The global soundbar market reached a value of US$ 3.18 Billion in 2020. A soundbar, also known as a media bar or speaker bar, stands for a single cabinet loudspeaker that produces stereo effect. The device mainly comprises of stereo analog inputs and outputs, infrared remote control, wireless connectivity option, and other audio processing features for speaker equalization. A soundbar can be primarily classified into three types, including soundbar with subwoofer, all-in-one soundbar and cinematic soundbar, among others. It offers powerful audio quality and surround sound by acquiring minimal space and eliminating the need for multiple speakers and external wiring. Furthermore, a soundbar can be connected to several electronic devices, such as television, laptop, PC, smartphone, music player, etc. Owing to this, the device is widely installed across residential, commercial, and entertainment sectors.
The global soundbar market is primarily driven by the increasing penetration of subscription-based media platforms, such as Amazon Prime and Netflix, that are gaining popularity in developing countries. Moreover, rapid digitalization, coupled with the rising adoption of smart devices, such as laptops, smartphones, smart TVs, etc., has propelled the demand for soundbar on a global level. Additionally, various technological advancements have led to the introduction of newer and innovative 4K and 8K television technologies, that further augment the market growth. Moreover, the high internet connectivity, along with rapid integration of soundbar with voice assistants, such as Alexa and Google Assistance, has enhanced product ability for wireless content streaming, thereby improving the overall experience for the users. Furthermore, the digital transformations in the music industry are also driving the demand for compatible media and entertainment gadgets, such as soundbars, for producing strong sound with good bass response. Additionally, the rising living standards of consumers supported by rising disposable income levels have augmented the demand for high-end and premium consumer electronics, that further drives the product demand. Additionally, rapid globalization and urbanization across the developing countries have led to the growing sales of consumer electronics and a rising number of product launches that are fueling the growth of soundbar market in these regions. Furthermore, various technological upgradations, along with the rapid construction of smart homes, have further fueled the installation of soundbars in the residential spaces. Apart from this, the growing demand for soundbars from the diverse commercial sectors, such as hospitality, retail, corporate, and institutional sectors, will continue to propel the growth of the global soundbar market in the forthcoming years. Looking forward, IMARC Group expects the global soundbar market to grow at a CAGR of 9.5% during 2021-2026.
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The competitive landscape of the industry has also been examined with some of the key players being Bose Corporation, Edifier, Harman International Industries, LG Electronics, Panasonic Corporation, Polk Audio, Samsung, Sennheiser Electronic GmbH & Co. KG, Sony Corporation, Yamaha Corporation.
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