The global soundbar market has gained substantial traction over recent years, given the product’s key features such as ease of listening and convenience. Technological advancements are playing an important role in accelerating the sales of soundbars in recent years. Industry participants are investing significantly in research and development activities to develop soundbars with innovative features like Dolby Atmos.
With its acoustic design, soundbars deliver high-quality audio sound without occupying more space and give people a theatre-like experience. Customers worldwide are opting for sound enhancements products to improve the overall listing experience. The soundbar market is likely to witness lucrative growth on account of this going trend.
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Features like built-in voice assistant and wireless connectivity are proliferating the sales of the soundbar among customers. The demand for 5.1 channel soundbars is projected to increase over the projected time period. This growth is ascribed to the rising home theatres trend, which has led to a rise in the requirement for an effective audio system that is capable of facilitating an improved audio experience.
Furthermore, the 7.1 soundbars are likely to foresee a growth of more than 7% CAGR during the projected time period owing to consumer preference shifting towards sound equipment that boast of top-quality cinematic audio capabilities in home settings. These soundbars are enabled with features such as wireless connectivity, Dolby Atmos with HD surround sound, hands-free experience and built-in voice based assistant. These 7.1 soundbars offer a cinematic audio experience and also boosts the experience of home-entertainment for audiophile consumers.
The online distribution channel is likely to witness a high adoption because of the growing consumer behavior towards browsing e-commerce websites. Some of the chief marketing strategies adopted by industry players to drive the sales includes online advertising, webinar, email, social media, online/groups conferences, social media, publications, and web search.
Additionally, cloud computing technology and AI chatbots are also used by the online based distribution channel so as to deliver a seamless as well as personalized user experience at every touchpoint. Growing brand awareness in consumers is further stimulating new participants to build up their market positions.
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Europe soundbar market is likely to witness a strong period of growth because of the growing sales of smart TVs, mainly in France, the UK, and Germany. The factors that are driving the soundbars market demand in the region include the availability of wireless devices and high-speed internet along with fast adoption of smart homes.
Moreover, new market players are also concentrating on new strategies for product innovation to penetrate the soundbar market in Europe. Citing an example, Orbitsound, which is a renowned audio equipment provider located in the UK, is providing soundbars that are enabled with air sound technology delivering high-fidelity sound from a single unit to a large listening area. The product also provides a sleek design as well as smart usability for the next-gen televisions.
The prominent soundbar market players in the market include VIZIO Inc, Pioneer Corporation, Polk Audio, TCL Corporation LG Electronics Inc., Plantronics, Inc., Bose Corporation, Toshiba Corporation, Sennheiser Electronic GmbH & Co. KG, Onkyo Corporation, Samsung Electronics Co., Ltd., Yamaha Corporation, Sentry Industries, Inc., Blaupunkt GmbH, Sharp Corporation, and Sony Corporation among others.
Major Key Points from Table of Content:
Chapter 5 Soundbar Market, By Type
5.1 Key trends by type
5.2 2.1 channel
5.2.1 Market estimates and forecast, 2015 – 2026
5.3 5.1 channel
5.3.1 Market estimates and forecast, 2015 – 2026
5.4 7.1 channel
5.4.1 Market estimates and forecast, 2015 – 2026
5.5.1 Market estimates and forecast, 2015 – 2026
Chapter 6 Soundbar Market, By Distribution Channel
6.1 Key trends by distribution channel
6.2.1 Market estimates and forecast, 2015 – 2026
6.3.1 Market estimates and forecast, 2015 – 2026
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