Soundbar Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Consumer Goods & Services

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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

  • In 2022, Samsung launched two soundbars in the premium range integrated with Q-Symphony technology with Dolby Atmos support. The HW-Q990B and HW-S800B soundbars developed by Samsung are expected to contribute to strengthening the position of the company

  • Later in 2022, Bose India launched Smart Soundbar 900, which is a Dolby Atmos speaker. This soundbar amplifies Dolby Atmos content by using proprietary special technologies developed by Bose. This soundbar also delivers a similar user experience by elevating even non-Dolby Atmos content

  • In 2022, HT-S400 soundbar was introduced by Sony Corporation. This soundbar is equipped with S-Force Pro Front Surround Technology that facilitates clarity in dialogues with a powerful total power output of 330W

  • In 2022, JBL is planning to launch new soundbars that are Atmos capable. The JBL Bar 1000, a 11.1 channel performer comes with four upward firing speakers for 3D sound. The product also includes a subwoofer thus supporting DTS:X 3D surround sound. Same year, Sonos announced its plan to introduce a low-cost TV soundbar. Referred to as Ray, the soundbar is a small version of the company’s Arc and Beam models. Ray model is designed to fit in television standswhile maintaining the sound quality and can be controlled by using Sonos application

The Global Soundbar Market Is Segmented As Below:

By Type

  • Wall Mounted
  • Tabletop
  • Others

By Installation Method

  • Active Soundbar
  • Passive Soundbar

By Channel

  • 1 Channel
  • 1 Channel
  • 1 Channel

By Connectivity

  • Wi-Fi
  • Bluetooth
  • Others

By Application

  • Home Audio
  • Commercial
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia Pacific
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Soundbar Market

  • Soundbar Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2018 - 2021
  • Volume Consumption at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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