LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global soundbar market to grow at a CAGR of more than 16% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global soundbar market for 2017-2021. The report also lists the key vendors in the market and discusses the major drivers that are influencing market growth. It also examines the current challenges faced by vendors and key emerging trends affecting the current and future market.
“The demand for soundbars is expected to increase with the advances in technology. With the growth of flat panel TVs, the sound quality of some TVs has been compromised due to increase on the display size. This has resulted in the increased sales of soundbars for TV because consumers are adopting them as add-ons to their TVs,” says Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services research.
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Technavio media and entertainment analysts highlight the following four market drivers that are contributing to the growth of the global soundbar market:
- Wireless streaming of audio content
- Increasing innovations in technology
- Shift of preference to wireless technology
- Enhanced features of soundbars
Wireless streaming of audio content
One of the major factors driving the sales of soundbars is their ability to stream audio content wirelessly. Also, wireless soundbars occupy less space as compared to home theaters, and can easily connect with portable devices, and use no wiring. They come in various sizes and designs to suit customer requirements. Bluetooth Soundbars are equipped with Wi-Fi, which allows users to stream content wirelessly.
Increasing innovations in technology
There has been a tremendous growth in technology over the past decade. Vendors are upgrading the existing products with new technologies to improve sound quality and user experience. Technologies such as noise cancellation, extra bass, sound retrieval system, and Dolby Digital sound provide an enhanced listening experience to consumers.
“Earlier, users had to buy woofers, tweeters, and sound systems separately, however, with advances in technology vendors have been able to merge these capabilities into one single audio device to offer premium sound quality,” says Ujjwal.
Shift of preference to wireless technology
Consumers are increasingly demanding wireless technology for hassle-free maintenance and fast functionality. In terms of revenue, wireless speakers accounted for close to 9% of the global speaker market in 2016. The revenue share of the wireless speaker segment is likely to increase by 3-5% during the forecast period. Soundbar speakers are wireless, and most of the standard models run on AA batteries. This eliminates the need for users to carry cables and adapters. These systems are highly durable and can be used for outdoor activities. These factors are driving the demand for the global soundbar market.
Enhanced features of soundbars
The soundbar is the latest technology that has gained high popularity in a short span. Soundbars are technologically advanced with built-in woofers and tweeters. They eliminate the need for multiple sound boxes. They are available with USBs, Bluetooth, Wi-Fi, or wires. Soundbars are connected to computers, mobiles, and televisions. This type of audio device provides a high-quality sound experience and movie theater experience. The sales of home theater systems and Blu-ray audio players have declined because they are based on older technologies. The sales of surround soundbars have increased, which is supporting the market revenue growth.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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