December 04, 2020
According to the recent research report titled ‘Soundbar Market Size By Type, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global soundbar market is anticipated to record a robust growth during 2020-2026.
Surging demand for improved home theater experience, increasing popularity of voice assistant soundbars, and growing adoption of smart TVs are primarily driving the growth of global soundbar market. In addition, rising trend of subscription-based streaming services including Amazon Prime and Netflix, along with high adoption of IoT devices, followed by emergence of smart homes are enhancing the overall market outlook.
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For those uninitiated, soundbar is a thin, oblong-shaped device comprising of several individual speakers placed next to each other. They can be mounted on the wall, under the TV or placed on the TV stand itself. Soundbar is a simple tool for improving sound of the television, which is easy to set up and usually takes less space.
With TVs becoming slimmer, the space in the bezels to hide speaker is reducing as well. Some TV manufacturers assume that the customer would purchase a soundbar, thus television models are likely to come without in-built speakers, further stimulating global soundbar industry expansion.
Notably, the two major types of soundbars available in the market are passive and active, of which, active soundbars have built-in amplifiers and advanced surround processing, while passive soundbars are more conventional type of speakers which require a different receiver. Also, these soundbars come with Bluetooth connectivity, through which customers can play their favorite tunes by connecting from smartphones or tablets. Despite all the aforementioned factors, lack of awareness and hefty cost of soundbars may impede industry expansion over the forecast timespan.
Elaborating on type, others segment accounted for 16% share of worldwide soundbar market in 2019 and is anticipated to record a yearly growth rate of 16% over the assessment period, attributable to improved home theater experience with low cost in comparison to 5.1 channel soundbars. Speaking of distribution channel, offline segment is expected to record 3% CAGR over the study period, mainly due to high demand for offline distribution channel from Asia Pacific.
Considering the regional landscape, Middle East & Africa soundbar industry is predicted to register 1% CAGR through 2026, owing to rapid urbanization in the region coupled with increased purchasing power of customers.
Some of the major players in global soundbar market are Sennheiser Electronic GmbH & Co. KG, Samsung Electronics Co. Ltd., Harman International Industries, Inc., Bang & Olufsen A/S, Acoustic Research, Inc., Pioneer Corporation, Vizio Inc., Polk Audio, Bose Corp., Yamaha Corp., Sentry Industries, Inc., Sony Corp., Plantronics, Inc., Klipsch Group Inc., LG Corp., JBL, Bowers & Wilkins Group Ltd., Dynaudio, and Anker Technology (UK) Ltd.