Market Size of Soundbar Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 8.80 Billion |
Market Size (2029) | USD 13.12 Billion |
CAGR (2024 - 2029) | 8.30 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia-Pacific |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Soundbar Market Analysis
The Soundbar Market size is estimated at USD 8.80 billion in 2024, and is expected to reach USD 13.12 billion by 2029, growing at a CAGR of 8.30% during the forecast period (2024-2029).
The increasing demand for high-quality audio solutions and smart audio/video devices is driving the market studied.
- A soundbar is a single, elongated, slimline speaker system with multiple discrete speakers. It often comes with a broad and low enclosure, like a long narrow rectangle. These devices are designed for acoustic reasons and to make them easily mountable above or below display devices like televisions.
- Soundbars have an inbuilt subwoofer to generate a high-quality sound with a surround sound effect, especially some high-end soundbars, apart from multiple speakers inside the cabinet. Soundbars are a cost-effective alternative to stereo sound systems that drastically improve the audio quality in the user's living room, meeting/conference room, or home theater.
- Smart consumer products have witnessed significant growth in demand in recent years, including smart televisions and other home devices. Rapid technological advancement, growing internet penetration, digital transformation of the broadcasting industry, and declining product prices are among the major factors driving the growth of the smart home devices industry. Soundbars are increasingly being used with these devices to enhance the audio experience, boosting the demand for the market studied.
- The audio systems market is highly competitive due to multiple vendors offering budget speaker systems that are comparatively lower priced than soundbars. These speakers are top-rated in emerging economies where a significant share of the population has budget constraints and cannot afford a soundbar system.
- The COVID-19 pandemic had a mixed impact on the growth of the soundbars market. While the pandemic significantly drove the demand for soundbars used in household applications, the commercial segment witnessed a significant reduction in demand as the widespread lockdown imposed across various countries resulted in the cancellation of music concerts and other public events where soundbars are used.
Soundbar Industry Segmentation
Soundbars are sleek forms of loudspeakers that are unobtrusive, easy to set up, and give a sound that is as impactful as the premium picture on a TV. Soundbars can be mounted on a computer monitor, TV, home theater, or other similar devices. These are used majorly for home entertainment and other applications.
The scope of the study covers the general overview of the soundbars market along with the market's growth trends and current developments. The study identifies the trends across various geographies and presents an overall outlook of the market studied across each region. It further analyzes the overall impact of COVID-19 on the market dynamics and the ecosystem on a near and short-term basis.
Equipment Type | |
2 Channel | |
3 Channel | |
5 Channel | |
Other Equipment Types |
Geography | |
North America | |
Europe | |
Asia-Pacific | |
Latin America | |
Middle East & Africa |
Soundbar Market Size Summary
The soundbar market is poised for significant growth, driven by the increasing demand for high-quality audio solutions and the integration of smart audio/video devices. Soundbars, known for their sleek design and ability to enhance audio experiences, are becoming a popular choice for consumers seeking cost-effective alternatives to traditional stereo systems. The rise of smart homes, characterized by connected devices and digital transformation, is further propelling the demand for soundbars. Technological advancements, such as improved wireless connectivity and the integration of voice assistants, are enhancing user experiences and driving market expansion. Despite the competitive landscape, with budget speaker systems offering lower-priced alternatives, soundbars continue to gain traction due to their superior audio quality and convenience.
The Asia-Pacific region is expected to witness substantial growth in the soundbar market, fueled by the rapid adoption of advanced consumer electronics and the presence of major manufacturers. China, in particular, is a dominant player in this market, benefiting from its expanding economy, increased consumer spending, and significant investments in research and development for wireless audio devices. The region's growing demand for soundbars across various commercial sectors, coupled with the rise of smart homes, is anticipated to drive global market growth. Major global players, including Samsung, Bose, LG, and Sony, are actively introducing new products and forming strategic partnerships to maintain their market positions, leveraging technological advancements to gain a competitive edge.
Soundbar Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Value Chain Analysis
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitutes
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1.3.5 Intensity of Competitive Rivalry
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1.4 Assessment of the Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 Equipment Type
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2.1.1 2 Channel
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2.1.2 3 Channel
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2.1.3 5 Channel
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2.1.4 Other Equipment Types
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2.2 Geography
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia-Pacific
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2.2.4 Latin America
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2.2.5 Middle East & Africa
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Soundbar Market Size FAQs
How big is the Soundbar Market?
The Soundbar Market size is expected to reach USD 8.80 billion in 2024 and grow at a CAGR of 8.30% to reach USD 13.12 billion by 2029.
What is the current Soundbar Market size?
In 2024, the Soundbar Market size is expected to reach USD 8.80 billion.