As stated in our extensive report providing insights on Type, Installation Method, Connectivity, and Application the Global Sound Bar Market accounted for USD 5,321.9 Million in 2021.
The rising acceptance of soundbars in the commercial and residential sectors is the major factor driving the market. The changing lifestyle and upcoming new trends in the entrainment industry have influenced the young generation to experience various sound effects. For instance, the gaming and film industry develops various modes of sound which can only be experienced good using soundbars. This fuels the market demand.
In recent years soundbar systems are often also slightly cheaper than extensive home cinema systems with a large number of speakers.Soundbars are actually compact hubs for the home theater systems. Nowadays most soundbars also come with access to streaming services, Bluetooth, and Wi-Fi.
Furthermore, the increasing scale for use of soundbar in emerging economies, acceptance of modern lifestyle, and growing inclination towards quality music is expected to generate opportunities for the growth of the Sound Bar Market.
Sound Bar Market has been adversely affected in recent months owing to the outbreak of the pandemic, COVID-19, in December 2019. The outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses except for essential services (allowed with minimum workforce). Several businesses have increased their focus on profitability and reduced their expenses in manufacturing, which is decreasing the demand for Sound Bar Market.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) in the coming years owing to the high demand for soundbars in the entertainment sector.Additionally, this region has the most advance manufacturing facilities which are boosting the market to growth. Countries such as the U.S. & Canada are considered to be the most developed countries in the field of sound technology. These are a few of the reasons is expected to grow in the coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the adoption of turbochargers. The Asia Pacific held the largest share of the Sound Bar Market in 2021, followed by Europe and North America.In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability R&D facilities, underdeveloped IT infrastructure, and social constraints.
Major players of the Global Sound Bar Market such as Bose Corporation, Edifier, Harman International Industries, LG Electronics, Panasonic Corporation, Polk Audio, Samsung, Sennheiser Electronic GmbH & Co. KG, Sony Corporation and Yamaha Corporation.