North America Automotive Speaker Market size surpassed USD 1 billion in 2020 and is predicted to witness 6.5% CAGR from 2021 to 2027.
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Growing consumer disposable incomes in North America are supporting the high demand for luxury vehicles in the region. According to a report by the U.S. Bureau of Economic Analysis, the average consumer disposable income of an American citizen rose by 0.6% in December 2020 compared to November 2020. The growing demand for luxury vehicles will boost the adoption of advanced automotive speakers in the region.
Advancements in Automatic Driver-Assistance Systems (ADAS) technology are providing new opportunities for the development of technology-integrated automotive speakers. The upward trend of connected cars and vehicle-to-vehicle communication is encouraging technology companies to engage in the development of new ADAS systems. In February 2019, Harman International introduced an enhanced suite of sensing technologies that assist automakers to equip vehicles with ADAS systems. The increasing importance of connected safety equipment in vehicles will support the integration of advanced speakers into automotive models.
North America Market, By Type
The 2-way automotive speaker market in North America will show tremendous growth during the forecast period, owing to the low cost of purchase and flexible installation capabilities. Two-way component & coaxial speakers include separate tweeter and woofer to efficiently divide high & low frequencies in vehicle speakers. 2-way speakers allow users to control the frequency range for enhanced sound clarity.
North America Automotive Speaker Market, By Vehicle Type
Automotive speakers in passenger car segment is anticipated to grow exponentially through 2027 due to 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. There is also a rise in the demand for high-quality infotainment systems connected with smartphones via Bluetooth and Wi-Fi technologies. Smart and connected speakers enable passengers to effortlessly shuffle through music playlists and watch videos while traveling. Additionally, the increasing adoption of automotive speakers in lower vehicle segments will propel the market growth.
Competitive Industry Landscape
Prominent players in the North America automotive speaker market include Sony Corporation, Pioneer Corporation, Clarion Co., Ltd., Panasonic Corporation, Kenwood Corporation, Alpine Electronics, Inc., Continental Aktiengesellschaft (AG), Bose Corporation, and Harman International Industries, Inc.
Companies are adopting several strategies, such as new product launches, partnerships & acquisitions, to enhance their market representation. For instance, in June 2019, Bose partnered with Kia Motors to integrate the new Kia Seltos with its advanced speaker. The Bose speaker aboard Kia Seltos is equipped with eight high-power output speakers and a dynamic speed compensation technology with connectivity to multiple devices.