Audio system in vehicle plays an important role in modern days, as it has become a source of entertainment on long journeys and family outings. Speaker gives high performance sound and enhance the entertainment level inside the vehicle. Integration of GPS system, increasing use of electronics, growing integration of mobile and multimedia devices are likely to fuel the demand for speakers during the forecast period.
Furthermore, demand for better sound quality and growing consumer demand and adoption of innovative technologies by OEMs in audio system are estimated to boost the speaker market for automotive during the forecast period. Integration of FM radio systems, Bluetooth, and increased multiple application of speakers in vehicles are anticipated to propel the speaker market for automotive during the forecast period. Increased vehicle production coupled with increase in sales of premium vehicles is a key factor that is likely to propel speaker market for automotive.
The speaker market for automotive can be segmented based on sales channel, position, vehicle type, and region. Based on sales channel, the speaker market for automotive can be bifurcated into OEM and aftermarket. Most modern vehicles contain an audio system, which comprises speakers. Modern vehicles possess various features such as Bluetooth, GPS navigation, and other entertainment and hence, speaker plays an important role of informing the drivers and occupants and subsequently entertaining them.
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Furthermore, OEMs are focused on enhancing consumer experience through integration of high quality speakers. Availability of high quality speaker at low cost and flexibility of customization through integration of various speaker along with multiple brands are likely to boost the aftermarket segment of the market during the forecast period. Presence of several speaker suppliers and manufacturers in the aftermarket anticipated to propel the aftermarket segment during the forecast period.