The global automotive audio speakers market is expected to post a CAGR of more than 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive audio speakers market 2019-2023. (Graphic: Business Wire)
Automobile manufacturers have started to introduce premium features in entry-segment vehicles that were earlier limited to only luxury and mid-segment vehicles. For instance, automakers are introducing audio-visual navigation-based infotainment systems in entry-segment vehicles to cater to the growing requirements of enthusiastic buyers. The rising number of new vehicle launches and increasing consumer awareness are influencing the penetration of advanced automotive technologies in lower segment vehicles. These factors have increased the adoption of automotive infotainment systems in modern vehicles. The rising demand for differentiated in-car experiences will positively influence the growth of the global automotive audio speakers market during the forecast period.
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As per Technavio, the emergence of IoT-enabled smart speakers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Audio Speakers Market: Emergence of IoT-Enabled Smart Speakers
With the growing demand for differentiated in-car experiences, vendors are collaborating with technology providers to integrate advanced features in their product portfolio. Prominent vehicle manufacturers are integrating virtual assistants such as Alexa and Google Assistant with infotainment systems to provide the driver with smart assistance and voice control for hands-free interaction. The integration of such technologies also enables driver to answer calls and texts, control media, and search information through voice commands delivered using smart speakers. The emergence of IoT-enabled smart speakers is one of the key trends that is expected to boost market growth during the forecast period.
“Apart from the emergence of IoT-enabled smart speakers, the development of speaker-less audio systems and regulations pertaining to electric cars are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Automotive Audio Speakers Market: Segmentation Analysis
This market report segments the global automotive audio speakers market by application (passenger cars and commercial vehicles) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to growing consumer awareness about in-vehicle entertainment and information systems and the rapid economic growth of China, Indonesia, and India, which has led to a strong demand for mid-segment and luxury vehicles in these countries.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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