Global Soundbar Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Soundbar Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Soundbar Market is anticipated to grow at a CAGR of 8.9% during the forecast period. The change in media consumption from offline to online is one of the key factors fueling the soundbar market. The growing popularity of subscription-based services like Netflix and Amazon Prime complements the growth of soundbars because they give viewers better sound quality.

Key Highlights

• The inclusion of voice assistance technology in the soundbar is another one of the key factors influencing the market. For instance, in April 2021, LG launched soundbars SP11RA, SP9YA, SP8YA, SP7Y, and SPD7Y that support Google voice assistant, Amazon Alexa, and Siri.
• The number of wired and wireless soundbar-compatible devices is rapidly expanding as support for technologies like Dolby Atmos spreads to mobile devices like smartphones and tablets. Consumers are becoming more inclined to adopt better and more advanced home entertainment devices as a result of these developments.
• Component shortages in the soundbar market were caused by the closure of manufacturing facilities and disruptions in the supply chain during the pandemic. However, because people were confined to their homes and concentrated on improving their in-home entertainment experience, the pandemic has significantly increased demand in the premium segment of soundbars. The COVID-19 outbreak and the resulting increase in demand for audio systems prompted industry players to introduce newer products.
• On the supply end, the closure of non-essential stores, as part of measures to limit the spread of COVID-19, had a significant negative impact on sales of home audio systems, including soundbars and home theatres, in the early part of 2020. For instance, Bose Corporation announced the closure of its retail outlets across the European region.​
• However, this also led to developments across online sales channels, as the home-ridden consumer segment witnessed consumers spending a considerable amount toward home improvements and leisure-led electronics categories.​

Key Market TrendsIncreasing Demand for Wireless Streaming of Audio Content Drives the Market

• The major reason for using a soundbar is its ability to stream audio content and improve the overall experience wirelessly. Furthermore, integrating voice assistants such as Google, Amazon, and others enhances the consumer experience.
• For instance, in December 2021, Zebronics introduced its latest soundbar, the Zeb-Juke Bar 3820A Pro, in India, which features dual drivers, dual 69mm subwoofers, and an 80W output. The most recent soundbar can provide users with an engaging audio experience. The device includes Wi-Fi connectivity, allowing users to stream audio wirelessly, and Amazon Alexa Voice Assistant support.
• For music streaming from an audio-enabled device, wireless audio devices use platforms such as Bluetooth, Wi-Fi, infrared and radio frequency, and airplay. The Bluetooth connectivity system drives the adoption of soundbars because it allows the sound bar to be wirelessly connected to a smartphone.
• In May 2022, Sonos revealed that it is set to launch a low-cost model of its popular TV soundbars alongside its unique voice control system for its smart speakers after its public bust-up with Google. The Ray soundbar is a smaller version of Sonos' popular Arc and Beam models, designed to fit neatly in TV stands without compromising sound quality. It employs an optical cable to connect to a TV, has Wi-Fi for streaming music, and can be controlled using the Sonos app or a TV remote.
• Additionally, according to Consumer Technology Association, the unit sales of soundbars in the United States were 7.79 million in 2018, which is expected to increase to 10.59 million in 2023. This increase in sales creates a positive impact on the soundbar market globally.

Asia-Pacific to Witness a Significant Growth Rate

• Asia-Pacific is anticipated to witness substantial growth in the soundbar market, owing to the rapid adoption of advanced consumer electronics in the region and the presence of major consumer electronics manufacturers in the region.
• On-demand-services players in the region have disrupted the traditional broadcast industry and are now penetrating the market in Southeast Asia. Currently, Netflix holds the maximum market share in the region. The increase in the demand for OTT media services and the availability of rich media content in the region is expected to increase the inclination towards enhanced sound quality for an enhanced immersive experience.
• Incumbent telecommunication and multichannel operators in Asia-Pacific have also proactively pursued business innovation with streaming video. Across India, high bandwidth internet, ease in data tariffs, and the recent nationwide lockdown are some of the major factors driving consumers to have shifted to online streaming.
• The advancement in the country's internet sector opened up an ever-rising opportunity for OTT streaming players in India for both the B2B and B2C segments. Presently, the country has around 94-100 OTT platforms across the music, video, podcast, and audio streaming segments. Platforms, such as Netflix, Disney+ Hotstar, and Amazon Prime Video, along with local players, such as Alt Balaji, Eros Now, Voot, Sun NXT, Hoichoi, and MX Player, among others, are some of the popular ones.
• In addition, the Broadcast Audience Research Council (BARC) of India estimates that TV penetration in India will be 70% in 2022 and that the average viewing time in India will be 4 hours and 6 minutes per viewer. As a result, the region has tremendous potential for the growth of the TV industry, and the addition of a soundbar to television to improve the sound and viewing experience is anticipated to fuel regional market growth.

Competitive Landscape

Because of the presence of international vendors like Polk Audio (DEI Holdings Inc), Samsung Electronics, Bose Corporation, and Onkyo Corporation, the global soundbar market is naturally competitive. Despite the market's high price sensitivity, businesses are concentrating on introducing new products. Several recent developments are

• September 2021 - Sony has introduced its 5.1 channel HT-S40R soundbar in India. The device has a slim design and supports Dolby Digital Technology for a better audio experience. The soundbar includes a wireless sub, rear speakers, and a subwoofer, all of which work together to provide a cinematic sound experience.
• July 2021 - Samsung has introduced new Q-series, A-series, and S-series soundbars, including the world's first 11.1.4 channel soundbar, which provides a rich and immersive surround sound experience.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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