Soundbar Market

A soundbar, also known as a media bar or speaker bar, stands for a single cabinet loudspeaker that produces stereo effect. The device mainly comprises of stereo analog inputs and outputs, infrared remote control, wireless connectivity option, and other audio processing features for speaker equalization. It can be primarily classified into three types, including soundbar with subwoofer, all-in-one soundbar and cinematic soundbar, among others. It offers powerful audio quality and surrounds sound by acquiring minimal space and eliminating the need for multiple speakers and external wiring. Furthermore, a soundbar can be connected to several electronic devices, such as television, laptop, PC, smartphone, and music player. The device is widely installed across residential, commercial, and entertainment sectors owing to this.

The global soundbar market is segmented on the basis of type, installation method, connectivity, application, and region. Based on type, the market is divided into Wall-Mounted, Tabletop, and Others. In terms of installation method, the market is categorized into Active Soundbar, Passive Soundbar, and Others. On the basis of connectivity, the market is divided into Wi-Fi, Bluetooth, and Others. On the basis of application, the market is divided into Home Audio, Commercial, and Others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

COVID-19 Scenario Analysis: 

• The global lockdown implemented in response to the COVID-19 outbreak has resulted in a financial collapse that has affected soundbar market size.
• The outbreak of COVID-19 has announced the lockdowns in countries which has restricted the import and exports of material and required electrical components.
• Many manufacturers have facilities in China and rely on the country to supply components, and have therefore faced delays due to the coronavirus pandemic.
• The smartphone industry has seen production disruptions as well as substantial changes in usage patterns which in turn is also affecting the soundbar market.
• As government of different provinces have already announced total lockdown and temporarily shutdown of industries, the overall production process being adversely affected; thus, hinder the overall soundbar market opportunity globally.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Increasing demand for wireless streaming of audio content, the increasing penetration of subscription-based media platforms, such as Amazon Prime and Netflix, rapid digitalization, coupled with the rising adoption of smart devices, such as laptops, smartphones, smart TVs, etc. are the major key drivers of the market. However, the availability of low-priced in stand-alone speakers is a significant factor in restraining market growth. Furthermore, integration of voice assistance technology in the soundbar and the availability of high-speed internet are the factors creating new opportunities for the market.

The Global Soundbar Market Trends are as Follows:

New Product Launches to Flourish the Market

The launch of new products that contain improved capabilities have been launched by leading market players. They have taken necessary steps to improve accuracy of devices and overall functionality as well. Key industry players are focusing on new product development strategies to strengthen the product portfolios and increase their customer bases. In May 2019, Bose launched soundbars that supports Google Voice Assistant. Google's voice assistant is available through an automatic software update on Bose soundbar 500, and Bose soundbar 700.

Surge in Usage in Electronic Devices and Industrial Applications

Various technological advancements have led to the introduction of newer and innovative 4K and 8K television technologies. Moreover, the high internet connectivity, along with rapid integration of soundbar with voice assistants, such as Alexa and Google Assistance, has enhanced the 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.

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, continue to propel the growth of the global soundbar market in the forthcoming years.

Key Benefits of the Report:

• This study presents the analytical depiction of the global soundbar industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the soundbar market share.
• The current market is quantitatively analyzed highlight the soundbar market growth scenario.
• The current soundbar market forecast is quantitatively analyzed to benchmark the financial competency.
• Porter’s Five Forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global soundbar market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions Answered in the Soundbar Market Research Report:

• What are the leading market players active in soundbar market?
• What the current trends will influence the soundbar market in the next few years?
• What are the driving factors, restraints, and opportunities in the soundbar market?
• What are the future projections that would help in taking further strategic steps?

 Soundbar Market Report Highlights