According to the latest report by IMARC Group, titled "Soundbar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global soundbar market size grew at a CAGR of 19.5% during 2014-2019. A soundbar is an oblong-shaped device that is used to produce a stereo effect. It is a type of audio system enclosure that comprises of numerous individual speakers placed side by side. The device is also characterized by various advanced features, such as infrared remote control, stereo analog inputs and outputs, wireless connectivity option, and other audio processing features pertaining to speaker equalization. It is widely used across the residential, commercial, and entertainment sectors to create virtual surround sound with the help of advanced vibrations technology. Also known as a media or speaker bar, it is widely utilized to offer an enhanced audio experience to the users by eliminating the need for elaborate setups, external wiring and multiple speakers.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Soundbar Market Trends:
The global market is primarily driven by the growing preference for online media consumption. The escalating popularity of subscription-based media platforms, such as Netflix, Amazon Prime, Disney+ and Hulu, along with the rising adoption of flat-panel TV sets, has created an increasing requirement for premium viewing experience among the masses, thereby providing a boost to the sales of soundbars. This is supported by improving standards of living, inflating per capita income levels and the availability of high-speed internet connection. The market is further driven by the rapid integration of these devices with voice assistant technology. Several key players, including Bose Corporation, are launching models that support Alexa and Google Assistant to offer seamless content streaming experience, which is widely gaining prominence among individuals. Along with this, the growing adoption of smart homes on the global level has created an increasing demand for connected communication devices, which, in turn, is facilitating the uptake of soundbars. Numerous digital transformations in the music industry are further providing a thrust to the demand for compatible media and entertainment gadgets with good bass response. Some of the other factors contributing to the market growth include rapid digitalization and the launch of numerous television (TV) sets integrated with 8K technology, along with increasing product utilization in the hospitality and institutional sectors. On account of the aforementioned factors, the market is anticipated to witness strong growth during 2020-2025.
- On the basis of the type, the market has been divided into wall-mounted, tabletop and others.
- Based on the installation method, the market has been classified into active, passive and other soundbars.
- On the basis of the connectivity, the market has been categorized into Wi-Fi, Bluetooth and others.
- Based on the application, the market has been segmented into home audio, commercial and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa (Turkey, Saudi Arabia and others).
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Bose Corporation, Edifier International Limited, Harman International Industries, Incorporated, LG Electronics, Panasonic Corporation, Polk Audio, LLC, Samsung Group, Sennheiser electronic GmbH & Co. KG, Sony Corporation, and Yamaha Corporation.
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