Soundbar Market Competitive Landscape and Outlook Report 2020-2026
Selbyville, Delaware, United States, November 5 2020 (Wiredrelease) Global Market Insights, Inc –:The soundbar market landscape is poised to accumulate appreciative gains in the coming years owing to the shifting customer preferences towards the adoption of IoT-enabled soundbars. The incorporation of voice assistants coming with the device gives customers a hands-free experience for the operation of the soundbar, which is influencing product demand.
Recently, rapid increase in smart TVs sales and the easy accessibility of online streaming content like web series, music, and movies is being observed. Customers are increasingly favoring technically advanced soundbars having specific features like easy connectivity with Bluetooth and Wi-Fi. In addition to this, customer are also favoring features like a longer battery life and in-built voice assistant.
According to research report by Global Market Insights, Inc., soundbar market is likely to exceed $6.5 billion by 2026.
Features like built-in voice assistant and wireless connectivity are proliferating the sales of the soundbar among customers. The demand for 5.1 channel soundbars is projected to increase over the projected time period. This growth is ascribed to the rising home theatres trend, which has led to a rise in the requirement for an effective audio system that is capable of facilitating an improved audio experience.
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Furthermore, the 7.1 soundbars are likely to foresee a growth of more than 7% CAGR during the projected time period owing to consumer preference shifting towards sound equipment that boast of top-quality cinematic audio capabilities in home settings. These soundbars are enabled with features such as wireless connectivity, Dolby Atmos with HD surround sound, hands-free experience and built-in voice based assistant. These 7.1 soundbars offer a cinematic audio experience and also boosts the experience of home-entertainment for audiophile consumers.
The online distribution channel is likely to witness a high adoption because of the growing consumer behavior towards browsing e-commerce websites. Some of the chief marketing strategies adopted by industry players to drive the sales includes online advertising, webinar, email, social media, online/groups conferences, social media, publications, and web search.
Additionally, cloud computing technology and AI chatbots are also used by the online based distribution channel so as to deliver a seamless as well as personalized user experience at every touchpoint. Growing brand awareness in consumers is further stimulating new participants to build up their market positions.
Europe soundbar market is likely to witness a strong period of growth because of the growing sales of smart TVs, mainly in France, the UK, and Germany. The factors that are driving the soundbars market demand in the region include the availability of wireless devices and high-speed internet along with fast adoption of smart homes.
Moreover, new market players are also concentrating on new strategies for product innovation to penetrate the soundbar market in Europe. Citing an example, Orbitsound, which is a renowned audio equipment provider located in the UK, is providing soundbars that are enabled with air sound technology delivering high-fidelity sound from a single unit to a large listening area. The product also provides a sleek design as well as smart usability for the next-gen televisions.
The prominent industry players in the market include VIZIO Inc, Pioneer Corporation, Polk Audio, TCL Corporation LG Electronics Inc., Plantronics, Inc., Bose Corporation, Toshiba Corporation, Sennheiser Electronic GmbH & Co. KG, Onkyo Corporation, Samsung Electronics Co., Ltd., Yamaha Corporation, Sentry Industries, Inc., Blaupunkt GmbH, Sharp Corporation, and Sony Corporation among others.
These key players are concentrating on strategies like new product innovation and collaborations to consolidate their position in the industry. Additionally, these industry players are also expanding into underserved and unserved regions to gain their industry share.
Moreover, the key players who are operating in the soundbar market are also concentrating towards several strategies for business growth which includes new product launches so as to stay ahead of the competition. For example, JBL launched its Bar 9.1, In January 2020, enabled with Dolby Atmos true wireless surround sound. The soundbar market also supports Apple Airplay 2 streaming and Google Chromecast which is specifically designed for home users, enabling them to create an ideal cinematic experience.Request for Customization of this report @ https://www.gminsights.com/roc/4638
Table Of Content:
Chapter 5 Soundbar Market, By Type
5.1 Key trends by type
5.2 2.1 channel
5.2.1 Market estimates and forecast, 2015 – 2026
5.3 5.1 channel
5.3.1 Market estimates and forecast, 2015 – 2026
5.4 7.1 channel
5.4.1 Market estimates and forecast, 2015 – 2026
5.5.1 Market estimates and forecast, 2015 – 2026
Chapter 6 Soundbar Market, By Distribution Channel
6.1 Key trends by distribution channel
6.2.1 Market estimates and forecast, 2015 – 2026
6.3.1 Market estimates and forecast, 2015 – 2026
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