Global Soundbar Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

The market is experiencing a surge in demand for compact, high-resolution models equipped with advanced wireless connectivity features

• Soundbars enhances the audio quality of TVs, laptops, and other audio sources. They are a well-liked replacement for conventional surround sound systems because they provide better sound quality and convenience.
• With the increasing popularity of Home Entertainment Systems, consumers are seeking immersive audio experiences to enhance their viewing pleasure. Soundbars offer a convenient, space-saving solution by providing high-quality audio without complex speaker setups.
• The development of soundbar technology has made it possible for manufacturers to create small, powerful, and feature-rich devices. This entails incorporating voice control, virtual surround sound technology, smart home integration, and wireless networking choices like Bluetooth and Wi-Fi. These developments in technology have drawn customers looking for cutting-edge audio products.
• In emerging markets where the use of Home Entertainment Systems is growing, the soundbar industry still has unrealized potential. Consumers are anticipated to purchase soundbars as an affordable and practical audio solution when disposable incomes rise in these areas.
• Growth potential is provided by the integration of soundbars with smart home ecosystems. Soundbars can act as a central center for controlling multiple connected devices thanks to the rising popularity of voice assistants and smart home gadgets, improving user experience.
• However, as consumers often buy soundbars to improve their television viewing experience, soundbar sales are frequently associated with TV sales. Any downturn or changes in the TV market may impact the demand for soundbars. To lessen the impact on the sales of their soundbars, manufacturers must actively watch and respond to changes in the TV sector.
• There may be compatibility concerns with different devices and operating systems, despite many soundbars offering wireless communication options like Bluetooth and Wi-Fi. Customers may become frustrated by connectivity restrictions and incompatibilities, making it difficult for soundbars to integrate smoothly into their Home Entertainment Systems.
• The soundbar market is highly competitive, with numerous players offering various products. This high level of competition can lead to price wars and margin pressures, making it challenging for companies to maintain profitability and market share.
• Despite the affordability of traditional surround sound systems, price sensitivity remains a significant challenge in the soundbar market. Consumers often compare soundbars with lower-priced alternatives like TV speakers or basic audio systems. Manufacturers need to offer competitive pricing while maintaining quality and performance to attract customers.

Market Segmentations

• The Global Soundbar Market is segmented based on Type, Connectivity Type, Installation Method, Application, and Geography.
• By Type, the market is segmented as Single Soundbars, Soundbars with Subwoofers, and Multichannel Soundbars.
• Soundbar with Subwoofer holds a larger market share. These soundbars significantly improve bass performance compared to single soundbars (2.0 channel configuration) without a dedicated subwoofer. The addition of a subwoofer allows for a more immersive audio experience, especially for movies, music, and gaming, as it enhances low-frequency sound reproduction
• By Connectivity Type, the market is segmented into Wired Soundbars and Wireless Soundbars.
• Wireless Soundbars hold a significant market share. Bluetooth-enabled soundbars provide convenient and flexible wireless audio streaming from a variety of devices, such as smartphones, tablets, and computers.
• By Installation Method, the market is divided into Active Soundbar and Passive Soundbar.
• Active soundbar holds a larger market share. They have built-in amplifiers and audio processing capabilities, which enable them to work without any other external component. They have inbuilt power sources and are designed to be connected directly to the audio source, such as a TV or a media player.
• By Application, the market is segmented into Home Entertainment, Music, Gaming, Outdoor/Portable, and Others.
• Home Entertainment holds a significant market share. These soundbars are specifically optimized for TVs, gaming consoles, streaming devices, and other audiovisual sources in residential settings. They aim to enhance the audio experience of movies, TV shows, music, and gaming, providing improved sound quality, dialogue clarity, and immersive effects.
• By Geography, the market is classified into the Americas, Europe, Middle-East & Africa, and Asia-Pacific.
• The Americas hold a larger market share. Bose, Sonos, LG, Samsung, and Sony have all had a major market presence. Because of their established brand reputation, product quality, and extensive distribution networks, these Corps have been able to gain a larger market share. Furthermore, America has a vast customer base with a significant need for home audio systems such as soundbars.

Recent Development

• Compaq launches the latest range of HORQ soundbars. - May 2023
• Sony HT-A3000 Review: Premium Soundbar That Livens Up Your Living Room - February 2023

Company Profiles

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle-East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Soundbars Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Soundbars Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Soundbars Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market