Zion Research has published a new report titled “Soundbar Market by Type (2, 2.1, 5.1 and Others) for Music Players, TV Sets, Computer Systems and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021.” According to the report, global soundbar market was valued at USD 2,327.0 million in 2015 and is expected to reach USD 4,886.0 million in 2021, growing at a CAGR of 10.6% between 2016 and 2021. In terms of volume, the global soundbar market stood at 12,155-kilo units in 2015.
A soundbar also called a speaker bar, is a special speaker with multiple drivers, which is much wider than it is tall and always put on a computer monitor or under a television or home theater screen. It can significantly improve the sound experience of consumers, without complex matters of surround sound speakers, wiring, etc. for the whole family theatre.
Global soundbar market was mainly driven by strong demand from emerging market like China and Japan due to the decline in the cost of raw material associated to the soundbar. Another major factor is the advancing technologies and government policies to uphold the expansion of the industry. As the rapid development of the downstream market, the soundbar industry is also in a substantial increase in upgrading technology. However, the structure i.e. size and width of the soundbar may require space enough space to be placed. This may limit the demand for soundbar market. Furthermore, new technology and trends are likely to provide numerous opportunities in untapped emerging economies.
Versions 2, 2.1, 5.1 and other are the major product types of global soundbar market. In 2015, the soundbar market accounted for 30% share for the 2.1 product type among other versions. However, 2.1 soundbar systems are expected to continue this trend in future years. This growth is attributed to the excellent characteristics it delivers excellent audio performance with a wireless subwoofer and optional center channel for those seeking a powerful entertainment upgrade to their movie and music experience.
…global soundbar market was valued at USD 2,327.0 million in 2015 and is expected to reach USD 4,886.0 million in 2021, growing at a CAGR of 10.6% between 2016 and 2021
Global soundbar market includes music players, television sets, computer systems and other applications. Music players were the major segments that contribute significant shares of the total market in 2015 and further expected to continue this trend during the forecast period. The increase in events and parties in various industries such as corporate, sports, film industry, and others is expected to drive the demand soundbar in near future. However, television and computer systems are also important outlets of global soundbar market that is expected to growth within the forecast period.
North America accounted for the largest share for soundbar industry in 2015. North America is also soundbar shipment in North America accounted for almost two third share of the global shipment in the same year. However, it is also expected to remain the largest market for soundbar in coming years. The strong demand for soundbar is a major driving factor for the market in the region. Promotions of the soundbar to the consumers along with powerful television brands are projected to boost the demand during the years to come.
Scope for soundbar industry in Europe is abundant. The soundbar technology is yet to be adopted by the European people. Soundbar shipment in Europe is comparatively less in 2015. The vendors and retailers in Europe are slow to adopt the concept of soundbars. In addition, the advancing technologies are expected to set new avenues in the region for soundbar market in coming years.
Asia Pacific is considered to be fastest growing market for soundbar. However, China was the largest contributor of the soundbar market in 2015. In Asia Pacific, home audio concept is undergoing rapid change. Increasing adoption rate of home theaters, flat television and music players are expected to drive the demand for soundbar in near future. High penetration coupled changing technology & trends are considered to be a major factor that will accelerates the growth of market in emerging economies such as India, China, Malaysia and Indonesia during the years to come.
Middle East and African countries are abundantly fond of music and art. However, the advanced technology is yet to be adopted by the countries. Changing perspective of entertainment industry is directly proportional to the increase in number of gadgets. This is expected to drive the demand for soundbar market in this region. Growing disposal income and increasing globalization may positively impact the soundbar market within the forecast.
Some of the major players of the global soundbar market include Samsung, Vizio, Yamaha, Sony, LG, Philips, Panasonic, Sharp, Bose, Polk Audio, Harman and JVC Kenwood.