A sound bar is a one or two piece speaker system, which is used to generate quality sound. It is used along with devices such as computers and televisions. A two piece sound bar system consist a subwoofer. Soundbars are designed to locations where freestanding speakers cannot be installed. Various speakers are fitted that can help build stereo effect and surround sound or both in a sound bar cabinet. Moreover, soundbars can be find by television manufacturers which are designed to pair the aesthetic of the television it’s paired with.
The multi-room streaming is a key trend in the soundbars market. It is expected to drive the market during the foreast period. Rising adoption of smart homes in emerging countries is projected to create a huge demand for soundbars all across the globe during the forecast year. A smart home includes smart consumer electronic devices such as entertainment and media gadgets, which can interconnect with each other via a home network. Increasing demand for smart homes is driving the demand for technologically advanced soundbars. Technologies such as wireless speakers simplify the interaction between the devices which are connected to the home network and deliver easy streaming of videos and music.
The global soundbars market can be segmented based on product, type, connectivity, mounting type, price range, size (mm), end-user, distribution channel, and region. In terms of product, the soundbars market can be bifrcated into active soundbars and passive soundbars. Based on type, the soundbars market can be divided into wire and wireless. In terms of connectivity, the market can be segregated into bluetooth, USB, and Wi-Fi. Based on mounting type, the market can be categorized into wall mount and table top.
In terms of price range, the soundbars market can be classified into less than US$100, US$101–US$300, US$301–US$500, US$501–US$700, US$701–US$900, and above US$900. Based on size (mm), the market can be divided into up to 400 mm, 401mm–600mm, 601mm–800mm, 801mm–1000mm, and above 1000mm. Based on end-user, the soundbars market can be bifrucated into residential and commercial. The commercial segment can be sub-segmented into office, school, others. In terms of distribution channel, the soundbars market can be segregated into online and offline. The offline segment can be divided into hypermarkets & supermarkets, convenience stores, independent electric stores, and department stores.
Based on region, the global soundbars market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America comprises the U.S., Canada, and Rest of North America. Europe includes the U.K., Germany, France, and Rest of Europe. Asia Pacific encompasses India, China, Japan, and Rest of Asia Pacific. Middle East & Africa comprises GCC, South Africa, and Rest of Middle East & Africa. South America consists of Brazil, Mexico, and Rest of South America. North America and Europe accounted for a large share of the market in 2017. However, the soundbars market in Asia Pacific is estimated to expand at a considerable pace during the forecast period. The market in South America is also projected to expand in the near future.
Major companies operating in the global soundbars market include Samsung Group, Sony Corporation of America, Q Acoustics, Koninklijke Philips N.V., Sonos, Inc., Sound United, LLC., FOCAL JMLAB, Bose Corporation, Polk Audio, LG Electronics, Yamaha Corporation, VIZIO, Inc., MartinLogan, Ltd., ZVOX Audio, Harman International Industries, Pioneer Electronics (USA) Inc., Definitive Technology, and Pyle Audio. The global soundbars market is very competitive due to the presence of various established players. These players are competing on factors such as technology, sound quality, pricing, and size. Intense competition, demographic trends, frequent changes in consumer choice, and consumer spending pattern pose a substantial risk to the players. Players are developing better and advanced technologies to gain a competitive advantage in the market. The competition is projected to intensify in the next few years due to technological advancements and entery of various players in the market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.