The global Automotive Speaker market size is expected to be worth around USD 8.32 billion by 2027 from USD 4.2 billion in 2020, growing at a CAGR of 6.2% from 2021 to 2027. Increasing usage of ethyl alcohol as befoul is major factor driving growth of the ethanol market.
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Rise in integration of navigation system and use of electronic components in vehicles, and growing integration of mobile and multimedia devices are likely to fuel the demand for speakers during the forecast period. The increase in demand for premium and luxury vehicles that are fitted with good audio systems is likely to fuel the automotive speaker market across the globe. The surge in adoption of autonomous vehicles and ADAS features in vehicles is anticipated to boost the automotive speaker market across the globe. For instance, after a global slowdown in the automobile industry, several governments have reduced taxes on automobiles to encourage sale of vehicles. Safety features and comfort features in vehicles with good audio systems are boosting sale of automotive speakers, which, in turn, is likely to propel the automotive speaker market across the globe.
The surge in trade volume, owing to rising bilateral trade among countries is projected to boost the automotive speaker market during the forecast period. China witnessed an increase in both general trade volume and proportion escalating to 15.20 trillion Yuan. China trade volume accounted for 56.1% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.
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Segmentation of Automotive Speaker Market analysis:
Based on vehicle type, the passenger vehicle segment dominated the global automotive speaker market due to rise in production of passenger vehicles across the globe. Technological development in passenger vehicles to enhance safety features with audio systems is likely to propel the automotive speaker market. Rise in demand for passenger vehicles from ride hailing services, which offer entertainment services, is likely to fuel the automotive speaker market.
Based on position, the dashboard segment held a major share of the global automotive speaker market. Major vehicle manufacturers prefer the dashboard installed speakers due to an increase in use of voice assistance in vehicles. Speakers in dashboard are easy to install and provide compact space. This is likely to boost the global automotive speaker market.
The global automotive speaker market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global automotive speaker market in 2020. It is anticipated to hold a leading share during the forecast period, due to a rise in the production and sale of vehicles in China and countries in ASEAN. Followed by Asia Pacific, Europe also held a significant share of the global automotive speaker market due to the rise in the demand for premium vehicles in the region. The growing adoption of autonomous vehicles and ADAS features in vehicles across Europe is likely to fuel the automotive speaker market in the region.
COVID-19 Impact on Automotive Speaker Sales
- Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Automotive Speaker market.
- Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
- Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
- Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Automotive Speaker market 2021 onwards. This trend will however continue through the course of the report’s assessment period
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Recent report on the Automotive Speaker market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Automotive Speaker market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Automotive Speaker market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.
The report analyzes the historical and present-day scenario of the global Automotive Speaker market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Automotive Speaker market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.
The report delves into the competition landscape of the global Automotive Speaker market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Automotive Speaker market that are profiled in this report.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Automotive Speaker market is analyzed at both regional and country levels.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Some of the prominent players in the Automotive Speaker Market include: Alpine Electronics Inc., Bose Corporation, Harman International, Pioneer Corporation, Altec Lansing, SK Telecom, Sony, Lear Corporation, Metra Electronics, Sanyo, Dynaudio, and Boston Audio.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
Automotive Speaker Market , by Vehicle Type
- Passenger Vehicle
- Utility Vehicle
- Commercial Vehicle
Automotive Speaker Market , by Position
Automotive Speaker Market , by Speaker Type
A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Automotive Speaker market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Automotive Speaker market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Key Questions are
- What are the key factors influencing the Automotive Speaker market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Why should you invest in this report?
If you are aiming to enter the global Automotive Speaker market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Automotive Speaker are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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