The soundbar market is highly competitive, with leading producers accounting for 55% of revenue. Key industry players are focused on new product development initiatives to strengthen their product portfolios and expand their customer base. For example, in August 2018, Bose Corporation introduced the Sound-bar 500 with music and home theater. The new soundbar incorporates touchscreen technology on its headsets and headphones for better sound clarity.
The soundbar market is expected to register a CAGR of 8% during the forecast period, 2020-2025. According to a report by Qualcomm Incorporate in 2019, for 78 percent of customers, the sound quality remains the main driver when purchasing a soundbar.
One of the great things that drive the soundbar market is the change in media usage from the very first sound bar system and keeps driving the demand today.
One of the reasons the market is so integrated is the integration of voice assist technology into the voice bar. For example, in May 2019, Bose introduced audio sounds in support of Google VoiceAssistant. Google Voice Assistant is available with automatic software updates on the Bose Soundbar 500, and the Bose Soundbar 700.
Similarly, Sonos also announced the integration of Google Assistant into the Sonos Beam soundbar. Therefore, a collaboration between various voice assistants has become important for retailers, perhaps because of customers who want flexibility in their smart home products.
However, the availability of low prices in stand-alone talks is expected to be a key factor in curbing market growth
The market is focused on. Vendors compete based on features, sound quality, technology, size, and pricing. With increasing market competition, retailers are coming up with advanced technologies to gain a competitive advantage. Market players invest heavily in building, organizing, developing, recruiting new players, and expanding existing facilities. LG Electronics Inc., Panasonic Corp., Samsung Electronics Co Ltd., Sharp Corp., and Sony Corp., some of the major market participants. While a growing number of smart homes will offer great growth opportunities, the availability of counterfeit products will challenge the growth of market participants. To take full advantage of the opportunities, marketers need to focus on growth prospects in the fast-growing segments, while maintaining their positions in the slower stages.
To help clients improve their market position, this bar audio report provides a detailed analysis of market leaders and provides information on the capabilities and capabilities of these companies. The report also includes information on competitive market appearances and provides details on products offered by various companies. In addition, this report analyzes the soundbar market and provides details on the following trends and challenges that will affect market growth. This will help companies develop strategies to take full advantage of future growth opportunities.
Largest Markets of Soundbars in World
North America was the largest audio market in 2019, and the region will offer several growth opportunities to sell retailers during the forecast period. The high level of consumer electronics adoption such as wireless speakers, rising consumer spending in the US and Canada, and the growing interest in sporting events such as the Super Bowl and the FIFA World Cup, live shows, and music broadcasts will greatly enhance the market.
With the advancement of technology and listening methods for users, the demand for music players is growing. Soundbars are widely used as musicians. Part of the music player includes podcasts and radios.
The growth of the market share of the soundbar is still on the part of music players will be slower than the market growth of the computer segment. This report provides accurate predictions of the contribution of all components to the growth of sound market size.
Smart Homes Influence Soundbar Market Growth
Many homes in developed countries like the US and UK are relocated to smart homes. The smart home contains media and entertainment gadgets, consumer electronic devices, and other electronic devices that can interact through the home network.A need like this is driven by government efforts to encourage smart homes to live better lives. With the increasing acceptance of smart homes in developing countries, the sound market of soundbars will testify to significant growth during forecasting.