Automotive Speaker Market Size - By Vehicle Type (Passenger Car [2-Way Speaker, 3-Way Speaker, 4-Way Speaker], Commercial Vehicle [2-Way Speaker, 3-Way Speaker, 4-Way Speaker]), Sales Channel (OEM, Aftermarket), Type, Regional Outlook & Forecast, 2023 - 2

Automotive Speaker Market Size - By Vehicle Type (Passenger Car [2-Way Speaker, 3-Way Speaker, 4-Way Speaker], Commercial Vehicle [2-Way Speaker, 3-Way Speaker, 4-Way Speaker]), Sales Channel (OEM, Aftermarket), Type, Regional Outlook & Forecast, 2023 - 2032

Automotive Speaker Market size is poised to record over 6% CAGR from 2023-2032. With the surging focus of several automakers on improving fuel efficiency and vehicle weight, the need for developing lightweight and compact speaker designs without compromising audio quality has picked up pace.

Of late, there has been increasing demand for lightweight and rigid materials as they contribute to improved sound reproduction. The soaring emphasis of leading automotive speaker manufacturers on exploring the usage of advanced materials in speaker construction for achieving better performance and durability will also define the market growth. To quote an instance, in November 2022, LG Display devised a novel invisible speaker technology for vehicles deploying a passport-sized vibrating panel for generating sound.

The automotive speaker industry is segmented into type, vehicle type, sales channel, and region.

In terms of type, the market share from the 2-way speaker segment may witness appreciable growth from 2023-2032. This can be attributed to the rising preference for 2-way speakers as they are more compact in comparison to higher-order configurations, such as 3-way and 4-way speakers. The surging versatility of 2-way speaker configuration in handling a wide range of music genres effectively will define the segment expansion.

Based on sales channel, the automotive speaker industry value from the OEM segment is expected to expand at commendable CAGR from 2023-2032. OEMs design their audio systems for working seamlessly with in-car technologies, including infotainment systems and connectivity features, for ensuring smooth user experience and limiting the likelihood of compatibility issues. They also offer warranties and support to factory-installed components, including speakers. The confidence in reliability and performance of entire audio systems rendered to consumers along with the assistance from vehicle manufacturers will add to the segment growth.

Regionally, the North America automotive speaker market size is projected to record 6.2% CAGR through 2032 owing to the rising popularity of connected car technology. With surging interest in high-quality audio experiences, the automotive sector is witnessing hefty investments in advanced audio systems, including premium speakers, amplifiers, and sound processing technologies. The growing consumer preference for seamless connectivity, entertainment, and navigation services will also drive the regional market growth.