Latest News- Automotive Audio Speakers Market: OEM is expected to lead the Distribution Channel segment during 2024-2028

The Automotive Audio Speakers Market is being driven by Availability of cost-effective aftermarket speakers

The Automotive Audio Speakers Market is expected to grow at a CAGR of 7.82% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 9024.4 million. The automotive industry has witnessed a notable evolution in the realm of in-vehicle entertainment systems over the past two decades. As automobile infotainment systems continue to distinguish themselves through advanced features and enhanced processing power, manufacturers are partnering with technology providers to integrate cutting-edge technologies into their product offerings. One such collaboration is between Amazon and several automakers, including BMW, Ford, Toyota/Lexus, and Audi, to incorporate Amazon's Alexa, an intuitive artificial intelligence-based voice assistant, into their infotainment systems. This integration of IoT-enabled smart speakers is set to fuel the expansion of the global automotive audio speakers market throughout the forecast period.

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

Distribution Channel
- OEM
- Aftermarket
Application
- Passenger vehicles
- Commercial vehicles
Installation Location
- Door speakers
- Dashboard speakers
- Rear deck speakers
Type
- Component Speakers
- Coaxial Speakers
- Subwoofers
Technology
- Wired
- Wireless
Geography
- APAC
  - China
  - India
  - Japan
  - South Korea
- North America
  - Canada
  - US
- Europe
  - Germany
  - UK
  - France
  - Italy
  - Spain
- South America
  - Brazil
- Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:

Availability of cost-effective aftermarket speakers
Growing demand for differentiated in-car experiences
Increased R and D to deliver superior products

However, the market also witnesses some limitations, which are as follows:

Design complexities and high costs of advanced automotive audio systems
Proliferation of counterfeit products
Sourcing of raw materials for speaker construction

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Market Scope in Automotive Audio Speakers Market Research Report

Market Scope
Report Coverage	Details
Page number	174
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 7.82%
Market growth 2024-2028	USD 9024.4 million
Market structure	fragmentation
YoY growth 2023-2024(%)	7.1
Key countries	US, China, Germany, Canada, India, South Korea, France, Japan, Italy, Brazil, UAE, UK, Spain, US, China, Japan, Germany, France, Spain, Canada, India, South Korea, France, Japan, Italy, Brazil, UAE, UK, Spain, and Rest of World (ROW)
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Automotive Audio Speakers Market encompasses voice-enabled audio systems, speakers, sound amplifiers, tweeters, and in-car entertainment for passenger cars and passenger vehicles. Automakers and audio system manufacturers prioritize safety features and onboard entertainment to enhance the driving experience. Traffic congestion drives demand for high-quality sound systems. Aftermarket sound systems, including Dolby technologies, benefit from vehicle production & sales and disposable incomes. Future advancements include 5G, WiFi, Bluetooth, and high-volume speakers. Counterfeit products pose a challenge to market growth.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various automotive sectors, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Factors driving growth in this market include the surge in electronic components adoption in automobiles, such as electronic control units (ECUs) and amplifiers for automotive audio systems, including speakers, tweeters, and sound amplifiers, in response to the increasing sales of PCs, EVs, and motorcycles.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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