Soundbar Market Growth, Demand and Challenges of the Key Industry Players 2028

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Global Soundbar Market Research Report:

The latest report by IMARC, titled “ Soundbar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” " the global soundbar market reached a value of US$ 3.7 Billion in 2022.

A soundbar is an oblong-shaped device that is used to produce a stereo effect. It is a type of audio system enclosure that comprises of numerous individual speakers placed side by side. The device is also characterized by various advanced features, such as infrared remote control, stereo analog inputs and outputs, wireless connectivity option, and other audio processing features pertaining to speaker equalization.

It is widely used across the residential, commercial, and entertainment sectors to create virtual surround sound with the help of advanced vibrations technology. Also known as a media or speaker bar, it is widely utilized to offer an enhanced audio experience to the users by eliminating the need for elaborate setups, external wiring and multiple speakers.

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Global Soundbar Market Trends:

The global market is primarily driven by the growing preference for online media consumption. The escalating popularity of subscription-based media platforms, such as Netflix, Amazon Prime, Disney+ and Hulu, along with the rising adoption of flat-panel TV sets, has created an increasing requirement for premium viewing experience among the masses, thereby providing a boost to the sales of soundbars. This is supported by improving standards of living, inflating per capita income levels and the availability of high-speed internet connection. The market is further driven by the rapid integration of these devices with voice assistant technology. Several key players, including Bose Corporation, are launching models that support Alexa and Google Assistant to offer seamless content streaming experience, which is widely gaining prominence among individuals.

Along with this, the growing adoption of smart homes on the global level has created an increasing demand for connected communication devices, which, in turn, is facilitating the uptake of soundbars. Numerous digital transformations in the music industry are further providing a thrust to the demand for compatible media and entertainment gadgets with good bass response. Some of the other factors contributing to the market growth include rapid digitalization and the launch of numerous television (TV) sets integrated with 8K technology, along with increasing product utilization in the hospitality and institutional sectors. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 8.8% during 2023-2028.

Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).

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Market Summary:

Type Insights:

• Wall-Mounted

• Table-top

• Others

Installation Method Insights:

• Active Soundbars

• Passive Soundbars

• Others

Connectivity Insights:

• Wi-Fi

• Bluetooth

• Others

Application Insights:

• Home Audio

• Commercial

• Others

Regional Insights:

• 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 with Key Players:

• 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

• Yamaha Corporation

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