April 26, 2022 05:17 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, April 26, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Sound Bar Market finds that the increase in the e-commerce sector is expediting market growth. Primarily driven by increasing penetration of Subscription-based Media, the total Global Sound Bar Market is estimated to reach USD 6,429.0 Million by the year 2028.
The Global Market valued at from USD 5,321.9 Million in the year 2021, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 3.2%.
Furthermore, the growing integration of voice assistance technology is also anticipated to augment the growth of the Global Sound Bar Market, states Vantage Market Research, in a report, titled “Sound Bar Market Size, Share & Trends Analysis Report by Type (Wall-Mounted, Tabletop, Others), by Installation Method (Active Soundbar, Passive Soundbar, Others), by Connectivity (Wi-Fi, Bluetooth, Others), by Application (Home Audio, Commercial, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Increase in the E-commerce Sector to Fuel Global Sound Bar Market
The increase in the e-commerce sector is expected to fuel the growth of the Sound Bar Market during the forecast period. This is attributable to the increased internet and mobile penetration along with rising acceptance of online payments and favourable demographics. Further, the increase in adoption of technologically advanced products is enabling the e-commerce sector to be more reachable and efficient. Most of the devices such as tablets, smartphones, and technologies like 3G, 4G, and Wi-Fi and high- speed broadband connectivity is helping to increase the number of online customers. Additionally, most of the players have established their place in the e-commerce market in just a few years. Owing to the rising demand of digital commerce; innovative start-ups have also emerged in all segments. Most the market players, such as Sony Corporation, Bose Corporation, Samsung Electronics Co., Ltd., and TCL Corporation, are also collaborating with e-commerce providers to completely launch their products online and due to the outbreak of COVID-19 pandemic, industry players are also offering contactless delivery services on their online portals.
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Segmentation of the Global Sound Bar Market:
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Rising Penetration of Subscription-based Media to Augment Market Growth
The rising penetration of subscription-based media such as Netflix, Amazon Prime, Disney Hotstar, Apple TV and Hulu along with the increasing adoption of flat-panel TV sets is anticipated to augment the growth of the Sound Bar Market within the estimated period. This has further led to the adoption of sound bars by the consumers across the globe. Sound bars can be easily connected to TVs, smartphones, or laptops using both wired and wireless connectivity technology methods where these subscription-based contents are being watched. The soundbars usage with these subscription services offers a cinematic audio experience in indoor environments to the consumers. However, the availability of low-priced stand-alone speakers is expected to hamper the growth of the market in near future. Moreover, the increase in integration of voice assistance technology in the sound bar and the availability of high-speed internet are further expected to open new market avenues within the estimated time period.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the consumer goods industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The report on Sound Bar Market highlights:
North America to Dominate the Global Sound Bar Market
North America has dominated the Global Sound Bar Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increased usage of OTT platforms such as Netflix and Amazon Prime, in the region along with increasing investment in incorporating new capabilities in sound bars. Furthermore, the presence of leading market players in the region is also anticipated to fuel the growth of the market in the region.
Asia Pacific is expected to grow at a fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the rising media consumption along with presence of local industry players in the region. Further, since Japan and China are considered to be the countries operating in the global electronic manufacturing sector, it favours the availability of cheaper electronic products across the region which is also anticipated to fuel the regional growth of the market. Additionally, increase in spending power of the consumers on such devices owing to the rising income of the consumers is also expected to support the regional growth of the market.
List of Prominent Players in the Sound Bar Market:
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Sound Bar Market Size, Share & Trends Analysis Report by Type (Wall-Mounted, Tabletop, Others), by Installation Method (Active Soundbar, Passive Soundbar, Others), by Connectivity (Wi-Fi, Bluetooth, Others), by Application (Home Audio, Commercial, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/sound-bar-market-445591
April, 2022: Samsung announced the launch of two premium sound bars with Q-Symphony Technology and Dolby Atmos support. These are called the Samsung HW-Q990B and the HW-S800B. While the former has been launched under Samsung's Q series, and the latter is launched as a super slim soundbar.
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