Reaching the approximate revenue of US$5 Bn in the year 2020, global soundbar market is all set for a leap with surging popularity worldwide. Mounting online sales remain one of the key contributors to sales growth, indicates preliminary research of Fairfield Market Research.
Rising Demand for Wireless Streaming to Augment Growth of Soundbar Market
Media industry has witnessed a drastic transformation as individuals shift towards obtaining rich audio content experience wirelessly. Moreover, increasing popularity of subscription-based media such as Amazon Prime, Netflix, Apple TV, Disney Hotstar, and Hulu has triggered demand for advanced audio and video devices that improve overall customer experience. In addition to smartphones, the demand for smart TVshas also improved significantly. Soundbars can be easily connected to smart TVs, smartphones and laptops using wired and wireless connectivity. That said, customers using such subscription-based services can gain a cinematic audio experience in their homes. Moreover, integration of voice assistants in soundbar devices can enable voice control that improve the convenience factor of users. This aspect remains instrumental in driving sales of soundbars in the coming years. For instance, as per Consumer Technology Association, sales of soundbars in the United States alone are estimated to increase at a significant rate crossing 10 million units by end of 2023 from a count of 7.79 million units in 2018. This factor is poised to offer new avenues for the soundbar market in the forthcoming years.
Rocketing Online Sales to Significantly Contribute Toward Soundbar Market Growth
Consumer inclination towards use of technologically advanced electronic devices continues to influence the sales of soundbars on the global front. This is further complemented by the rise of e-commerce platforms that have facilitated a convenient and customer friendly shopping experience. Additionally, e-commerce companies are offering significant discounts and other cost saving options to customers to enhance their customer network. This has translated into an opportunistic landscape for manufacturers of soundbars to market and sell their products using online platforms. Industry players are now focusing on partnering with such e-commerce providers to enhance their sales funnel and volume. In this backdrop, e-commerce or online platforms are expected to augur well for the soundbar market.
Sales Likely to Remain Concentrated Across Asia’s Soundbar Markets
Rapid penetration of advanced consumer electronic products coupled with presence of major manufacturers of consumer electronics in Asia Pacific continue to influence the growth of the soundbar market. Players in the on-demand-services have transformed the conventional broadcast space and are focusing on penetrating the Asian countries. This has resulted in an increase in demand of OTT media services. In addition, availability of extensive media content has further triggered consumer inclination towards improved sound quality for an enhanced experience. This factor has pushed the need for soundbars in turn complementing growth of the market in Asia Pacific. Online streaming has gained significant attention since last few years and is supported by availability of high bandwidth internet and ease in data tariffs. That said, multichannel and telecommunication operators are proactively involved in innovating their video streaming business.
With over-the-top media services gaining traction, the demand for soundbar is likely to be on an upswing. This factor coupled with increasing customer pool backed by growing population and stable GDP per capita income growth is expected to aid the soundbar market in Asia Pacific. Furthermore, penetration of television in the region is another factor contributing towards soundbar market growth. For instance, according to Broadcast Audience Research Council (BARC) of India projects that penetration of television in India will be around 70% in 2022. Moreover, the average viewing time per user would be approximately 4 hours 6 minutes in the country. Such factors are poised to provide ample opportunities for the soundbar market, with increasing user inclination towards high quality viewing and sound.
Soundbar Market: Competitive Scenario
New product launches have been one of the main growth strategies adopted by players in the soundbar market. A few of the major players in global soundbar market include Polk Audio, Onkyo Corporation, Samsung Electronics, LG Electronics Inc., Bose Corporation, Panasonic Corporation, TCL Corporation, Vizio Inc., Koninklijke Philips N V, Plantronics Inc., Sony Corporation, and Sennheiser Electronics GmbH.
Notable Recent Developments
The Global Soundbar Market Is Segmented As Below:
By Installation Method
Key Elements Included In The Study: Global Soundbar Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.View Methodology