Europe Automotive Speaker Market size crossed USD 900 million in 2020 and is projected to observe around 5.5% growth rate between 2021 and 2027.
Get more details on this report - Request Free Sample PDF
The market growth is due to the increasing use of high-quality speakers integrated with driver-assistance technologies such as ADAS. The growing focus on vehicle & passenger safety in autonomous cars is encouraging automobile manufacturers to adopt advanced speakers connected with IoT-enabled proximity sensors to notify the driver.
The rapid adoption of smart automotive audio and infotainment systems in high-end cars by customers in European countries due to their advanced features and enhanced connectivity is supporting the market growth. Established industry players, such as Bose Corporation and Sony, offer customized audio infotainment systems in several vehicles such as Audi, Buick, Cadillac, Nissan, and Porsche. In response to the high demand in Europe, automotive speaker manufacturers are expanding their presence in the region through the development of new distribution channels.
The European countries including Italy, France, the UK, and Germany were severely impacted by the coronavirus pandemic. The manufacturing sector and distribution & supply chains in these countries were adversely disrupted due to the sealing of country borders. The automotive speaker market in the region witnessed a major slowdown. Government-enforced lockdowns and mass quarantines in the majority of the European countries restricted the movement of residents in several metropolitan cities from March to May 2020. According to a report by the European Automobile Manufacturers Association (ACEA), automobile sales plummeted by 55.1% year-on-year in March 2020. The automobile industry is expected to experience sluggish growth even after the reduction of COVID-19 impact owing to a decrease in consumer disposable incomes during the COVID-19 pandemic.
North America Market, By Vehicle Type
The commercial vehicle segment in the Europe automotive speaker market is expected to witness a significant demand through 2027, owing to the rising sales of commercial vehicles across the globe. Commercial vehicles, such as trucks and buses, are equipped with smart speakers for safety and entertainment applications. Speakers are integrated with proximity sensors and their navigation capabilities assist in improving driver safety and reducing accidents. Automotive speakers in public transportation, such as buses, inform passengers about forthcoming stops, estimated arrival time, etc. The development of technologically advanced commercial vehicles will propel the market expansion.
North America Market, By Sales Channel
The aftermarket sales channel segment is anticipated to grow substantially from 2021 to 2027 due to affordable spare parts and services compared to OEMs. Aftermarket distributors supply individual components, such as speakers, amplifiers, and sound processors, to cater to a variety of vehicle models. Consumers switch to aftermarket speakers to enhance the performance of their factory-installed sound systems with the integration of high-power speakers.
Competitive Industry Landscape
Major industry players include Clarion Co., ELETTROMEDIA SRL, Continental Aktiengesellschaft (AG), Sony Corporation, Pioneer Corporation, Blaupunkt GmBH, Bowers & Wilkins, Ltd., Panasonic Corporation, Kenwood Corporation, Alpine Electronics, Inc., Bose Corporation, Dynaudio A/S, Focal JMLAB, JL Audio, Inc., and Harman International Industries, Inc.
The Europe automotive speaker market is also witnessing partnerships and collaborations between key companies. For instance, in May 2020, Pioneer Corporation and Continental AG signed a strategic cooperation agreement for the development of integrated infotainment solutions for the automotive sector. High demand for technologically advanced onboard entertainment systems in vehicles will support the market revenue in Europe.