Global soundbar market forecast to reach USD 4,886.0 million in 2021, growing at a CAGR of 10.6% between 2016 and 2021
Sarasota, FL -- (SBWIRE) -- 03/19/2018 -- A soundbar is a slender unit with frequent built-in speakers. It encompasses a special loudspeaker enclosure that produces sound from a single cabinet. The soundbar is designed to improve the sound quality without using loads of wires. Its condense structure reduces the use of external wiring. Several manufacturers produce hybrid soundbar, in which the soundbar represents left, center, and right speakers along with the subwoofer, rear-left, and rear-right speakers.
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The major driving factor for global soundbar market is rapidly expanding the market in emerging countries as well as the promotion of flat-panel TVs, and consideration of the layout of the interior space. National policies to promote the development of the industry are likely to fuel the demand for soundbar over the years to come. However, more and more companies are entering this field, and enterprise profits will be diluted which can slow down the growth of the global soundbar market. Nonetheless, advancing technologies and trends are likely to open new doors for this industry in coming years.
Based on the type of soundbars, the global sound market is segmented as version 2, 2.1, 5.1 and other versions. Global soundbar market was dominated by version 2.1 in 2015. It accounted for more than 30.0% share of total volume consumption. Version 2.1 offers excellent audio performance, wireless subwoofer, and center channel. These attributes make the soundbar will remain dominant in the market over the forecast period. Version 5.1 was the second largest segment of global soundbar market in the same year. However, version 5.1 system that is likely to have moderate growth during the year to come.
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The major applications of soundbar system are the music player, television sets, computer systems and other applications. Among these applications, music players hold the largest share of the total soundbar market in 2015. Moreover, an increase in numbers of celebrations and events in various industries are projected to drive the demand for music players. This attribute is expected to assist to continue the dominance of music player over the future years. TV & home theater and computer systems are the important outlets that are also expected to have a healthy growth during the years to come.
Based on geography, North America held the leading market for the soundbar in 2015. It accounted for around 35.0% shares of the entire market of the soundbar and it is expected to continue the dominance over the coming years. North America was followed by Asia-Pacific and Europe. Moreover, Asia Pacific is expected to be the fastest growing market for the soundbar. In terms of volume consumption, China was one of the largest markets in 2015. And further, it is expected to continue this trend in future years owing to the advanced development and the rapid decline in prices. Furthermore, Latin America and the Middle East & Africa are expected to have significant growth over the years to come.
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Some of the major players of the soundbar market include Samsung, Vizio, Yamaha, Sony, LG, Philips, Panasonic, Sharp, Bose, Polk Audio, Harman and JVC Kenwood.