Soundbar Market worth USD 9076.15 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Soundbar Market by Equipment Type (2.1 Channel, 5.1 Channel, 7.1 Channel, Others (3.1 and 4.1 channel)), by Technology (Bluetooth, Wi-Fi, and Airplay), by Type Outlook (Wall-Mounted, Table-Top, and Others), by Installation Method (Active Soundbar, Passive Soundbar, and Others), by Distribution Channel Outlook (Online (Independent Retailers, Dependent Retailers) and Offline (Hypermarket and Supermarket, Standalone Stores, Retail Stores, Independent Sellers, and Others)), by Application Outlook (Music Players, TV Sets, Computer System and Others), and by Region - Global Trends, Market Share, and Forecast to 2027". The global market of soundbar was valued at USD 5,094.40 million in 2020 to USD 9076.15 million by 2027, at a CAGR of 8.6% from 2021 to 2027. The primary factor driving the market is the integration of voice assistance technology in soundbars. In 2019, Sonos announced the Google Assistant integration for its Sonos Beam soundbar. Thus, the interoperability between different voice assistants is becoming essential for vendors, perhaps due to customers wanting flexibility in their smart home products. The use of home theatres is at an all-time high, given all the streaming video choices users have these days, right from Netflix to Amazon to Hulu, as well as the traditional cable offerings and sports packages. Also, the price of the audio-visual equipment that are used in the normal home theatre setup has never been more affordable.

Global Soundbar Market Segmentation

The soundbar market has been segmented into equipment type, type, installation method, distribution channel, technology, application, and region.

By Equipment Type Outlook (Volume Units, Revenue, USD Million, 2017-2027)

• 2.1 Channel
• 5.1 Channel
• 7.1 Channel
• Others (3.1 and 4.1 channel)

By Type Outlook (Volume Units, Revenue, USD Million, 2017-2027)

• Wall-Mounted
• Table-Top
• Others

By Installation Method Outlook (Volume Units, Revenue, USD Million, 2017-2027)

• Active Soundbar
• Passive Soundbar
• Others

By Technology Outlook (Volume Units, Revenue, USD Million, 2017-2027)

• Bluetooth
• Wi-Fi
• Airplay

By Distribution Channel Outlook (Volume Units, Revenue, USD Million, 2017-2027)

• Online
  • Independent Retailers
  • Dependent Retailers
• Offline
  • Hypermarket and Supermarket
  • Standalone Stores
  • Retail Stores
  • Independent Sellers
  • Others

By Application Outlook (Volume Units, Revenue, USD Million, 2017-2027)

• Music Players
• TV Sets
• Computer System
• Others

By Region Outlook (Volume Units, Revenue, USD Million, 2017-2027)

• North America (Mexico, Canada, US)
• South America (Peru, Brazil, Colombia, Argentina, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

2.1 Channel, by equipment type, is estimated to hold the largest market share during the forecast period

Based on the equipment type, the global soundbar market has been segmented into 2.1 channel, 5.1 channel, 7.1 channel, and others (3.1 and 4.1 channel). In 2020, 2.1 channels accounted for the largest market share of 34.25% in the global soundbar market and had a CAGR of 13.9% during the forecast period.

With a significant disposable income, a young and growing population, and increased demand for leisure activities, the gaming industry has witnessed rapid growth, with VR following suit, which propels 2.1 channel soundbar equipment. The VR gaming space is taking shape, with several malls in the country looking to house the best in the VR gaming industry. The VR concept increases the business value of the malls with the help of this new disruptive technology. Companies like HARMAN International Industries (JBL is a trademark of HARMAN International Industries Incorporated) recently launched a 2.0 - Channel Soundbar with Bluetooth. JBL Bar Studio compact soundbar provides a stellar sound, which includes Bluetooth connectivity so that music can be streamed to the speaker wirelessly.

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North America accounts for the largest market share during the forecast period

Based on the regions, the global soundbar market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America accounted for the highest market share of 31.05% in the global soundbar market and was anticipated to maintain its dominance throughout the forecast period, followed by Europe and the Asia Pacific. In North America, United States had the largest market revenue share of 88.64 in 2020.

Consumer spending on digital entertainment is rising in the United States, which is the major driving factor for the soundbar market’s growth. According to the survey “Year-End Home Entertainment Report” done by Digital Entertainment Group, consumer spending on digital distribution reached a record USD 25.17 billion in 2019, up by 8.4% from the previous year. The same survey states that spending on physical rentals continued to decrease, while spending on digital formats saw an increase. SVoD subscription expenditure grew by around USD 3 billion years on year. The United States dominates the global SVOD revenue, thereby increasing the unit sales of soundbars for home entertainment.

The major companies that are included in the global soundbar market are Polk Audio (DEI Holdings Inc.), Samsung Electronics Co. Ltd, LG Electronics Inc., Bose Corporation, Onkyo Corporation, Sony Corporation, Voxx International Corporation, Koninklijke Philips NV, Panasonic Corporation, Sennheiser Electronic GmbH & Co. KG, Edifier International Ltd, Boston Acoustics Inc. (DEI Holdings Inc.), Hisense Home Appliance Group Co. Ltd, Sonos Inc., Xiaomi Corporation, Blaupunkt GmbH, and VIZIO Inc.

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