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SELBYVILLE, Del., March 2, 2021 /PRNewswire/ Global Market Insights Inc. has recently added a new report on the automotive speaker market, which estimates the market valuation for automotive speakers will cross US $7 billion by 2027. Increasing demand for technologically advanced aftermarket automotive audio components is likely to drive industry growth.
Automotive Speakers Market size is set to surpass USD 7 billion by 2027, according to a new research report by Global Market Insights Inc.
The automotive speaker industry is facing several challenges, owing to the quick spread of the COVID-19 pandemic worldwide. Restrictions imposed by various governments on international as well as domestic trade have led to a steady decline in the sale of automotive speakers in the global market. However, the market statistics are anticipated to witness significant growth by 2021 due to the economic revival and containment of the virus.
Automotive Speaker Market is Growing at a 6 5% CAGR to Hit $7B by 2027: GMI
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The Global Connected Trucks Market is anticipated to grow at a CAGR of over 15% during the forecast period, due to the growing demand for vehicle connectivity in logistics and transportation business. Moreover, reduction in vehicle recalls due to vehicle data updates coupled with the increasing demand for infotainment is further escalating the growth of the market. In terms of range, the Dedicated Short Range Communication (DSRC) segment is anticipated to grow at the highest CAGR during the forecast period owing to rising radar and LiDAR based safety systems such as blind spot detection and adaptive cruise control.