availability of cost-effective aftermarket speakers is driving the Automotive Audio Speakers Market
Technavio analyzes that 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.There are various factors that contribute to the growth of the market. The aftermarket for automotive audio speakers offers cost-effective alternatives to original equipment manufacturer (OEM) speakers. These aftermarket speakers provide excellent sound quality at affordable prices, making them a popular choice among consumers seeking to upgrade their in-car audio systems without incurring the high cost of OEM replacements. Aftermarket speakers are available in various sizes, types, and power handling capabilities to cater to diverse automotive audio needs.
In the automotive audio speakers market, Original Equipment Manufacturers (OEMs) play a pivotal role as they supply the same high-quality parts used in the production of cars, trucks, and luxury vehicles. OEMs, being the original producers of vehicle components, ensure compatibility with the specific make and model. These parts are typically sold through branded auto dealers and can be ordered directly from automakers. While the high cost of OEM parts may hinder market growth, emerging technologies like 3D printing have the potential to revolutionize the OEM supply chain, leading to substantial expansion in the global automotive audio speakers market during the forecast period.
Know which region is leading the market growth by requesting a sample report
Automotive Audio Speakers Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
Find out what is trending in the market by accessing the free PDF report
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.
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.
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/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
