The global soundbar market grew at a CAGR of 19.5% during 2014-2019. Looking forward, the market is expected to continue its strong growth during the next five years.
The global soundbar market is primarily driven by the increasing penetration of subscription-based media platforms, such as Amazon Prime and Netflix, that are gaining popularity in developing countries. Moreover, rapid digitalization, coupled with the rising adoption of smart devices, such as laptops, smartphones, smart TVs, etc., has propelled the demand for soundbar on a global level. Additionally, various technological advancements have led to the introduction of newer and innovative 4K and 8K television technologies, that further augment the market growth.
Moreover, the high internet connectivity, along with rapid integration of soundbar with voice assistants, such as Alexa and Google Assistance, has enhanced product ability for wireless content streaming, thereby improving the overall experience for the users. Furthermore, the digital transformations in the music industry are also driving the demand for compatible media and entertainment gadgets, such as soundbars, for producing strong sound with good bass response.
Additionally, the rising living standards of consumers supported by rising disposable income levels have augmented the demand for high-end and premium consumer electronics, that further drives the product demand. Additionally, rapid globalization and urbanization across the developing countries have led to the growing sales of consumer electronics and a rising number of product launches that are fueling the growth of soundbar market in these regions.
Furthermore, various technological upgradations, along with the rapid construction of smart homes, have further fueled the installation of soundbars in the residential spaces. Apart from this, the growing demand for soundbars from the diverse commercial sectors, such as hospitality, retail, corporate, and institutional sectors, will continue to propel the growth of the global soundbar market in the forthcoming years.
The competitive landscape of the industry has also been examined with some of the key players being Bose Corporation, Edifier, Harman International Industries, LG Electronics, Panasonic Corporation, Polk Audio, Samsung, Sennheiser Electronic GmbH & Co. KG, Sony Corporation, Yamaha Corporation.
Key Questions Answered
How has the global soundbar market performed so far and how will it perform in the coming years?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the installation method?
What is the breakup of the market based on the connectivity?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the market?
What is the structure of the soundbar market and who are the key players?
What is the degree of competition in the market?
Key Topics Covered
2 Scope and Methodology
3 Executive Summary
4 Introduction 4.1 Overview 4.2 Key Industry Trends