Soundbar Market worth over $6.5 Bn by 2026
Published Date: April 23, 2020 Authors: Preeti Wadhwani, Saloni Gankar
Soundbar Market size is set to exceed USD 6.5 billion by 2026, according to a new research report by Global Market Insights, Inc.
Increased adoption of connected devices, development of sophisticated wireless technologies, and rise in disposable incomes are the key factors driving the market growth. Globally, there is an increase in media consumption and adoption of smart TVs by several households, propelling the demand for an enhanced audio experience.
The audio devices are expensive with their prices ranging from USD 99 to over USD 1,999. Since the last few years, several companies have been swamping the market with technologically advanced products, thereby driving the price of devices. To offer low price products, industry players are partnering with online retailers.
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Due to the coronavirus (COVID-19) pandemic in 2020, manufacturers are changing their business strategies by reducing operating cost, capital expenditure, advertising expenditure, and adopting Just-In-Time (JIT) manufacturing processes. Market players are also focusing on using online distribution channels to follow the social distancing norms and are planning on offering contact-less delivery options to their customers.
Browse key industry insights spread across 220 pages with 213 market data tables and 28 figures & charts from the report, “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” in detail along with the table of contents:
Enhanced audio experience is driving the market demand for 5.1 channel soundbars
The 5.1 soundbars are witnessing high market growth as they offer high-quality audio and enhanced customer experience. With growing adoption of home entertainment systems, the demand for high-quality audio systems is increasing.
5.1 soundbars have five speakers and deliver cinematic surround sound with a minimum distortion. The audio systems have features, such as Wi-Fi, Bluetooth connectivity, and voice assistance, for streaming high-quality audio content. For instance, Sony Corporation’s HT-RT3 5.1 channel soundbar includes Bluetooth with NFC one-touch function for automatically turning on the speakers by pairing with compatible devices.
Adoption of advanced soundbars is being witnessed in the U.S. and Canada
The North America soundbar market is anticipated to witness a substantial growth during the forecast timeframe owing to increased technological advancements. The regional market is an early adopter of advanced technologies, such as 3D audio, for the audio device users.
Additionally, the governmental support for development of IoT-based technologies and wireless infrastructure is aiding the market growth. The high disposable income and low consumer debt have allowed spending on high-end electronics, incorporating smart technologies such as home audio equipment.
Wireless soundbars operate on Bluetooth or Wi-Fi connection and can be connected to home networks and other devices. Several manufacturers are also offering innovative solutions to their consumers to gain a strong foothold in the highly competitive market.
In December 2019, LG Corporation launched four soundbar models; SN9YG, SN10YG, SN11RG, and SN8YG. The devices have AI Room Calibration feature to automatically tailor the sound output to suit the characteristics of customer’s room, 4K HDMI passthrough, and Google Assistant voice recognition support.
Major companies operating in the soundbar industry include Polk Audio, Bose Corporation, Onkyo Corporation, TCL Corporation, LG Corporation., Samsung Electronics Co., Ltd., Blaupunkt GmbH, Pioneer Corporation, Plantronics, Inc., Sennheiser Electronic GmbH & Co. KG, Sentry Industries, Inc., Sony Corporation, VIZIO Inc, Yamaha Corporation, Sharp Corporation, and Toshiba Corporation.
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