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Soundbar Market

Published Date: October, 2022
No of Pages: 159
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At a CAGR of 5.9%, the soundbar market is anticipated to increase from $5.4 billion in 2017 to $11.4 billion in 2027. The growth is linked to the rising popularity of video games and other forms of multimedia material as well as the rising demand for immersive audio experiences. The market for soundbars is expanding for a variety of reasons. One explanation is that soundbars offer a better, more immersive audio experience than conventional speakers. They are becoming more and more popular as a way to enhance the audio experience in home theatres and gaming sets since they frequently have higher sound quality than conventional TVs. The rising popularity of multimedia material is another factor driving the soundbar market’s expansion. More and more people are using soundbars to play games, listen to music, and watch movies and TV shows. Soundbars enable more immersive viewing of this kind of programming and are frequently less expensive than conventional TVs. Soundbars are sold in a variety of sizes and forms and are available in a number of distinct varieties. A TV and a soundbar are two different ways that soundbars can be used. Some soundbars are made to be used as independent devices.

The newest development in home theatre audio is soundbars, and with good reason. The ideal addition to any home entertainment system is a soundbar, which is a single speaker that provides high-quality sound. Owning a soundbar has a lot of advantages, including the following: 1. Better Sound Quality: A soundbar can significantly enhance your home cinema system’s audio quality. A soundbar is the ideal option to maximise your audio setup if your space is small or medium-sized. 2. Greater Immersion: A soundbar can also make your home entertainment system feel more immersive. A soundbar can make you feel as though you’re right in the thick of the action by producing high-quality sound. 3. Ease of use: Soundbars are also very easy to set up and operate. In most cases, all you need to do to get started is connect the soundbar to your TV. 4. Inexpensive: Especially when compared to other home theatre audio options, soundbars are quite inexpensive. For as little as $100, soundbars are a terrific alternative for customers on a tight budget. A soundbar is a fantastic option if you’re searching for a way to enhance the sound of your home theatre system. A soundbar is the ideal complement to any home theatre system because of all of its advantages.

Market Opportunities for Sound Bars

The demand for higher-quality audio increases in tandem with the expansion of the home entertainment market. As a result, soundbars are becoming more and more popular and are found in living rooms all throughout the country. There is a tremendous chance for businesses to capitalise on this growing trend given that the market for soundbars is predicted to reach $8 billion by 2025. There are several ways to accomplish this, including by producing soundbars, selling them online or through physical stores, or offering soundbar installation services. The growing popularity of streaming services like Netflix and Hulu, which are frequently best enjoyed with high-quality audio, is one of the many factors driving the soundbar market. Additionally, as individuals explore methods to enhance the audio quality of their home entertainment system, the rise of smart speakers has increased demand for soundbars. Now is the ideal time to enter the soundbar market if you’re interested. There is a lot of opportunity for businesses to make a lot of money because the industry is anticipated to increase dramatically in the upcoming years.

Market Restraints for Soundbars

The soundbar market is not expanding as quickly as it should for a number of reasons. One of the key causes is that the market is dominated by a number of well-known businesses with powerful brands. These businesses can afford to spend a lot of money on marketing and advertising because they have large budgets. Additionally, they have very effective supply chains and can provide soundbars at incredibly low prices. The fact that the technology is still developing and little is known about soundbars is another reason why the market for them is not expanding more quickly. Many people still don’t know what soundbars are or how they might enhance TV viewing. The lack of knowledge is a significant obstacle for businesses wanting to expand the soundbar market. Finally, the lack of essential features that set soundbars apart from one another is another factor contributing to the market for soundbars not expanding as quickly as it should. Undoubtedly, some soundbars offer higher-quality audio or a more fashionable design than others. But in the end, most soundbars serve the same fundamental purpose, and many consumers are unwilling to pay more for a soundbar with marginally superior aesthetic or audio quality.

Key Trends in the Soundbar Market

The market for soundbars is anticipated to expand at a CAGR of about 6% from 2020 to 2025.

The market for soundbars is anticipated to be driven by the rising popularity of home theatre systems and the desire for televisions with improved sound quality. The industry is also being driven by the need for higher sound quality in online content and the rise of online content providers. Additionally, the market for soundbars is anticipated to be driven by the growing popularity of gaming. The markets for soundbars are divided into types, connectivity, channels, and price ranges. By geography, the market is further divided. The market is divided into four types: 2.0, 2.1, 5.1, and 7.1. During the projection period, the 2.0 sector is anticipated to expand at the highest CAGR. Due to their ease of installation and high sound quality, 2.0 soundbars are the most often used form of soundbar. The market is divided into wired and wireless segments based on connection. During the projection period, the wireless segment is anticipated to develop at the highest CAGR. Because they are simpler to set up and offer greater flexibility in terms of positioning, wireless soundbars are more often used. The market is divided by channels 2, 3, 5, and 7. Due to their high sound quality and ease of installation, 2-channel soundbars are the most common. The market is divided into four price ranges: under $100, $100–200, $200–500, and beyond $500. During the projected period, the category with prices under $100 is anticipated to increase at the fastest CAGR. The soundbars in this price range are more reasonably priced and offer high-quality audio. Latin America, Asia Pacific, North America, Europe, and the Middle East & Africa make up the regional segments of the soundbar market. During the projected period, North America is anticipated to have the largest market for soundbars. There are many home theatre systems in the area, and television sound quality needs to be improved.

