Soundbar Market by Application and Geography - Forecast and Analysis 2020-2024

The soundbar market share is expected to increase by USD 5.05 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 15.44%.

This soundbar market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers soundbar market segmentations by application (music players, TV sets, and computers) and geography (North America, Europe, APAC, South America, and MEA). The soundbar market report also offers information on several market vendors, including 2 Expect LLC, Altec Lansing Inc., B & W Group Ltd., Bose Corp., Koninklijke Philips NV, LG Electronics Inc., Panasonic Corp., Samsung Electronics Co. Ltd., Sharp Corp., and Sony Corp. among others.

What will the Soundbar Market Size be During the Forecast Period?

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Soundbar Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increase in the number of smart homes is notably driving the soundbar market growth, although factors such as streaming limited to network range may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the soundbar industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Soundbar Market Driver

One of the key factors driving the soundbar market increase in the number of smart homes. The penetration of smart homes is rising rapidly owing to the increased usage of advanced sensors to connect appliances such as heating modules, lighting systems, air conditioning units, computers, television sets, entertainment systems, security devices, and camera systems. End-users can control these devices using their smartphones and tablets. Moreover, home appliances are integrated with AI chips to predict consumer preferences accurately based on historical data. Wireless speakers facilitate the communication between devices that are connected to the home network and provide easy streaming of content like music and videos. Smart homes are gaining wide acceptance in developed countries such as the US and the UK. Furthermore, the smart home market is expected to have significant growth in developing countries during the forecast period. This will further drive the adoption of wireless speakers, which in turn, will support the growth of the global soundbar market.

Key Soundbar Market Trend

Increase in multi-room streaming is another factor supporting the soundbar market growth in the forecast period. The introduction of networked audio systems means the reduction in expense, efforts, and time, as all audio devices are wirelessly connected with technologies such as AirPlay, Bluetooth, or Wi-Fi. Furthermore, the growing trend of maintaining speakers in all rooms is supporting the growth of the speaker market. Therefore, the popularity of multi-room streaming speakers is increasing as they offer convenience while accessing a music device. Furthermore, the increase in the number of product launches will drive the adoption of multi-room streaming speakers. These speakers can be controlled using iOS and Android apps on mobile devices. With the increase in the use of music streaming services, the demand for multi-room streaming speakers is expected to grow, which, in turn, will drive the market in focus during the forecast period.

Key Soundbar Market Challenge

Streaming limited to network range will be a major challenge for the soundbar market during the forecast period. One of the major challenges with wireless speakers is the limitation of streaming audio content up to the range of network extension. As these speakers work via the Bluetooth network, it is important for the network range to be strong and equally spread across all areas. If the network is strong in one room and weak in another room, the quality of sound reduces. Soundbars cannot function beyond a network range of 30 feet-32 feet. Moreover, interference issues also pose a challenge for users. With a high number of wireless signals being transmitted in proximity, the traffic may cause interference. This can result in lower audio quality or audio discrepancy. Even large amounts of metal can cause interference. However, vendors in the market are trying to resolve such issues with the continuous R&D in the soundbar technology.

This soundbar market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global soundbars market as a part of the global consumer electronics market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the soundbar market during the forecast period.

Who are the Major Soundbar Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• 2 Expect LLC
• Altec Lansing Inc.
• B & W Group Ltd.
• Bose Corp.
• Koninklijke Philips NV
• LG Electronics Inc.
• Panasonic Corp.
• Samsung Electronics Co. Ltd.
• Sharp Corp.
• Sony Corp.

 

This statistical study of the soundbar market encompasses successful business strategies deployed by the key vendors. The soundbar market is concentrated and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.

Product Insights and News

• Bose Corp. - The company offers soundbars such as Bose Smart Soundbar 300, Bose Smart Soundbar 700, and Bose TV Speaker.
• Panasonic Corp. - The company offers soundbars such as SC-TMAX40GWK, SC-HTB250GWK, and others.

To make the most of the opportunities and recover from post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The soundbar market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Soundbar Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the soundbar market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Soundbar Market?

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37% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for the soundbar market in North America. Market growth in this region will be faster than the growth of the market in other regions.

The increased spending by the US population on consumer electronics is supporting will facilitate the soundbar market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 in 2020 severely impacted the US. The exponential rise in the number of COVID-19 cases compelled the government to impose lockdowns that resulted in the closure of hotels, and entertainment zones, which are major end-users of soundbars, and subsequently led to a decline in demand for soundbars in North America. However, the lifting of lockdowns from Q4 of 2020 is likely to propel the growth of the regional market during the forecast period.

What are the Revenue-generating Application Segments in the Soundbar Market?

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The soundbar market share growth by the application segments. Music player segment will be significant during the forecast period. The high popularity and adoption of free-to-play, subscription-based music streaming, and free-to-download music services have encouraged customers to use soundbars for music listening.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the soundbar market size and actionable market insights on post COVID-19 impact on each segment.

 

Soundbar Market Scope
Report Coverage	Details
Page number	120
Base year	2019
Forecast period	2020-2024
Growth momentum & CAGR	Accelerate at a CAGR of 15.44%
Market growth 2020-2024	$ 5.05 billion
Market structure	Concentrated
YoY growth (%)	14.55
Regional analysis	North America, Europe, APAC, South America, and MEA
Performing market contribution	North America at 37%
Key consumer countries	US, China, Japan, and Germany
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	2 Expect LLC, Altec Lansing Inc., B & W Group Ltd., Bose Corp., Koninklijke Philips NV, LG Electronics Inc., Panasonic Corp., Samsung Electronics Co. Ltd., Sharp Corp., and Sony Corp.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Soundbar Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive soundbar market growth during the next five years
• Precise estimation of the soundbar market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the soundbar industry across North America, Europe, APAC, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of soundbar market vendors

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