Our comprehensive research on the Global Soundbar Market (2023-2031) provides insights for businesses. It covers trends, investments, tech advancements, and major players. The report uses qualitative and statistical data from 2017-2031, including SWOT, BCG, PESTLE analysis, and visuals. It offers a full market landscape with stakeholder insights, regional outlooks, and financial considerations.
The global soundbar market size was US$ 5,194 million in 2021. The global soundbar market is forecast to grow to US$ 9,976.2 million by 2030 by growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
The increasing urban population and rising interest in music are likely to fuel the growth of the global soundbars market.
The growing demand for automated technologies and rapid shift in consumer preference for portable yet high-performance audio devices will contribute to the growth of the market.
The global soundbars market is forecast to gain traction due to the high levels of integration, immersive sound quality, and wireless connectivity offered by advanced soundbars.
The increasing number of launches and advancements in the soundbars industry is forecast to benefit the overall soundbars market during the study period. For instance, Panasonic introduced the SC-HTB600 Dolby Atmos soundbar in 2020. Furthermore, SONOS INC. also unveiled Sonos Arc, a premium smart soundbar that brings immersive in the same year. Thus, advancements in the industry will be the key contributor to the growth of the global soundbar market.
The growing use of mobile devices, such as smartphones and tablets, is forecast to offer ample growth opportunities for the market. In addition, the increasing inclination of consumers toward better and enhanced home entertainment devices will benefit the market throughout the forecast period.
The growing audio content will also escalate the market growth. Furthermore, tending house parties and get together will benefit the soundbar market throughout the forecast period.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic reduced the demand for consumer electronics. From the consumer perspective, the majority of the working population either lost their job or had to work at comparatively low wages. Thus, consumer spending on electronics decreased drastically. In addition, manufacturers also went through several obstacles to continue the operations. Thus, it halted the growth of the overall soundbar industry.
Regional Analysis
The Asia-Pacific soundbar industry is forecast to gain traction. North America is also forecast to register significant growth due to the growing consumer spending on electronics. In Asia-Pacific, China is forecast to dominate the market due to growing consumer spending. Furthermore, India is forecast to exhibit remarkable growth due to the rising urbanization and increasing employment rate.
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Competitors in the Market
- 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
- VIZIO Inc.
- Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Soundbar industry experienced notable growth in its workforce. Starting in January, employment within the Soundbar sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Soundbar output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Soundbar output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Soundbar market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Soundbar market.
Market Segmentation
The global soundbar market segmentation focuses on Equipment, Technology, Type, Installation, Distribution Channel, Application, and Region.
By Equipment Type Outlook
- 2.1 Channel
- 5.1 Channel
- 7.1 Channel
- Others (3.1 and 4.1 channel)
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By Technology Outlook
- Bluetooth
- Wi-Fi
- Airplay
By Type Outlook
- Wall-Mounted
- Table-Top
- Others
By Installation Method Outlook
- Active Soundbar
- Passive Soundbar
- Others
By Distribution Channel Outlook
- Online
- Independent Retailers
- Dependent Retailers
- Offline
- Hypermarket and Supermarket
- Standalone Stores
- Retail Stores
- Independent Sellers
- Others
By Application Outlook
- Music Players
- TV Sets
- Computer System
- Others
By Regional Outlook
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global Soundbar Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Soundbar Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Soundbar Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Soundbar Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Soundbar market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Soundbar market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Soundbar business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
• Facilitating business enterprises in the identification and cultivation of novel market segments.
• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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