Asia Pacific Automotive Speaker Market size valued at USD 2 billion in 2020 and is set to showcase more than 7% growth from 2021 to 2027.
A positive outlook of the automotive aftermarket in Asia Pacific is driving the market growth in the region. Consumers in countries including India, Japan, and China are highly inclined toward upgrading their factory-installed automotive audio systems with technologically advanced speakers. The availability of a wide range of speakers at affordable prices in the aftermarket is also augmenting the market demand.
The growing adoption of infotainment systems in taxi & ridesharing services will support the rapid adoption of speakers. In-car infotainment systems provide several benefits to passengers such as shuffling through music playlists, navigating to their destination, and sharing real-time ride details in taxi cabs. Cab service providers, such as UBER and Ola, are introducing interactive infotainment systems in their cabs for passenger entertainment during the journey.
The passenger car segment revenue will increase exponentially during the forecast period, led by the rising demand for onboard infotainment systems in private cars. Technological developments and changes in passenger vehicles, such as enhanced safety features with ADAS, are supporting the demand for automotive speakers. Additionally, the increasing adoption of automotive speakers in lower vehicle segments will fuel the Asia Pacific automotive speaker market demand.
The 2-way automotive speaker system will see massive demand through 2027 owing to low initial costs and compact size compared to advanced speakers with multiple drivers. The capability of 2-way speakers to divide high- & low-range frequencies with separate tweeter and woofer for enhanced sound output is driving their adoption in the market. 2-way speakers are integrated with an integrated electronic crossover circuit, allowing users to control the frequency range for improved clarity.
Companies involved in the Asia Pacific automotive speaker market include Sony Corporation, Pioneer Corporation, Clarion Co., Ltd., Panasonic Corporation, Kenwood Corporation, Alpine Electronics, Inc., Continental Aktiengesellschaft (AG), Bose Corporation, Blaupunkt GmBH, and Harman International Industries, Inc.
Market players are adopting several strategies, such as new product launches, partnerships & acquisitions. For instance, in January 2020, Continental AG collaborated with Sennheiser to develop a speakerless 3D audio system for cars. The audio system is based on Sennheiser’s Ambero 3D audio technology and Continental’s Ac2ated system. This partnership aims to aid the company to upgrade its vehicle infotainment solutions segment.