Sound Bar Market

Market Synopsis:

Global Sound Bar Market is valued at USD 5480.63 Million in the year 2022 and is projected to reach a value of USD 6942.68 Million by the year 2030. The market is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 3.00% over the forecast period.

The Sound Bar Market is witnessing growth due to its ability to stream audio content wirelessly and improve the overall experience, and the ability to integrate with voice assistants like Amazon, Google, etc. is improving the consumer's experience and thus drives the growth of the Sound Bar Market in coming years. Moreover, the rise in the number of smart homes that are furnished with linked communication devices is boosting the demand for home theatre and thus drives the demand for the Sound Bar Market in the coming years. Furthermore, various technological advancements have led to the launch of advanced and innovative 4K and 8K television technologies that are fueling the growth of the Sound Bar Market during the forecast period. Moreover, the high internet connectivity along with the integration of Sound Bar with voice assistants like Google assistance and Alexa have advanced the product quality which is projected to boost the Sound Bar Market growth during the forecast period. Furthermore, the digital transformation in the music industry is also boosting the demand for entertainment gadgets like Sound Bars for generating strong sound with good quality bass. The rapid urbanization and globalization across emerging countries have increased the sales of electronic devices and increased the product launches that are fueling the growth of the Sound Bar Market during the forecast period. Whereas, the increase in the number of smart homes, technological advancements, and new product launches are projected to create a growth opportunity for the Sound Bar Market in upcoming years. The increasing restrictions on the utilization of the radio frequency spectrum, and growth in health concerns are the factors expected to limit the growth of the Sound Bar Market during the forecast period.

Market Segmentation:

The Sound Bar Market is segmented on the basis of type, installation method, connectivity, and application. On the basis of type, the market is segmented as Wall-Mounted, Tabletop, and others. On the basis of installation method, the market is segmented as Active Sound Bar, Passive Sound Bar, and others. On the basis of connectivity, the market is segmented as Wi-Fi, Bluetooth, and others. On the basis of application, the market is segmented as Home Audio, Commercial, and others.

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The active Sound Bar is expected to witness the fastest growth during the forecast period

Based on the installation method, the active Sound Bar segment is projected to experience the fastest growth during the forecast period. The active Sound Bar is close to self-contained and they hold amplifiers, digital signal processing, and volume control including speakers in the same cabinet. Moreover, the presence of an amplifier is what differentiates an active Sound Bar from the passive Sound Bar, and an active Sound Bar is advantageous as the setting of a full sound system with several speakers is almost impossible in certain homes which is increasing the demand for active Sound Bars during the forecast period.

The home sound system is projected to hold the largest market share during the forecast period

Based on the application, the home sound system is expected to acquire the largest market share during the forecast period. Based on the size of the room, Sound Bars include an ability to create a virtual sound that provides a rich sound experience for users. Sound Bars are actually a compact audio hub for home theater systems with many Sound Bars with sound assistance which makes it easy to play on-demand music.

North America is projected to acquire the largest market share during the forecast period

North America holds the largest revenue share in the Sound Bar Market during the forecast period. The growth of North America is attributed to increasing investments in incorporating new capabilities in a Sound Bar, increasing digitalization, and rising penetration of OTT like Amazon Prime and Netflix. Additionally, the presence of major key players in the region is predicted to play an important role in the growth of the Sound Bar Market in North America during the forecast period.

The Asia Pacific is predicted to be the fastest-growing region during the forecast period

The Asia Pacific region is expected to be the fastest-growing region during the forecast period. The growth of Asia Pacific is majorly attributed to the presence of a large consumer base in Asia Pacific. Moreover, the rising disposable income in emerging economies like China, and India are expected to support the market revenue growth in the Asia Pacific region during the forecast period.

Competitive Landscape:

The Sound Bar Market is highly fragmented in nature due to the presence of key players in the market. Some of the major key players in the market are Bose Corporation, Edifier, Harman International Industries, LG Electronics, Panasonic Corporation, Polk Audio, Samsung, Sennheiser Electronic GmbH & Co. KG, Sony Corporation, and Yamaha Corporation.

Segmentation of the Global Sound Bar Market: