Soundbar Market Size to Hit New profit-making Growth By 2027

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Description

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

As the support for technologies, such as Dolby Atmos, are expanding into mobile devices, such as smartphones and tablets, the number of compatible devices for wired and wireless soundbars is growing rapidly. These developments are increasing the inclination of consumers toward adopting better and enhanced home entertainment devices. The Dolby Atmos soundbar has revolutionized cinema sound and reinvigorated home entertainment. The concept behind the Dolby Atmos technology is object-based audio, which represents sound as objects in space that can be located and can move anywhere within the space above and around the listener. The soundbar integrated with Dolby Atmos technology provides an immersive audio experience to the consumer, greatly enhancing the viewing experience of rich media content.

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Various market players are making significant product innovations and developments by integrating multiple technological developments in the market with the existing products or by 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 subwoofer packages by a large margin. They are compact, simple to set up, and affordable, and their audio quality is often much better than a TV’s standard built-in speakers. Significant developments in the consumer electronics industry are making televisions thinner. However, the quality of speakers has seen a downfall. Therefore, the adoption of soundbars is expected to be a suitable choice for TVs, as they offer better sound quality compared to the inbuilt sound quality provided by the TVs.

Global Soundbar Market Dynamics

Drivers: Increasing Demand for Wireless Streaming of Audio Content

The primary reason behind the increasing adoption of soundbars is their ability to stream audio content wirelessly and enhance the overall sound experience. Moreover, the integration of voice assistants, such as Google and Amazon, is also driving customer experience, thereby driving the market. Moreover, the increasing number of smart homes equipped with connected communication devices is also boosting the market for home theatre systems, resulting in the growth of the soundbar market.

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

Restraints: Availability of Low-Priced Stand-Alone Speakers

The audio systems market is highly competitive due to multiple vendors offering budget speaker systems that are comparatively lower-priced than the soundbars. These speakers are top-rated in emerging economies where a significant share of the population has budget constraints and cannot afford a soundbar system. The sound reproduction quality for home media consumption is continuing to benefit from the innovations that are taking place in the market. The market trend is toward more compact, wireless systems that are increasingly affordable for the average audiophile and home theatre enthusiasts. The vendors in the market have now been offering various functionalities in the affordable segment, such as wireless connectivity, to gain market share and improve sales. Probably the most significant development in the market continues to be the democratization of the home theatre system that has been brought on by affordable, large-screen, hi-def television sets. As TVs are becoming more affordable, an average user does not want to spend much on an audio system, encouraging them to buy an average and affordable speaker system.

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Scope of the Report

The study categorizes the global soundbar market based on 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 channel)

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

  • Bluetooth
  • Wi-Fi
  • Airplay

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

  • Wall-Mounted
  • Table-Top
  • Others

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

  • Active Soundbar
  • Passive Soundbar
  • Others

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

  • Online
    • Independent Retailers
    • Dependent Retailers
  • Offline
    • Hypermarket and Supermarket
    • Standalone Stores
    • Retail Stores
    • Independent Sellers
    • Others

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

  • Music Players
  • TV Sets
  • Computer System
  • Others

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

  • North America (Mexico, Canada, US)
  • South America (Peru, Brazil, Colombia, Argentina, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern 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 the application, the global soundbar market has been segmented into home audio and commercial. Home Audio is the highest growing segment during the forecast period, 2021-2027.

Vendors in the market are offering 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 various options that include a single soundbar or a soundbar with an external subwoofer for an immersive experience. A soundbar can level up the home audio experience. The tiny speakers that come in most of the TVs cannot reproduce the frequencies at which the dialogue is most intelligible. A soundbar can produce the full range of sound, allowing the user to hear the conversation at much lower volume levels and with better quality. Even the simplest of soundbars provide sound far superior to the TV’s built-in speakers. Moreover, many soundbars available in the market can communicate with other music players and smart speakers via Wi-Fi to stream music throughout their homes.

Asia Pacific accounts for the highest CAGR during 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 the Middle East & Africa. The 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. The Asia-Pacific soundbar market is analyzed across Japan, China, India, Australia, and the rest of Asia Pacific.

China dominates the soundbar market in the Asia-Pacific region. The Chinese economy is witnessing continuous growth, stimulated by consecutive increases in industrial output, imports & exports, consumer consumption, and capital investment. Moreover, OEMs’ increased R&D expenditure for developing new and advanced wireless audio devices is fueling the growth of the wireless audio device market in the country. Moreover, In India, it is expected to exhibit remarkable growth in the soundbar market. As per IBEF, India’s media consumption registered a CAGR of 9% during 2012-2018, about nine times that of the United States and two times that of China.

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Key Market Players

The global soundbar market is fragmented into a few major players and other local, small, and mid-sized manufacturers/providers, they 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.

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