The global soundbar market (henceforth, referred to as the market studied) was valued at USD 4,778. 3 million in 2019, and it is expected to reach USD 7,682. 3 million by 2025, registering a CAGR of 8. 6%, during the period of 2020-2025 (henceforth, referred to as the forecast period).
New York, Oct. 12, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Soundbar Market - Growth, Trends, Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05976771/?utm_source=GNW
- One of the major factors driving the soundbar market is the change in the consumption of media i.e. from offline to online. The increasing penetration of subscription-based platforms such as Netflix or Amazon Prime is complementing the growth of soundbar because the soundbar provides an enhanced sound quality to the viewers.
- Another one of the major factors driving the market is the integration of voice assistance technology in the soundbar. For instance, in May 2019, Bose launched soundbars that supports Google VoiceAssistant. Google’s voice assistant is available via an automatic software update on Bose Soundbar 500, and Bose Soundbar 700.
- Similarly, Sonos also announced the Google Assistant integration for the Sonos Beam soundbar. Thus, interoperability between different voice assistants is becoming essential for the vendors, perhaps due to customers wanting flexibility in their smart home products.
- However, the availability of low-priced in stand-alone speakers is expected to be a significant factor in restraining market growth.
Key Market Trends
Increasing Demand for Wireless Streaming of Audio Content Drives the Market
- The primary reason behind using the soundbar is their ability to stream audio content wirelessly and enhance the overall experience. Further, the integration of voice assistants such as Google, Amazon, etc. is boosting the experience of the consumers.
- Moreover, increasing the number of smart homes that are equipped with connected communication devices is boosting the market for home theatre, which in result also drives the soundbar market.
- For instance, in September 2019, Netgem ( connected home company) has launched the second generation of its smart soundbar in partnership with the Sharp Corporation. This is equipped with Alexa, 4K HDR10, a DVB-T2 tuner built-in, and access to a range of OTT apps. It also allowed users to control their wireless headphones and wireless speakers at home through Soundbox TV functions, as well as smart home devices that are compatible with the Alexa ecosystem. Such development in soundbar technology is expected to boost market demand.
- Additionally, according to Energy Star, the total soundbar unit shipments are expected to increase from around 8 million in 2018 to 8.55 million by 2020 in the United States. This increase in the shipment value creates a positive impact on the soundbar market globally.
India is Likely to Show Remarkable Growth
- India is expected to show a remarkable growth in the soundbar market because, as per IBEF, India’s media consumption has grown at a CAGR of 9 % during 2012-18, almost nine times that of the US and two times that of China and is further expected to grow at 11.6% CAGR from 2019-2025. Thus, the industry is expected to grow at a much faster rate than the global average rate.
- Furthermore, with the increase in the country’s wealthy population, the demand for luxury products increased. Despite the increasing geopolitical tensions, slow growth forecasts, and uncertainty in 2019, 51% of the ultra-wealthy Indians experienced an increase in their income.
- India is a price-sensitive market; therefore, vendors are launching low priced soundbar in the Indian Market. In September 2019, Xiomi launched a black color variant of the Mi Soundbar in the country, which is considered to be a cheap soundbar compared to other competitors who are providing the same specifications at a higher range.
- Additionally, according to Broadcast Audience Research Council India, TV penetration in India stands at 66% in 2018, and the average time spent on watching TV per viewer is 4 hours and 6 minutes in India. Therefore, there is a vast potential for the TV industry to expand in the region, and when soundbar, paired with television, it augments the sound and viewing experience, which is expected to drive the market in the region.
The soundbar market is competitive in nature because of the presence of global vendors such as Polk Audio(DEI Holdings Inc), Samsung Electronics, Bose Corporation, and Onkyo Corporation. Although the market is very price-sensitive, companies are focusing on launching new products in the market. Few recent developments are:
- October 2019 - Roku Players and Walmart Inc. partnered to release cheaper versions of the Roku Smart Soundbar under Walmart’s Onn brand of electronics. These versions of Roku’s products are expected to be slightly lower-spec than the regular versions and these would be around USD 50 less than the standard versions on other retailers. This partnership is expected to attract more customers to purchase the product at a cheaper rate.
- August 2019 - Blaupunkt GmbH ( Aurelius Group) launched one soundbar with Dolby Digital sound in India and is available on online and e-commerce platforms such as Amazon and Flipkart and brick and mortar stores like at Croma. This product launch enhances the company’s brand visibility in India and strengthes its geographical presence.
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