Market Trends of Soundbar Industry
This section covers the major market trends shaping the Soundbar Market according to our research experts:
Increasing Demand for Wireless Streaming of Audio Content Drives the Market
- The primary reason behind the increasing adoption of soundbars is their ability to stream audio content wirelessly and enhance the overall sound experience. Moreover, the integration of voice assistants, such as Google and Amazon, is driving customer experience and boosting market growth. The increasing number of smart homes that are equipped with connected communication devices is increasing the demand for high-quality audio devices, such as home theatre systems, resulting in the growth of the soundbar market. Streaming encompasses various formats, including ad-supported music streaming services, paid subscriptions, digital and customized radio, and licenses for music on digital fitness or social media apps, such as Facebook and Instagram.
- The recent technological innovations in wireless connectivity technology and the availability of high-speed data services increased the demand for wireless streaming devices. For instance, the arrival of 5G revolutionized the telecom industry as it can provide higher speed, lower latency, and greater capacity than 4G LTE networks. Furthermore, the latest version of Bluetooth (Bluetooth 5.2), which focuses mainly on improvements to audio devices, is another major technological innovation facilitating smoother interconnectivity between devices.
- Vendors operating in the market are increasingly focusing on integrating various functionalities, such as voice assistance, AI, etc., enhancing user experience and making wireless streaming devices more user-friendly. For instance, in August 2022, Sony India launched the HT-S400, a 2.1ch soundbar with a wireless subwoofer. The soundbar comes with S-Force PRO Front Surround technology, offering a powerful 330W total power output with good sound clarity. Owing to an integrated user interface, the HT-S400 integrates with Sony's BRAVIA TVs seamlessly. The HT-S400 soundbar has been built to receive audio wirelessly from a BRAVIA TV to minimize cable clutter and facilitate an easy, wireless connection.
- In May 2022, Sonos, a leading audio company, announced the launch of its voice assistant. According to the company, the feature is part of the company's new software update. The voice assistant would initially only be available to customers in the United States, but an international rollout is expected to follow. The company projects this feature as an alternative to voice assistants, Amazon Alexa and Google Assistant. It will directly work with Amazon Music, Apple Music, Pandora, Deezer, and Sonos Radio music services. Such initiatives by the vendors, along with the increasing penetration of wireless devices among consumers, are expected to drive the growth of the market studied during the forecast period.
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Asia-Pacific is Expected to be the Fastest-growing Market
- The Asia-Pacific soundbar market is expected to grow significantly due to the region's rapid adoption of advanced consumer electronics and the presence of major consumer electronics manufacturers.
- As a result of technological advancements and the rapid construction of smart houses, soundbars have become increasingly popular in residential areas. Apart from that, the Asia-Pacific region's growing demand for soundbars from a variety of commercial sectors, including hospitality, retail, corporate, and institutional, may propel the growth of the global soundbar market.
- The Asia-Pacific soundbar market is examined across Japan, China, India, Australia, and the rest of Asia-Pacific. China dominates the soundbar market in the Asia-Pacific region. The Chinese economy is expanding steadily, thanks to increases in industrial output, imports and exports, consumer spending, and capital investment. Furthermore, OEMs' increased R&D expenditures for developing new and improved wireless audio devices are driving the growth of the country's wireless audio device market.
- Due to the abundance of resources and the low cost of labor, numerous multinational corporations have also established manufacturing facilities, making the nation a prime location for multi-million dollar investments in the audio device industry. Wide-ranging opportunities for future growth exist in China's online audio market, which is being propelled by innovation and internet-enabled services. China's audio market is currently experiencing several opportunities and is predicted to grow quickly in the years to come, primarily due to high-quality audio systems.
- China's quick recovery from the COVID-19 pandemic's economic disruption and ongoing international travel restrictions are anticipated to increase the mainland's spending on luxury goods like home entertainment systems and high-end consumer electronics products and the importance of the nation to the major companies in the sector. The above-mentioned factor is expected to drive the country's demand for soundbars.
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