The global soundbar market, reaching an approximate revenue of US$5 billion in the year 2020, is poised for remarkable growth, according to preliminary research conducted by Fairfield Market Research. The surge in its popularity worldwide is attributed to several key factors, with mounting online sales being a prominent contributor.
Rising Demand for Wireless Streaming Enhances Soundbar Market Growth
The media industry has undergone a significant transformation as consumers increasingly seek rich audio content experiences wirelessly. The growing popularity of subscription-based media services such as Amazon Prime, Netflix, Apple TV, Disney Hotstar, and Hulu has driven the demand for advanced audio and video devices that elevate the overall customer experience. Furthermore, the rise in smart TVs and smartphones has played a pivotal role, as soundbars can easily connect to these devices using wired and wireless connectivity. This seamless integration allows users of subscription-based services to enjoy a cinematic audio experience in the comfort of their homes. The integration of voice assistants in soundbar devices has also added to the convenience factor, further fueling the sales of soundbars.
Online Sales Propel Soundbar Market Growth
Consumers inclination towards technologically advanced electronic devices has significantly influenced soundbar sales on a global scale. The emergence of e-commerce platforms has further accelerated this trend, providing customers with a convenient and user-friendly shopping experience. E-commerce companies have been offering substantial discounts and cost-saving options, creating an advantageous environment for soundbar manufacturers to market and sell their products online. Industry players are increasingly focusing on partnerships with e-commerce providers to expand their sales channels and volumes, making online platforms a driving force in the soundbar market.
Asia Emerges as a Hub for Soundbar Market Growth
The soundbar market is witnessing concentrated growth in Asia, primarily due to the rapid penetration of advanced consumer electronic products and the presence of major consumer electronics manufacturers in the region. The influx of on-demand media services has disrupted the traditional broadcast space, with a particular focus on penetrating Asian markets. This shift has resulted in increased demand for over-the-top (OTT) media services, driving the need for high-quality soundbars to enhance the viewing experience. The availability of high-bandwidth internet and affordable data tariffs has fueled the growth of online streaming, with telecom operators actively innovating their video streaming business.
With over-the-top media services gaining traction and a growing customer base supported by a rising population and stable GDP per capita income growth, the soundbar market in Asia Pacific is expected to flourish. The increasing penetration of televisions in the region further contributes to soundbar market growth. For example, India, according to the Broadcast Audience Research Council (BARC), is projected to have a television penetration rate of approximately 70% in 2022, with an average viewing time per user of approximately 4 hours and 6 minutes. These factors present significant opportunities for the soundbar market as users increasingly seek high-quality viewing and sound experiences.
Competitive Landscape of the Soundbar Market
In the highly competitive soundbar market, players have adopted new product launches as one of the primary growth strategies. Key players in the global soundbar market include Polk Audio, Onkyo Corporation, Samsung Electronics, LG Electronics Inc., Bose Corporation, Panasonic Corporation, TCL Corporation, Vizio Inc., Koninklijke Philips N V, Plantronics Inc., Sony Corporation, and Sennheiser Electronics GmbH.
The global soundbar market is on an upward trajectory, driven by the evolving media landscape, online sales, and the pursuit of exceptional audio experiences by consumers worldwide.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/soundbar-market
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COMTEX_442320037/2840/2023-10-23T08:21:14
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