I am not a guru, just trying to post which I found over the net, experts/gurus can provide you more info in a simple manner.
A component speaker matched for optimal sound quality. Typically a pair of tweeters and mid-bass drivers are matched with a crossover to limit the frequency range each speaker must accurately reproduce. Component speakers drivers are physically separated so the tweeter, which is very directional, can be placed in an optimal position, usually on the dash facing the listener, while the larger mid-bass driver can be placed where there is room, often in the lower front of the car doors.
Coaxial means that two or more forms share a common axis, for example: 2 way, 3 way
Source: wikipedia
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