent Vendors in the market are: Blaupunkt, Boston Acoustics, Bowers & Wilkins, Clarion, McIntosh Laboratory, Meridian Audio, Panasonic, and SONY.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is integrated speakers in driver seat headrest. The leading players in the automotive audio speakers market are continuously working on enhancing the performance of their audio systems. The enhancements are visible in the form of increased wattage output, more number of speakers, integrated tweeters, and power sound amplifiers. Speaker placement in the vehicle plays a very important role in delivering improved audio system performance.”
According to the report, one driver in the market is lower cost of aftermarket automotive audio speakers. OEMs do not provide audio speakers in the lower variant of the mass-selling vehicles. In addition, OEMs refrain from providing the audio speakers in the low-priced commercial vehicle to lower the manufacturing cost. For instance, in APAC, more than 25% of the new passenger cars registered in 2016 were not equipped with OEM fitted speaker. As a result, such vehicle uses aftermarket speakers. Moreover, significant demand arises from the vehicles going for the replacement of the OEM fitted speakers with the aftermarket to enhance the sound quality of the audio system.
Further, the report states that one challenge in the market is design complexity and high cost of the advanced automotive audio systems. The design complexity and high cost of premium audio systems are the major challenges for the market growth. High costs of the advanced audio system refrain OEMs from reducing their vehicle prices. As a result, vehicle manufacturers have to either keep their profit margins low or shift their additional cost pressure onto consumers. However, in the current competitive market, consumers look for products that offer maximum value for money and thus has become difficult for the vehicle manufacturers to shift the cost pressure onto their customers.
Alpine Electronics, Bose, HARMAN International, JVCKENWOOD Corporation, Pioneer Corporation, Blaupunkt, Boston Acoustics, Bowers & Wilkins, Clarion, McIntosh Laboratory, Meridian Audio, Panasonic, and SONY.