[Latest] Global Soundbar Market Size is Anticipated to Expand at a CAGR of 8.5% to Reach US$ 9.8 Billion By 2030

Nov 28, 2023

Austin, TX, USA, June 01, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled "Soundbar Market Size, Trends and Insights By Product (2.1 Channel, 5.1 Channel, 7.1 Channel, Others (3.1 and 4.1 Channel), By Application (Music Players, Television, Computer Systems, Others), By Distribution Channel (Online, Offline, By Type (Tabletop, Others, By Installation Method (Active Soundbar, Passive Soundbar, Others), By Connectivity (Wi-Fi, Bluetooth, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032" in its research database.

"According to the latest research study, the demand for global Soundbar Market Size & share was valued at approximately USD 5.6 Billion in 2022 and is expected to reach USD 6.2 Billion in 2023 and is expected to reach a value of around USD 9.8 Billion by 2030, at a compound annual growth rate (CAGR) of about 8.5%during the forecast period 2023 to 2030."

The report further provides an overview of drivers, restraints, and opportunities present in the Soundbar market. Moreover, the report examines the global competitive analysis of the Soundbar market.

The key purpose of the Global Soundbar Market report is to deliver industry investors, company leaders, private equity companies, and stakeholders comprehensive information facilitating them to make informed strategic decisions concerning the changes in the Soundbar market throughout the world.

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Soundbar Market: Overview

The booming e-commerce sector globally is fueling the growth of the Soundbar market

A Soundbar is a streamlined bar that houses several speakers and is designed to work with televisions. When connected to the TV, audio is routed through the Soundbar's speakers rather than the TV's internal speakers.

Soundbars can be hung on the wall next to a flat-panel TV, but most people place them on their TV stand directly ahead of the TV. They’re less expensive and simpler to install than a multi-speaker surround sound or home theatre system, and the best Soundbar produces rich, well-balanced audio that helps watching movies and TV shows enjoyable.

Growth Factors

Rapid globalization and urbanization in emerging economies have resulted in increased consumer electronics consumption and a more significant number of product rollouts, driving the Soundbar market growth in these regions. As a result of various technological developments and the increasing construction of smart homes, Soundbar has become more common in residential areas.

Aside from that, surging demand for Soundbar from a wide range of commercial sectors such as hospitality, corporate, retail, and institutional will propel the global Soundbar market ahead in the coming years. However, soaring limits on the use of the radiofrequency range by wireless audio systems, as well as increasing health risks concerning long-term audio device usage, may restrict market growth over the forecast period.

In recent years, on-demand streaming services have grown in popularity. Several Over-The-Top providers have implemented the subscription-based revenue model. The platforms provide a wide range of payment and subscription options to subscribers, allowing them to stream content online according to their preferences. The rising popularity of OTT is providing lucrative opportunities to the Soundbar players operating in the market as people install them for an enhanced sound experience.

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Segmental Overview

The market for the Soundbar is segmented into product and application. The 2.1 channel segment accounted for over half of all Soundbar market shipments in 2021. Customers are drawn to the audio device because it has additional features, including Bluetooth connectivity, Wi-Fi, and as well as voice assistance. The audio devices include two speakers, one on each channel, as well as a subwoofer. 2.1 Soundbar can connect to TVs and portable devices such as smartphones and tablets. The growing popularity of smart TVs has prompted manufacturers to create advanced soundbars.

Regional Overview

The Asia Pacific market will grow steadily over the forecast period due to rising media consumption and the existence of global, regional, and local players in the industry. This promotes the accessibility to lower-cost electronic products throughout the region. Japan and China both are significant countries in the global electronic manufacturing sector.

(A free sample of the Soundbar report is available upon request; please contact us for more information.)

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(Please note that the sample of the Soundbar report has been modified to include the COVID-19 impact study prior to delivery.)

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Further, streaming services continue to expand in popularity, and smart TV penetration is increasing in the APAC region. Furthermore, digitalization is facilitating the incorporation of smart TVs with Soundbar, resulting in an improved home theatre experience as well as smart features, including voice assistants.

Report Scope

Key Players Insights

The players operating in the Soundbar market are adopting strategies such as acquisitions & mergers, product launches & expansions, and collaborations & partnerships, to efficiently compete in the Soundbar Market . The global market is highly competitive. The players also focus on expanding their geographical reach by partnering with local distributors/players.

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Some of the prominent players

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Key questions answered in this report:

Key Offerings:

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The global Soundbar market is segmented as follows:

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Browse the full "Soundbar Market Size, Trends and Insights By Product (2.1 Channel, 5.1 Channel, 7.1 Channel, Others (3.1 and 4.1 Channel), By Application (Music Players, Television, Computer Systems, Others), By Distribution Channel (Online, Offline, By Type (Tabletop, Others, By Installation Method (Active Soundbar, Passive Soundbar, Others), By Connectivity (Wi-Fi, Bluetooth, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032" Report at https://www.custommarketinsights.com/report/soundbar-market/

On the basis of Geography

North America

Europe

Asia Pacific

The Middle East & Africa

Latin America

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This Soundbar Market Research/Analysis Report Contains Answers to the following Questions .

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