Over the last decade, the media industry has undergone a drastic change as consumers now prefer to consume content with rich audio quality. Moreover, there have been technological advancements such as the development of wireless streaming devices. In this context, the demand for soundbars is expected to significantly boost. Soundbars are easily connected to intelligent devices such as smart TVs, smartphones, and laptops, with both wireless and wired connectivity. Apart from that, soundbars also offer added convenience by enabling the integration of voice assistants. Furthermore, in recent times, subscription-based platforms have been gaining significant traction. This, in turn, has triggered the demand for soundbars to provide enhanced customer experience. In the near future, all these factors are expected to unlock new growth opportunities for the global soundbar market.
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Increased Online Sales to Create Positive Growth Dynamics for Soundbar Market
Of late, the wave of digitization across major industries has led to the increased adoption of advanced electronic devices. As a result of this, the demand for soundbars has witnessed a substantial rise. Simultaneously, e-commerce platforms have gained notable momentum owing to the convenient and customer-friendly experience provided on these platforms. In addition to this, e-commerce platforms offer cost-saving options and attractive offers such as lucrative discounts. Witnessing this, key industry participants are increasingly collaborating with e-commerce providers to widen their sales funnel. Against this backdrop, the global soundbar market is projected to reach sound maturity over the forecast period.
Growing Trend of Home Theatres to Facilitate Expansion of Soundbar Market
The rising demand for home theatre is directly coinciding with the expansion of the soundbar market. Soundbars are gaining prominence in home theatres as an alternative to stereo sound systems since it is cost-effective and improves sound quality. Besides, unlike traditional sound systems that include multiple speakers and wires, soundbars are a space-efficient way to get next-level sound in the living room. There has also been a surge in the construction of smart homes. As these homes encapsulate a network of communication devices, it has resulted in an increased demand for high-quality audio devices. Considering such a favourable outlook, the global soundbar market is likely to witness robust expansion in the upcoming years.
Asia to Lead Soundbar Market Owing to Presence of Key Industry Participants
Asia Pacific is expected to emerge as a key region in the soundbar market. This is majorly attributed to the presence of leading consumer electronics manufacturers in the region. Moreover, on-demand service providers are also entering the region, promoting the trend of consuming content on OTT media platforms. As a result of this, consumers are inclined towards advanced audio devices such as soundbars to get an enhanced watching experience at home. Other driving factors include the rising population and stable GDP per capita income. It is predicted that all these factors are expected to bode well for the Asia’s soundbar market.
Leading Market Players
Some of the major players in the global soundbar market include Onkyo Corporation, Sony Corporation, Polk Audio, LG Electronics Inc., Samsung Electronics, Koninklijke Philips N V, Panasonic Corporation, Bose Corporation, Plantronics Inc., Vizio Inc., TCL Corporation, and Sennheiser Electronics GmbH.
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