Sound Bar Market Size, Share and Major Industry Players and Forecast to 2028 | Emerging Research
Sound Bar Market Growth – at a CAGR of 7.3%, Market Trends – Improved living standards of consumers and rising disposable incomes
— Emerging Research
VANCOUVER, BC, CANADA, June 22, 2022 /EINPresswire.com/ — According to Emergen Research, the global sound bar market size was USD 5,457.6 million in 2020 and is expected to reach USD 9,625.1 million in 2028 and register a revenue CAGR of 7.3% during the forecast period, 2021-2028. The global sound bar market revenue growth is primarily attributed to factors such as growing penetration of smart devices such as laptops, smartphones, smart TVs, and home audio systems, increasing accessibility of over-the-top (OTT) on-demand media streaming platforms such as Netflix, Amazon Prime, Apple TV+, and Hotstar/Disney+ worldwide, rapidly increasing number of OTT audio/video subscriptions, and growing demand for high-quality and fully immersive audio experience in indoor environments. Increasing demand for high-quality soundbars with next-generation features, including wireless connectivity and high compatibility with voice assistants like Alexa and Google Assistance, rising consumer demand for immersive home theater experiences, growing trend of on-demand music streaming and availability of various music streaming platforms including Spotify, JioSaavn, Apple Music, and Amazon Music, and rising disposable incomes of consumers, especially in developing countries like India and China, are other major factors contributing to revenue growth of the global sound bar market.
The Sound Bar market report focuses on the economic developments and consumer spending trends across different countries for the forecast period 2020 to 2028. The research further reveals which countries and regions will have a better standing in the years to come. Apart from this, the study talks about the growth rate, market share as well as the recent developments in the Sound Bar industry worldwide. Besides, the special mention of major market players adds importance to the overall market study.
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COVID-19 Impact Analysis:
Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
Impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Disrupted agriculture, fisheries, dairy, and other sectors
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines
Active Sound Bar Segment to Account for Fastest Revenue CAGR:
The active sound bar segment dominated other segments in terms of revenue share in the global market in 2020. Active sound bars are self-contained and equipped with advanced features such as volume control, amplifiers, digital signal processing, and High-Definition Multimedia Interface ( HDMI). Growing demand for active sound bars due to better and more advanced features than those of passive sound bars is a key factor driving this segment’s revenue growth.
Home Audio Systems Segment Accounted for Largest Revenue Share in 2020:
The home audio systems segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Increasing sales of home audio systems, rising consumer demand for high-quality and enhanced cinematic experience in indoor environments, new product launches over recent years, and growing income levels of consumers are some of the key factors supporting this segment’s revenue growth.
The subject matter experts conducting the study offer a deep understanding of how prominent leaders have managed to navigate the potential buyers and competitive dynamics influencing their brand positioning in the industry The Sound Bar market analysis provides everything a business owner needs in order to succeed.
Major Players/Manufacturers profiled in the report are:
Samsung Electronics Co. Ltd.,
Sennheiser Electronic GmbH & Co. KG
Royal Philips NV
2 Expect LLC
Altec Lansing Inc.
B&W Group Ltd.
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For better understanding, the report further divides the market into key segments such as product types and application spectrum. The report also offers estimates about the segment and sub-segment expected to grow at a rapid pace and the key factors expected to drive revenue growth of the segments during the forecast timeline of 2021-2028.
For the purpose of this report, Emergen Research has segmented the sound bar market based on product type, connectivity, installation type, application, and region:
Product Type Outlook (Revenue, USD Million; 2018–2028)
Connectivity Outlook (Revenue, USD Million; 2018–2028)
Installation Type Outlook (Revenue, USD Million; 2018–2028)
Application Outlook (Revenue, USD Million; 2018–2028)
Home Audio Systems
North America (US, Canada)
Europe (UK, Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, UAE, South Africa, Rest of MEA)
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The report offers insightful information about the market dynamics of the Sound Bar market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Sound Bar market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Sound Bar market.
Key Benefits of the Report:
Comprehensive analysis of the competitive scenario and its changing dynamics
Analytical data with detailed SWOT analysis and Porter’s Five Forces analysis
In-depth 8 year analysis of the Global Sound Bar Market
Critical assessment of the key market segments
Comprehensive analysis of the drivers, restraints, trends, and opportunities
Detailed regional analysis and extensive company profiling
Extensive assessment of current and emerging trends of the market
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Sound Bar Market Size to Reach USD 9.625.1 Million in 2028