Soundbar Market Analysis

Soundbar Market Analysis

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.

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.

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.