Soundbar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Soundbar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global soundbar market size reached US$ 3.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.1 Billion by 2028, exhibiting a growth rate (CAGR) of 8.8% during 2023-2028.

A soundbar, also known as a media bar or speaker bar, stands for a single cabinet loudspeaker that produces stereo effect. The device mainly comprises of stereo analog inputs and outputs, infrared remote control, wireless connectivity option, and other audio processing features for speaker equalization. A soundbar can be primarily classified into three types, including soundbar with subwoofer, all-in-one soundbar and cinematic soundbar, among others. It offers powerful audio quality and surround sound by acquiring minimal space and eliminating the need for multiple speakers and external wiring. Furthermore, a soundbar can be connected to several electronic devices, such as television, laptop, PC, smartphone, music player, etc. Owing to this, the device is widely installed across residential, commercial, and entertainment sectors.

The global soundbar market is primarily driven by the increasing penetration of subscription-based media platforms, such as Amazon Prime and Netflix, that are gaining popularity in developing countries. Moreover, rapid digitalization, coupled with the rising adoption of smart devices, such as laptops, smartphones, smart TVs, etc., has propelled the demand for soundbar on a global level. Additionally, various technological advancements have led to the introduction of newer and innovative 4K and 8K television technologies, that further augment the market growth. Moreover, the high internet connectivity, along with rapid integration of soundbar with voice assistants, such as Alexa and Google Assistance, has enhanced product ability for wireless content streaming, thereby improving the overall experience for the users. Furthermore, the digital transformations in the music industry are also driving the demand for compatible media and entertainment gadgets, such as soundbars, for producing strong sound with good bass response. Additionally, the rising living standards of consumers supported by rising disposable income levels have augmented the demand for high-end and premium consumer electronics, that further drives the product demand. Additionally, rapid globalization and urbanization across the developing countries have led to the growing sales of consumer electronics and a rising number of product launches that are fueling the growth of soundbar market in these regions. Furthermore, various technological upgradations, along with the rapid construction of smart homes, have further fueled the installation of soundbars in the residential spaces. Apart from this, the growing demand for soundbars from the diverse commercial sectors, such as hospitality, retail, corporate, and institutional sectors, will continue to propel the growth of the global soundbar market in the forthcoming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global soundbar market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, installation method, connectivity and application.

Breakup by Type:

Wall-Mounted
Table-top
Others


Breakup by Installation Method:

Active Soundbars
Passive Soundbars
Others


Breakup by Connectivity:

Wi-Fi
Bluetooth
Others


Breakup by Application:

Home Audio
Commercial
Others


Breakup by Region:

North America

United States
Canada


Asia Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others


Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others


Latin America

Brazil
Mexico
Others


Middle East and Africa

Turkey
Saudi Arabia
Others




Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Bose Corporation, Edifier International Limited, Harman International Industries, Incorporated, LG Electronics, Panasonic Corporation, Polk Audio, LLC, Samsung Group, Sennheiser electronic GmbH & Co. KG, Sony Corporation, and Yamaha Corporation.

Key Questions Answered in This Report:

How has the global soundbar market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global soundbar market?
What is the breakup of the market based on the type?
What is the breakup of the market based on the installation method?
What is the breakup of the market based on the connectivity?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the market?
What is the structure of the global soundbar market and who are the key players?
What is the degree of competition in the market?