June 11, 2020
As per the report titled ‘Soundbar Market Size By Type, By Distribution Channel, 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 expected to see remunerative growth through 2026.
Consumer preference for superior sound performance, rising penetration of home theaters and connected devices, along with various technological advancements are the major growth drivers of global soundbar market.
A soundbar amplifies the audio using multiple individual speakers placed side by side. These devices are slim and usually oblong-shaped, hence can be placed flat on the TV stand or mounted on the wall beneath the TV. Moreover, most soundbars come with separate woofers and tweeters for handling high and low sounds to enrich the audio quality. Easy installation, minimal space footprint, availability of shape & size variants, and enhanced sound quality as compared to TV speakers are the key factors driving the product sales.
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Rising trend among manufacturers towards designing thinner TVs with small to no bezels to improve product appeal has left insufficient room for the incorporation of built-in quality speakers. As the popularity of thin and bezel-less TVs rise, the demand for soundbars will proliferate.
Soundbars are prominently categorized into two types namely, active and passive. Active soundbars feature built-in amplifiers, whereas passive soundbars are conventional with need for separate receiver. Besides these, soundbars with Bluetooth connectivity are also available that allow consumers to play desired audio through tablets or smartphones. Lastly, customers can also opt for a subwoofer to make the sound system more efficient. Availability of an array of products at varying prices ranges from multiple manufacturers is positively impacting the industry growth.
Based on the type, soundbar market is classified into 2.1 channel, 5.1 channel, 7.1 channel, and others. The others segment held a 16% market share in 2019 and is expected to see modest gains in the coming years. Affordability as compared to 5.1 channel soundbars and improved home theatre experience are stimulating the product demand.
Speaking of the distribution channel, the market is bifurcated into online and offline, wherein the latter segment is poised to observe a CAGR of 3% during the projection period, fueled by high preference for offline distribution channels among consumers in the APAC region.
As per the regional analysis, global soundbar market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Middle East & Africa market is projected to record a CAGR of 1% through 2026, owing to rapid urbanization and improved purchasing power of consumers in the region.
Key players operating in global soundbar market are Anker Technology (UK) Ltd., Acoustic Research, Inc., Bang & Olufsen A/S, Bowers & Wilkins Group Ltd., Bose Corporation, Dynaudio, JBL, Harman International Industries, Inc., Klipsch Group Inc., LG Corporation, Koninklijke Philips N.V., Pioneer Corp., and LG Corp. among others.