Soundbar Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: Apr 2021
  • Pages: 120
  • SKU: IRTNTR41611
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The soundbar market share is expected to increase by USD 2.07 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 8%.

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 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 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 number of smart homes is notably driving the soundbar market growth, although factors such as presence of counterfeit products 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 Driver for the Soundbar Market

The increase in the number of smart homes is one of the key drivers for the market in focus. Many homes in developed nations such as the US and the UK are being remodeled into smart homes. A smart home consists of media and entertainment gadgets, consumer electronic devices, and other smart electronics that can interact with each other through a home network. A home assistant is a smart home device that can perform tasks or services for an individual. Vendors in the market are also launching smart speakers integrated with voice assistant functionality. The smart home market is expected to have significant growth in developing countries during the forecast period. This will likely drive the adoption of wireless speakers, which in turn, will support the growth of the soundbar market.

Key Challenge for the Soundbar Market

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. If a user is beyond the home network range or paired device, audio streaming is disconnected. Interference issues also pose a challenge for users. Many price-sensitive end-users and those that are unaware of branded products buy such products because they are cheap, attractive, and copies of big brands. Thus, the growing popularity and the easy availability of these counterfeit smart, portable, and Bluetooth speakers are likely to intensify price competition in the market.

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 2021-2025.

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 fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

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. 

Which are the Key Regions for Soundbar Market?

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36% of the market’s growth will originate from North America during the forecast period. The US is the key market for soundbars in North America. Market growth in this region will be faster than the growth of the market in other regions.

High disposable income in the region 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.

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

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The soundbar market share growth by the music players segment will be significant during the forecast period. 

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

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 8%

Market growth 2021-2025

$ 2.07 billion

Market structure

Fragmented

YoY growth (%)

7.40

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 36%

Key consumer countries

US, China, UK, 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

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

  • CAGR of the market during the forecast period 2021-2025
  • 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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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Five forces summary
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Application

    • Market segments
    • Comparison by Application
    • Music players - Market size and forecast 2020-2025
    • TV sets - Market size and forecast 2020-2025
    • Computers - Market size and forecast 2020-2025
    • Market opportunity by Application

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • North America - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • APAC - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Overview
      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • 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.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
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      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
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      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
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      The soundbar market growth will increase by $5.05 billion during 2019-2024.
      The soundbar market is expected to grow at a CAGR of 15.44% during 2019-2024.
      Technavio has segmented the soundbar market by application (Music players, TV sets, Computers, Residential, Corporate office, Car, and Others) and geographic (North America, Europe, APAC, and South America).
      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. are a few of the key vendors in the soundbar market.
      North America will register the highest growth rate of 36.76% among the other regions. Therefore, the soundbar market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the soundbar market growth are:
      • Increase in number of smart homes
      • Increase in multi-room streaming
      The soundbar market vendors should focus on grabbing business opportunities from the music players segment as it accounted for the largest market share in the base year.
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