7.1-based soundbars are estimated to observe a growth of over 7% during the forecast timespan propelled by shift in consumer preferences toward high-quality cinematic audio experience in homes.
Selbyville, Delaware, April 27, 2020 (GLOBE NEWSWIRE) --
According to latest report “Soundbar Market by Type (2.1 Channel, 5.1 Channel, 7.1 Channel), Distribution Channel (Online, Offline), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of soundbars will reach $6.5 billion by 2026.
The soundbar market growth is attributed to changing consumer preferences to adopt IoT-enabled soundbars. The integration of voice assistants with the device offers consumers a hands-free soundbar operation experience. Proliferation in sales of smart TVs coupled with availability of streaming content, such as music, movies, and web series, is being witnessed. Consumers are preferring advanced soundbars with specific features, such as easy connectivity with Wi-Fi and Bluetooth, along with features such as built-in voice assistant and longer battery life.
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The online distribution channel segment in the soundbar market is witnessing high adoption owing to evolving consumer behavior related to browsing of e-commerce websites. Social media, webinar, blogs/online publications, email, web search, online advertising, and groups/online conferences are the prominent marketing strategies adopted by market players to drive the sales. AI chatbots and cloud computing technology are used by the online distribution channel to offer a personalized and seamless customer experience at every touchpoint.
7.1-based soundbars are estimated to observe a growth of over 7% during the forecast timespan propelled by shift in consumer preferences toward high-quality cinematic audio experience in homes. The 7.1 channel soundbars include features such as Dolby Atmos high-definition surround sound, built-in voice assistant for hands-free experience, and wireless connectivity. The soundbars provide a cinematic audio experience and elevate the home-entertainment experience for audiophile consumers.
Europe soundbar market will register steady growth from 2020 to 2026 led by increase in sales of smart TVs predominantly in the UK, Germany, and France. Rapid adoption of smart homes and availability of high-speed internet and wireless devices are also driving the market demand in the region. Brand awareness among consumers is challenging new entrants to establish their market positions. New players are focusing on product innovation strategies to penetrate the Europe market.
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Some of the key players operating in the soundbar market include Polk Audio, Bose Corporation, Onkyo Corporation, Pioneer Corporation, Plantronics, Inc., Sennheiser Electronic GmbH & Co. KG, Sentry Industries, Inc., TCL Corporation LG Electronics Inc., Samsung Electronics Co., Ltd., Blaupunkt GmbH, Sony Corporation, VIZIO Inc, Yamaha Corporation, Sharp Corporation, and Toshiba Corporation.
Table of Contents (ToC) of the report:
Chapter 3 Soundbar Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 – 2026
3.3 Impact of coronavirus (COVID-19) pandemic
3.3.1 Global outlook
3.3.2 Regional impact
3.3.3 Industry value chain
22.214.171.124 Research and development
3.3.4 Competitive landscape
126.96.36.199 Distribution network
188.8.131.52 Business growth
3.4 Industry ecosystem analysis
3.4.1 Distribution channel analysis
184.108.40.206 Direct selling
220.127.116.11 Independent authorized distributors and resellers
18.104.22.168 Online channel
3.4.2 Vendor matrix
3.5 Technological & innovation landscape
3.5.1 Wireless charging
3.5.2 Technological advancements in IoT
3.5.3 Bluetooth 5.0
22.214.171.124 Bluetooth 5.1
126.96.36.199 Bluetooth 5.2
3.5.4 Dolby soundbar
3.6 Regulatory landscape
3.6.1 North America
188.8.131.52 Consumer Product Safety Act
184.108.40.206 Federal Hazardous Substances Act (FHSA)
220.127.116.11 EMC Directive
18.104.22.168 Eco-design Directive
22.214.171.124 EU 517/2014
126.96.36.199 Information Protection Act No. 149
188.8.131.52 Regulation No. 781
184.108.40.206.1 The Federal Law 'On Personal Data' No. 152-FZ
220.127.116.11.2 Rules of sale of goods by remote method, No. 612
18.104.22.168.3 Protection of rights of consumers, No. 2300-1
3.6.3 Asia Pacific
22.214.171.124 Electricity act of 1994
126.96.36.199 Waste Electrical and Electronic Equipment Directive (2002/96/EC)
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.2 Industry pitfalls and challenges
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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