Technavio market research analysts forecast the global automotive audio speakers market to grow at a CAGR close to 4% during the forecast period, according to their latest report.
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Technavio has published a new market research report on the global automotive audio speakers market 2017-2021 under their automotive library. (Photo: Business Wire)
The report further segments the global automotive audio speakers market by application (passenger car and commercial vehicles) and by geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global automotive audio speakers market:
- Lower cost of aftermarket automotive audio speakers
- Rising demand for better sound quality, features, and flexibility for customization
- Advancement in the automotive audio system technology
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Lower cost of aftermarket automotive audio speakers
OEMs do not provide audio speakers in the low-priced commercial vehicles, to lower the manufacturing cost. Moreover, in APAC, more than 25% of the new passenger cars registered are not equipped with speakers fitted by OEMs. Due to which, such vehicle uses aftermarket speakers. Also, there is high demand from vehicles that are upgrading OEM fitted speakers with audio systems offering better sound quality. Consumers seek to replace the OEM fitted speakers due to the low price of the aftermarket automotive audio speakers.
According to Keerthi Balu, a lead analyst at Technavio for automotive electronics research, "Full range speakers with tweeters to produce high-pitched sounds are provided by automotive audio speaker manufacturers. To properly accommodate the vehicle depending on the cabin structure, speakers are available in different size. Subwoofers are also designed and provided by the automotive audio manufacturers to produce low bass frequencies. Based on their needs, consumers have the flexibility to customize the product and can keep their costs low."
Rising demand for better sound quality, features, and flexibility for customization
Electronics is one of the fastest growing technologies in the automotive industry. Bluetooth connectivity, music streaming, and navigation system are the most common electronic features. The possibility of integrating the vehicle's audio, navigation, climate system, and speaker is provided by the infotainment system. Earlier vehicles were limited to CDs, and radios whereas, a wide range of electronic entertainment is available in today's vehicles. Smartphones and multimedia devices can be connected to the infotainment system. Cloud computing helps in streaming music and movies. Thus, the automotive audio speakers have evolved as one of the most essential components of a vehicle.
Advancement in the automotive audio system technology
The global automotive audio speakers market is a technology-intensive industry, and vendors consider innovation as the top priority as it creates a significant competitive advantage. There is a growing demand for sophisticated in-car entertainment systems. Customers are no longer satisfied with only surround music quality. State-of-the-art features in audio systems such as energy-efficient systems, Bluetooth-enabled hands-free communication systems, reverse guidance systems, touchscreen navigation systems, and vehicle noise compensation are high in demand among consumers.
"Companies such as Pioneer Corporation provides AVIC-F60DAB system which offers entertainment, communication, and navigation, all in one product. Similarly, HARMAN International has developed a new concept of energy-efficient audio and infotainment design called GreenEdge, which uses amplifiers and speakers that deliver significant increase in the component and systems efficiency levels. Such innovations are expected to drive the demand for the automotive audio system technology," says Keerthi.
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