The global soundbar market size was US$ 5,194 million in 2021. The global soundbar market is forecast to grow to US$ 9,976.2 million by 2030 by growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The increasing urban population and rising interest in music are likely to fuel the growth of the global soundbars market.
The growing demand for automated technologies and rapid shift in consumer preference for portable yet high-performance audio devices will contribute to the growth of the market.
The global soundbars market is forecast to gain traction due to the high levels of integration, immersive sound quality, and wireless connectivity offered by advanced soundbars.
The increasing number of launches and advancements in the soundbars industry is forecast to benefit the overall soundbars market during the study period. For instance, Panasonic introduced the SC-HTB600 Dolby Atmos soundbar in 2020. Furthermore, SONOS INC. also unveiled Sonos Arc, a premium smart soundbar that brings immersive in the same year. Thus, advancements in the industry will be the key contributor to the growth of the global soundbar market.
The growing use of mobile devices, such as smartphones and tablets, is forecast to offer ample growth opportunities for the market. In addition, the increasing inclination of consumers toward better and enhanced home entertainment devices will benefit the market throughout the forecast period.
The growing audio content will also escalate the market growth. Furthermore, tending house parties and get together will benefit the soundbar market throughout the forecast period.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic reduced the demand for consumer electronics. From the consumer perspective, the majority of the working population either lost their job or had to work at comparatively low wages. Thus, consumer spending on electronics decreased drastically. In addition, manufacturers also went through several obstacles to continue the operations. Thus, it halted the growth of the overall soundbar industry.
Regional Analysis
The Asia-Pacific soundbar industry is forecast to gain traction. North America is also forecast to register significant growth due to the growing consumer spending on electronics. In Asia-Pacific, China is forecast to dominate the market due to growing consumer spending. Furthermore, India is forecast to exhibit remarkable growth due to the rising urbanization and increasing employment rate.
Competitors in the Market
Market Segmentation
The global soundbar market segmentation focuses on Equipment, Technology, Type, Installation, Distribution Channel, Application, and Region.
By Equipment Type Outlook
By Technology Outlook
By Type Outlook
By Installation Method Outlook
By Distribution Channel Outlook
By Application Outlook
By Regional Outlook
