The soundbar market is experiencing significant growth due to the increasing demand for high-quality audio solutions for home entertainment. The active soundbar segment dominates the market, while North America holds the largest revenue share.
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According to Emergen Research, the global sound bar market size was USD 5,457.6 million in 2020 and is expected to reach USD 9,625.1 million in 2028 and register a revenue CAGR of 7.3% during the forecast period, 2021-2028.
The desire for high-quality audio solutions for home entertainment has increased in recent years, which has helped the soundbar industry grow significantly. The sound quality of TV and movie soundtracks can be improved with the use of soundbars, which are stylish, thin speakers. They are growing in popularity because they are simple to use, inexpensive, and capable of producing immersive audio experiences.
The expansion of the home entertainment sector is one of the major factors driving the soundbar market. The demand for high-quality audio solutions has grown as more people spend time at home and consume media via various streaming services. Alternatives to typical home theatre systems, which may be expensive and take up a lot of room and wire, include soundbars.
The growing accessibility of wireless technologies is another factor driving the soundbar industry. Many contemporary soundbars feature Bluetooth or Wi-Fi connectivity, enabling customers to stream music from their computers or mobile devices cordlessly. Due to its ease, soundbars have become a popular choice among consumers looking to streamline their home entertainment systems.
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There are several obstacles preventing the soundbar market from expanding, though. The absence of industry standardisation is one of the main obstacles. Soundbars come in a wide variety of styles and varieties, each with unique features and specs. This might make it challenging for customers to evaluate and select between several models, which can cause uncertainty and hesitancy during the purchasing process.
Furthermore, there are numerous manufacturers seeking for market share in the fiercely competitive soundbar market. Price wars and an emphasis on cost-cutting rather than innovation may result from this competition. Because of this, some producers can sacrifice quality in order to keep costs down, which could have a detrimental effect on the market’s overall growth.
The soundbar market is anticipated to expand in the upcoming years despite these obstacles. The demand for high-quality audio solutions is anticipated to increase as streaming services and smart home technologies gain popularity. Further market growth is anticipated as a result of developments in wireless technology and the expanding minimalist home design trend.
Sound Bar Market Segmentation:
The soundbar market is categorized by product type, connectivity, installation type, and application. In terms of product type, the market can be segmented into active and passive soundbars. Active soundbars have an in-built amplifier and do not require a separate receiver, while passive soundbars need to be connected to an external amplifier or receiver to function.
Connectivity is another important aspect of the soundbar market. Soundbars can be connected through wired or wireless technologies. Wired connectivity options include HDMI, optical, coaxial, and others. Wireless connectivity options include Wi-Fi, Bluetooth, and others. The availability of different connectivity options provides users with the flexibility to choose a soundbar that best fits their needs and preferences.
The installation type of soundbars also varies, with wall-mounted and table-top options being the most common. Wall-mounted soundbars are designed to be mounted on a wall, providing a sleek and minimalistic look to the user’s entertainment setup. Table-top soundbars, on the other hand, can be placed on a shelf or table, providing a more traditional and easy-to-install option.
Finally, the application of soundbars can vary widely. While they are primarily used as home audio systems, they can also be used with music players, TV sets, computers, and other devices. Soundbars are an ideal choice for those who want to enhance the audio experience of their entertainment devices without investing in a full home theater system.
In terms of connectivity, the wireless segment is expected to witness significant growth due to the increasing popularity of wireless technologies. Additionally, the wall-mounted installation type is expected to grow in popularity due to the trend towards minimalistic home design.
In terms of applications, the home audio systems segment is expected to hold the largest share of the market due to the increasing demand for high-quality audio solutions for home entertainment. The TV sets segment is also expected to witness significant growth due to the rising popularity of streaming services and the need for better audio quality to accompany high-quality video.
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Some Key Highlights from the Report
The active sound bar segment dominated other segments in terms of revenue share in the global market in 2020 due to its convenience and ease of use. Active soundbars have an in-built amplifier, eliminating the need for a separate receiver, and are relatively easy to install and use. They also tend to be more affordable than passive soundbars, which require an external amplifier or receiver to function.
The home audio systems segment is expected to register the fastest revenue growth rate in the global market over the forecast period due to the increasing demand for high-quality audio solutions for home entertainment. With the rise of streaming services and the increasing availability of high-quality video content, consumers are seeking better audio quality to enhance their entertainment experience.
The North America sound bar market dominated other regional markets in terms of revenue share in the global market in 2020 due to the increasing demand for home entertainment systems and the presence of major market players in the region. North America is a mature market with high disposable incomes, and consumers in the region are willing to invest in high-quality audio solutions to enhance their entertainment experience.
Major Companies in the Global Sound Bar Market Include Bose Corporation, boat, Edifier, Harman International, LG Electronics, Panasonic Corporation, Polk Audio, Samsung Electronics Co. Ltd., Sennheiser Electronic GmbH & Co. KG, Sony Corporation, Yamaha Corporation, Plantronics, Inc., Koninklijke Philips N.V., Vizio Inc.,TCL Corporation, 2 Expect LLC, Altec Lansing Inc., B & W Group Ltd.
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