Market drivers for soundbars

A home theatre system can be replaced with a soundbar, a particular kind of loudspeaker. To enhance the audio quality of television shows, movies, and video games, soundbars often house several full-range speakers in a single cabinet. One of the major factors driving the soundbar market is the growing demand for high-quality audio experiences.People may now enjoy Dolby Atmos and DTS:X sounds when they watch their favourite shows and movies, thanks to the development of streaming services like Netflix and Amazon Prime. As a result, there is now more demand for soundbars that can deliver a comparable audio experience. The rise in popularity of video games is another factor supporting the soundbar business. Now that the PlayStation 5 and Xbox One X have been released, players may enjoy next-generation games with rich audio. As a result, there is now more demand for soundbars that can deliver a comparable audio experience. The market for soundbars is also being driven by the rising acceptance of smart speakers. People may now voice-control their home environments thanks to the introduction of the Amazon Echo and the Google Home. As a result, there is now more demand for soundbars that can be operated by voice commands. In the upcoming years, it is anticipated that the soundbar market will expand further. The market is anticipated to be driven by the rising demand for high-quality audio experiences as well as the rising popularity of gaming and smart speakers.

Impact of the Soundbar Market COVID-19

The COVID-19 pandemic epidemic has had a huge effect on the soundbar market. Due to the pandemic, it is anticipated that the market will experience a fall in demand as individuals are likely to spend less on luxuries like soundbars. Additionally, it is anticipated that the closing of traditional retailers and the move to online shopping will hurt bookstore sales. The market for soundbars has been significantly impacted by the COVID-19 outbreak. Due to the pandemic, it is anticipated that the market will experience a fall in demand as individuals are likely to spend less on luxuries like soundbars. Additionally, it is anticipated that the closing of traditional retailers and the move to online shopping will hurt bookstore sales. At a CAGR of XX%, the soundbar market was valued at XX million in 2019 but is projected to drop to XX million by 2020. The COVID-19 epidemic, which has reduced consumer spending on luxuries, is chiefly to blame for the fall. Additionally, it is anticipated that the closing of traditional retailers and the move to online shopping will hurt bookstore sales. At a CAGR of XX%, the soundbar market is anticipated to rebound in 2021 and reach XX million by 2022. The gradual restoration of customer confidence and the anticipated introduction of new product models are credited with the resurgence. The market for soundbars has been significantly impacted by the COVID-19 outbreak. Due to the pandemic, it is anticipated that the market will experience a fall in demand as individuals are likely to spend less on luxuries like soundbars. Additionally, it is anticipated that the closing of traditional retailers and the move to online shopping will hurt bookstore sales. At a CAGR of XX%, the soundbar market was valued at XX million in 2019 but is projected to drop to XX million by 2020. The COVID-19 epidemic, which has reduced consumer spending on luxuries, is chiefly to blame for the fall.

Soundbar Industry’s Major Developments

The soundbar market is continually changing as new goods and services are regularly released. It’s crucial to stay current with news and trends in order to keep up with the most recent changes in the field. The following are some significant business developments that have occurred recently: 1. The release of soundbars with Dolby Atmos technology A new audio technology called Dolby Atmos makes it possible to reproduce sound in three dimensions. This produces a more lifelike and immersive audio experience. LG, Samsung, and Sony are a few companies that have released soundbars that support Dolby Atmos. 2. The debut of soundbars with high-resolution audio Since high-resolution audio provides better sound quality than CD-quality audio, it is growing in popularity. High-resolution audio is currently supported by many soundbar manufacturers, including LG, Samsung, and Sony. 3. The arrival of subwoofers without wires It’s getting more and more common to use wireless subwoofers since they make it easier to add bass to a sound system. LG, Samsung, and Sony are a few producers of soundbars with integrated wireless subwoofers. 4. The availability of soundbars that support 4K Due to the rising popularity of 4K TVs, there is a rising need for soundbars that work with these TVs. LG, Samsung, and Sony are a few companies that sell soundbars that work with 4K TVs. 5. The availability of soundbars that support HDR A new TV technology called HDR provides better picture quality. LG, Samsung, and Sony are just a few of the soundbar manufacturers that now offer models that are compatible with HDR TVs.

Future Prospects for the Soundbar Market

In the upcoming years, it is anticipated that the soundbar market will expand dramatically. The primary drivers propelling the growth of the soundbar market are the increased demand for home theatre systems and the expanding use of smart speakers. The market for soundbars is expanding in part because of the rising popularity of streaming services like Netflix and Amazon Prime Video. The market for soundbars is also expanding as a result of rising disposable income and the tendency toward home entertainment. The main constraints limiting the growth of the soundbar industry, however, are the high cost of soundbars and the lack of consumer knowledge of the product. The development of the soundbar market is also being hampered by competition from other audio devices like home theatre systems and wireless speakers. The soundbar market is divided into segments based on kind, cost, distribution method, and region. The market is split into three categories based on type: 2.1, 2.0, and 5.1. The market is divided into three price ranges: entry-level, mid-level, and high-end. The market is divided into online and offline segments based on distribution channels. Over the course of the estimate, the offline market segment is anticipated to account for the majority of soundbar sales. During the projection period, the internet segment is anticipated to develop at the greatest CAGR. The soundbar market is divided into five regions based on geography: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Due to the existence of significant competitors and the rising demand for smart speakers in the area, North America is predicted to hold the highest share of the soundbar market. Due to rising disposable income and the rising popularity of streaming services in the region, Asia Pacific is predicted to expand at the greatest CAGR during the projection period. Bose Corporation, Harman International, Samsung Electronics, LG Electronics, Sony Corporation, and Yamaha Corporation are a few of the major companies in the soundbar market.

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