Soundbar Market to accelerate at 7% CAGR, USD 7871.5 Mn incremental growth expected during the forecast period | ZMR
- March 17, 2023
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The Global Soundbar market size accounted for USD 4459.5 Million in 2020 and is expected to reach USD 7871.5 Million by 2028, growing at a CAGR of around 7% between 2021 and 2028. Increasing use of smart homes and linked devices, increased demand for high-quality audio systems, and developments in wireless audio technology all contribute to the market’s expansion. Moreover, the surge in popularity of streaming services like Netflix, Amazon Prime, and Hulu, which offer high-quality audio content, is also anticipated to increase demand for soundbars.
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The global soundbar market was mainly driven by strong demand from emerging markets like China and Japan owing to the decline in the cost of staples associated with the soundbar. Another major factor is that the advancing technologies and government policies to uphold the expansion of the industry. because of the rapid development of the downstream market, the soundbar industry is additionally during a substantial increase in upgrading technology. However, the structure i.e. size and width of the soundbar may require space enough space to be placed. This might limit the demand for the soundbar market. Furthermore, new technology and trends are likely to supply numerous opportunities in untapped emerging economies.
COVID-19 Impact Analysis
The COVID-19 outbreak has hit many commercial platforms hard which could stall development in emerging markets. As a result, various industries have fallen sharply, which has prompted to chop capacity. Many are closed by governments to contain the spread of the virus. The result’s a pointy fall in revenues of the sound bar market. Given the importance to all to the economic development of cities, countries, and regions, the broader impact of COVID-19 on the worldwide economy is enormous.
Soundbar Market: Growth Drivers
New product launches and technological advancements are anticipated to possess a positive influence on regional demand. Advanced technologies, like Bluetooth, Wi-Fi, and voice assistant systems, integrated into the audio device help users in providing a hands-free, improved viewing & audio experience. Consumers are preferring high-quality audio experiences. The supply of high-speed internet is supporting the graceful streaming of audio & video content and propelling the soundbar market demand.
Thus, increasing demand from the consumer’s side is the key factor pouring the expansion of this market. A soundbar also called a speaker bar, is a special speaker with multiple drivers, which is much wider than it is tall and is always put on a computer monitor or under a television or home theater screen. It can significantly improve the sound experience of consumers, without complex matters of surround sound speakers, wiring, etc. for the whole family theatre.
Contributors to Soundbar Market
The Soundbar industry has exploded in recent years and shows no signs of slowing down. As a result, the industry has become extremely competitive. Here are some of the game’s top global players who are benefiting from the surge in popularity:
• Polk Audio
Analysis of segmentation
The Soundbar market is typically divided into many divisions. According to Zion Market Research, the on-demand delivery model sector will account for more than 76 percent of global sales in 2021. The following are the primary components that are examined for potential growth:
Market, By Product
● Version 2
● Version 2.1
● Version 5.1
● Other Version
Market, By Application
● Music Players
● TV Sets
● Computer Systems
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Regional Analysis Preview
Regionally, North America has been leading the worldwide Soundbar market and is anticipated to continue in the dominant position in the years to come. This region stood around 35% shares of the global market. In addition, the Asia Pacific and Europe region follow North America share by slight differences. Asia-Pacific is the fastest-growing market for soundbars. China exhibits a significant share in 2019 and is also expected to perpetual market within the forecast period. Moreover, Latin America and the Middle East & Africa are expected to have significant growth during the years to come.
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