Soundbar Market Size By Type (2.1 Channel, 5.1 Channel, 7.1 Channel), By Distribution Channel (Online, Offline), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

Soundbar Market size surpassed USD 5 billion in 2019 and is poised to grow at a CAGR of 3.5% between 2020 and 2026. The market growth is attributed to increasing penetration of subscription-based streaming services.
 

On-demand streaming services have gained popularity over the recent years. Subscription-based revenue model is being adopted by several Over-The-Top (OTT) providers. The platforms are providing a wide range of payment & subscription options to users, offering flexibility in streaming content online as per individual demands. Subscriptions offer improved opportunities, precise collection of customer preferences, and increased chances of customer retention.
 

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The evolution of digital media companies, such as Netflix, Disney+ Hotstar, Hulu, Roku, Apple TV, and Amazon Prime, is challenging the conventionally maintained supremacy of the television as the core entertainment hub, driving the industry demand. The device can be easily connected to smartphones, TVs or laptops using wired or wireless connectivity methods. The usage of soundbars with these services offers consumers a cinematic audio experience in indoor environments.
 

Advanced technologies, such as Bluetooth, Wi-Fi, and voice assistant systems, integrated into the audio device help users in providing hands-free, improved viewing & audio experience. Consumers are preferring high-quality audio experiences. The availability of high-speed internet is supporting the smooth streaming of audio & video content and propelling the soundbar market demand.
 

Increased demand for smart TVs is augmenting the growth of the 2.1 channel soundbars

In 2019, the 2.1 channel segment accounted for over 50% of the soundbar market shipments. The audio devices are equipped with two speakers, a left & right channel and a subwoofer. 2.1 soundbars can connect with TVs and portable devices including smartphone and tablets. The audio device offers advanced features, such as Bluetooth connectivity, Wi-Fi, and voice assistance, attracting consumers to purchase them.
 

Increasing adoption of smart TVs has encouraged manufacturers to develop advanced soundbars. For instance, in June 2019, Sony Corporation launched HT-350S, a 2.1 soundbar that supports Sony's surround sound technology; Vertical Surround Engine and S-Force Pro Front Surround. It includes a wireless subwoofer, which is compatible with Sony Bravia TVs and is enabled with Bluetooth to transmit the audio to the device wirelessly.
 

Increasing consumer preferences toward online shopping in the U.S.

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Online distribution channels will expand at a CAGR of around 5% in the soundbar market through 2026. Growth in e-commerce sector and changing customer preferences toward online shopping are being witnessed. For instance, in 2019, according to the e-commerce mobile statistics, over 80% of consumers in the U.S. purchased electronic products online. E-commerce companies are offering several discounts and cost saving options to increase their customer bases.
 

Industry players, such as Bose Corporation, Sony Corporation, Samsung Electronics Co., Ltd., and TCL Corporation, are partnering with e-commerce providers to exclusively launch their products online. Moreover, owing to coronavirus (COVID-19) pandemic, industry players are offering contactless delivery services on their online portals.
 

Increasing media consumption and smart TV adoption are driving Asia Pacific soundbar market growth

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The Asia Pacific market size will witness steady growth during the forecast period owing to growing media consumption and presence of global, regional, and local industry players. Japan and China have prominent countries operating in the global electronic manufacturing sector. This favors availability of cheaper electronic products across the region.
 

Ongoing trend of streaming services and growing smart TV penetration are boosting the market revenue in the APAC region. Also, digitalization is supporting the integration of smart TVs with soundbars, providing enhanced home theatre experience along with smart features such as voice assistant.
 

Continuous innovation is the key strategy adopted by leading market players

The soundbar market is highly competitive with presence of prominent manufacturers accounting for over 55% revenue share. Key industry players are focusing on new product development strategies to strengthen their product portfolios and increase their customer bases. For instance, in August 2018, Bose Corporation launched Soundbar 500 for music and home theatre. The new soundbar included proprietary mic technology in its headsets & headphones for better voice clarity.
 

Integration of voice assistants with soundbar systems is aiding market players to expand their customer bases and business recognition. Several audio equipment manufacturers are also entering the market. For instance, in May 2019, Sennheiser Electronic GmbH & Co. KG launched AMBEO soundbar, featuring five dedicated hi-fi speakers and high-quality sound.
 

Key industry players include Bose Corporation, Koninklijke Philips N.V., Panasonic Corporation, Plantronics, Inc., Samsung Electronics, Co. Ltd., Koninklijke Philips N.V., LG Corporation, Polk Audio, Vizio Inc., and TCL Corporation.
 

The soundbar market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2015 to 2026 for the following segments:

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Market by Type

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

Market by Distribution Channel

• Online
• Offline

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa (MEA)
  • GCC
  • South Africa