The soundbar market is expected to grow by USD 5.05 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Soundbar Market 2020-2024 (Graphic: Business Wire)
The penetration of smart homes is rising rapidly owing to the increased usage of advanced sensors to connect appliances. A smart home consists of media and entertainment gadgets, consumer electronic devices, and other smart electronics that can interact with each other through a home network. Moreover, it is expected that the demand for smart home automation systems will increase the adoption of smart soundbars to control connected devices using voice assistants. Thus, vendors in the market are launching smart speakers integrated with voice assistant functionality. For instance, in February 2019, Samsung announced that it would launch its Galaxy Home smart speaker by April. This smart speaker uses Samsung’s own virtual assistant to respond to voice commands. Thus, the increasing number of smart homes is expected to drive the growth of the market.
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As per Technavio, the growing popularity of multi-room streaming will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Soundbar Market : Growing Popularity of Multi-Room Streaming
The popularity of multi-room streaming speakers is increasing as they offer convenience while accessing a music device. Multi-room streaming speakers are integrated with Wi-Fi connectivity that has the ability to stream music to one to several speakers at once. Multi-room systems need to be connected to a master speaker that is connected wirelessly with Wi-Fi, Bluetooth, or AirPlay. Vendors such as Samsung Electronics, Sonos, and Sony offer soundbars with Wi-Fi and AirPlay technologies and multi-room streaming features. Moreover, with the increase in the use of music streaming services, the demand for multi-room streaming speakers is expected to grow, which, in turn, will drive the market in focus during the forecast period.
“Factors such as the advent of cloud services, increase in use of e-commerce platforms, and the improved wireless connectivity will have a positive impact on the growth of the soundbar market value during the forecast period,” says a senior analyst at Technavio.
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Soundbar Market: Segmentation Analysis
This market research report segments the soundbar market by application (music players, TV sets and computers), and geography (APAC, Europe, MEA, North America and South America).
The North American region led the soundbar market in 2019, followed by Europe, APAC, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the high rate of adoption of consumer electronics such as wireless speakers, increased spending of the population in the US and Canada and the growing interest for sports events like Super Bowl and FIFA World Cup, live shows, and music streaming.
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Some of the key topics covered in the report include:
- Music players
- TV sets
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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