Data analysis

Soundbar Market 2022 Recent Developments, Segmented Data, and Analysis of Commercial Operation Data by 2030 – SMU Daily Mustang

The description

the global sound bar market size was estimated at $5,094.4 million in 2020 for $9,076.2 million by 2027, at a CAGR of 8.6% from 2021 to 2027. Soundbars are gaining momentum due to rapidly changing consumer preference for portable yet high-performance audio devices. Audio and voice user interface technologies have evolved significantly to offer a wide range of platforms offering high levels of integration, immersive sound quality, wireless connectivity and on-device AI for smart devices.

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As support for technologies like Dolby Atmos expands to mobile devices, such as smartphones and tablets, the number of compatible devices for wired and wireless soundbars is growing rapidly. These developments increase the propensity of consumers to adopt better and improved home entertainment devices. The Dolby Atmos soundbar has revolutionized cinema sound and reinvigorated home entertainment. The concept behind Dolby Atmos technology is object-based audio, which represents sound as objects in space that can be located and can move anywhere in space above and around the sound. ‘listener. The soundbar integrated with Dolby Atmos technology delivers an immersive audio experience to the consumer, greatly enhancing the viewing experience of rich multimedia content.

Various market players are carrying out significant product innovations and developments by integrating multiple technological developments in the market to existing products or adding new products to the portfolio. In May 2019, Vizio Inc. introduced its 2019 audio collection with the launch of the VIZIO 36″ 5.1.4 and 36″ 3.1.2 Premium Home Theater Sound Systems with Dolby Atmos. Soundbars outsell traditional home theater receivers, speakers and subwoofers. They’re compact, easy to install, and affordable, and their audio quality is often much better than standard built-in TV speakers. Significant developments in the consumer electronics industry are making TVs thinner. However, the quality of speakers has declined. Therefore, adopting soundbars should be a suitable choice for TVs as they offer better sound quality compared to the built-in sound quality provided by TVs.

Dynamics of the global soundbar market

Drivers: Increasing Demand for Wireless Streaming of Audio Content

The main reason for the growing adoption of soundbars is their ability to stream audio content wirelessly and improve the overall sound experience. Moreover, the integration of voice assistants, such as Google and Amazon, is also boosting the customer experience, thereby driving the market. Additionally, the growing number of smart homes equipped with connected communication devices is also boosting the market for home theater systems, driving the growth of the soundbar market.

The sophistication of wireless communication technologies and the incorporation of advanced technologies have spurred the growth of audio systems in the entertainment electronics industry across the globe. With new capabilities in home entertainment systems, several new launches led to a competitive environment in multiple regions. For example, in September 2019, at IFA 2019, TCL launched its RAY?DANZ soundbar, a 3.1-channel Dolby Atmos soundbar and wireless subwoofer sound system that provides a complete home audio experience for consumers. European customers.

Constraints: availability of low-cost stand-alone loudspeakers

The audio system market is highly competitive due to several vendors offering budget speaker systems which are comparatively cheaper than soundbars. These speakers are rated highest in emerging economies where a significant portion of the population is budget constrained and cannot afford a soundbar system. The quality of sound reproduction for home multimedia consumption continues to benefit from innovations taking place in the market. The market trend is towards more compact wireless systems that are increasingly affordable for the average audiophile and home theater enthusiast. Market vendors are now offering various features in the affordable segment such as wireless connectivity to gain market share and improve sales. Probably the most important development in the market continues to be the democratization of the home theater system which has been brought about by affordable large screen HDTVs. As televisions become more and more affordable, an average user does not want to spend a lot on a sound system, which encourages him to buy an average and affordable speaker system.

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Report scope

The study categorizes the global soundbar market on the basis of equipment type, technology, type, installation method, distribution channel, application, and regions.

By Equipment Type Outlook (Volume Units, Revenue, USD Million, 2017-2027)

  • 2.1 Channel
  • 5.1 channel
  • 7.1 Channel
  • Others (3.1 and 4.1 channels)

By Technology Outlook (Units Volume, Revenue, USD Million, 2017-2027)

By Type Outlook (Volume Units, Revenue, USD Million, 2017-2027)

  • Wall
  • table top
  • Others

By Outlook Install Method (Volume Units, Revenue, USD Million, 2017-2027)

  • active sound bar
  • passive sound bar
  • Others

By Distribution Channel Outlook (Volume Units, Revenue, USD Million, 2017-2027)

  • In line
    • Independent retailers
    • Dependent retailers
  • Offline
    • Hypermarket and Supermarket
    • Stand-alone stores
    • Retail stores
    • Independent sellers
    • Others

By Outlook Application (Volume Units, Revenue, USD Million, 2017-2027)

  • music players
  • TV sets
  • computer system
  • Others

Outlook by Region (Volume Units, Revenue, USD Million, 2017-2027)

  • North America (Mexico, Canada, United States)
  • South America (Peru, Brazil, Colombia, Argentina, Rest of Latin America)
  • Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
  • The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)

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Home audio, by application, is estimated to be the highest growing segment during the forecast period

Based on application, the global soundbar market has been segmented into home and commercial audio. Home audio is the fastest growing segment during the forecast period, 2021-2027.

Vendors in the market offer soundbars for essential consumers that can be paired with the home TV to get a cinematic sound experience in the home itself. These soundbars come in different options, including a single soundbar or a soundbar with an external subwoofer for an immersive experience. A soundbar can enhance the home audio experience. The tiny speakers found in most televisions cannot reproduce the frequencies at which dialogue is most intelligible. A soundbar can produce the full range of sounds, allowing the user to hear the conversation at much lower volume levels and in better quality. Even the simplest soundbars sound far superior to the TV’s built-in speakers. Additionally, many soundbars available in the market can communicate with other music players and smart speakers via Wi-Fi to stream music throughout their home.

Asia-Pacific accounts for the highest CAGR over the forecast period in the soundbar market

Based on region, the global soundbar market has been segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Asia-Pacific is estimated to account for a revenue share of 27.68% in 2020 and is growing at the highest CAGR of 10.7% during the forecast period, 2021-2027. Asia Pacific soundbar market is analyzed in Japan, China, India, Australia and Rest of Asia Pacific.

China dominates the soundbar market in the Asia-Pacific region. China’s economy is growing steadily, driven by consecutive increases in industrial production, imports and exports, consumer consumption and capital investment. Additionally, increasing R&D expenditure by OEMs for the development of new advanced wireless audio devices is fueling the growth of the wireless audio device market in the country. Moreover, in India, it is expected to show remarkable growth in the soundbar market. According to the IBEF, media consumption in India recorded a CAGR of 9% between 2012 and 2018, about nine times that of the United States and twice that of China.

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Main market players

The global soundbar market is fragmented into few major players and other local, small and medium manufacturers/suppliers, these are Polk Audio (DEI Holdings Inc.), Samsung Electronics Co. Ltd, LG Electronics Inc., Bose Corporation, Onkyo Corporation, Sony Corporation, Voxx International Corporation, Koninklijke Philips NV, Panasonic Corporation, Sennheiser Electronic GmbH & Co. KG, Edifier International Ltd, Boston Acoustics Inc. (DEI Holdings Inc.), Hisense Home Appliance Group Co. Ltd, Sonos Inc., Xiaomi Corporation, Blaupunkt GmbH and VIZIO Inc.