Soundbar Market Will Grow at a Healthy CAGR by 2026

Soundbar Market Will Grow at a Healthy CAGR by 2026

A detailed analysis of the soundbar market is entailed in this research report. The driving forces responsible for propelling the growth graph of this vertical in addition to the regional and competitive trends are mentioned in the study. A comprehensive document comprising details about vital parameters such as the industry ecosystem analysis, market segmentation, and the vendor matrix, the market report also contains information on the pivotal industry insights for core players to look out for.

The soundbar market landscape is poised to accumulate appreciative gains in the coming years owing to the shifting customer preferences towards the adoption of IoT-enabled soundbars. The incorporation of voice assistants coming with the device gives customers a hands-free experience for the operation of the soundbar, which is influencing product demand.

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Features like built-in voice assistant and wireless connectivity are proliferating the sales of the soundbar among customers. The demand for 5.1 channel soundbars is projected to increase over the projected time period. This growth is ascribed to the rising home theatres trend, which has led to a rise in the requirement for an effective audio system that is capable of facilitating an improved audio experience.

Furthermore, the 7.1 soundbars are likely to foresee a growth of more than 7% CAGR during the projected time period owing to consumer preference shifting towards sound equipment that boast of top-quality cinematic audio capabilities in home settings. These soundbars are enabled with features such as wireless connectivity, Dolby Atmos with HD surround sound, hands-free experience and built-in voice-based assistant. These 7.1 soundbars offer a cinematic audio experience and also boosts the experience of home-entertainment for audiophile consumers.

The online distribution channel is likely to witness a high adoption because of the growing consumer behavior towards browsing e-commerce websites. Some of the chief marketing strategies adopted by industry players to drive the sales includes online advertising, webinar, email, social media, online/groups conferences, social media, publications, and web search.

Additionally, cloud computing technology and AI chatbots are also used by the online based distribution channel so as to deliver a seamless as well as personalized user experience at every touchpoint. Growing brand awareness in consumers is further stimulating new participants to build up their market positions.

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Europe soundbar market is likely to witness a strong period of growth because of the growing sales of smart TVs, mainly in France, the UK, and Germany. The factors that are driving the soundbars market demand in the region include the availability of wireless devices and high-speed internet along with fast adoption of smart homes.

The prominent soundbar market players in the market include VIZIO Inc, Pioneer Corporation, Polk Audio, TCL Corporation LG Electronics Inc., Plantronics, Inc., Bose Corporation, Toshiba Corporation, Sennheiser Electronic GmbH & Co. KG, Onkyo Corporation, Samsung Electronics Co., Ltd., Yamaha Corporation, Sentry Industries, Inc., Blaupunkt GmbH, Sharp Corporation, and Sony Corporation among others.

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