Soundbar Market Size

Soundbar Market Size

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.