Soundbar Industry Global Key Players, Market Trends & Technology Development – Forecast to 2021

Publisher’s market research analyst predicts the global soundbar market to grow steadily at a CAGR of above 16% by 2021. One of the major factors driving growth in this market is the increasing number of smart homes. Many homes in developed nations such as the US and UK are being remodeled to smart homes. A smart home consists of media and entertainment gadgets, consumer electronic devices, and other smart electronics that can interact with each other through a home network. Such rising demand is driven by government initiatives that promote smart homes for a better living. Solutions like, wireless speakers facilitate the communication between devices that are connected to the home network and provide easy streaming of content like music and videos. Furthermore, with the increasing adoption of smart homes in the developing countries, the global market for soundbars will witness huge growth in the coming years.

The growing trend of multi-room streaming will drive the growth prospects for the global soundbar market until the end of 2021. In network audio systems, all audio devices are wirelessly connected with technologies such as AirPlay, Bluetooth, or Wi-Fi. These technologies separate a system’s physical and logical connections, which means that a single network carries multiple channels, making it possible to make infrastructure changes in relatively less time span and with lesser cost. Also, soundbars allow users to enjoy the music around the house with multi-room listening using online links and can be controlled with a mobile application. The growing trend of maintaining speakers in all rooms will support the growth of the soundbar market during the forecast period.

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Competitive landscape and key vendors

The global soundbar market is highly competitive because of the presence of numerous vendors. Vendors are competing based on features such as sound quality, technology, size, and pricing. The intense competition, consumer spending pattern, demographic trends, and frequent changes in consumer preferences pose a significant risk to the vendors. To gain a competitive advantage, vendors are constantly coming up with advanced and better technologies. With rapid technological advancements and more number of players entering the market, the competition is expected to intensify over the next four years.

Leading vendors in the market are -

Bose

LG Electronics

Samsung Electronics

Sony

Yamaha

Other prominent vendors in the soundbar market include Atlantic Technology, Bowers & Wilkins, Cambridge Audio, Definitive Technology, Denon Electronics, Edifier International, Focal-JMLab, Harman International Industries, JBL, JVCKenwood, Koninklijke Philips, Panasonic, Pioneer, Polk Audio, Qualcomm Technologies, Sennheiser, Sonos, Vizio, and ZVOX.

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Segmentation by application and analysis of the Soundbar market

8-34 years

35-54 years

55 years and above

During 2015, the 35-54 age bracket segment dominated the soundbar market and accounted for a major part of the overall market share. The growth in this group can be attributed to the use of soundbars for multiple purposes apart from using them for TV sets. Also, these users are categorized under the middle-high income group and they are quality conscious and have high spending budgets. The segment is likely to exhibit a slight decline in soundbar adoption during the forecast period.

Geographical segmentation and analysis of the soundbar market

Americas

APAC

EMEA

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