Wireless Soundbar Market - By Product Type, By Connectivity, By Installation Type, By Speaker Wattage, By Price Range, By End-Use, By Distribution Channel & Forecast 2024 – 2032
Report ID: GMI12573
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Published Date: December 2024
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Report Format: PDF
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Base Year: 2023
Companies covered: 15
Tables & Figures: 397
Countries covered: 17
Pages: 230
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Wireless Soundbar Market
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Wireless Soundbar Market Size
The global wireless soundbar market size was valued at USD 4.9 billion in 2023 and is estimated to grow at a CAGR of 8.6% from 2024 to 2032. The growth of the wireless soundbar industry can be attributed to many factors. First, the growth of the smart home systems and smart televisions have made it possible to require a higher quality wireless audio device as an addition to the device.
Furthermore, the improvement of Bluetooth and wi-fi technologies have been in sync with consumer demands for wireless lasting setups. The rise of streaming services disturbing the audio market has amplified the overall demand.
To satisfy the audio and the tech enthusiasts, multi room audio system technology including new features like dolby atmos and voice assistive technology integration have been developed. New markets have opened due to the urbanization and increase in disposable incomes which expanded the market for the high end sound bar market. The extension of global market progress was aided by the increased product availability through e-commerce channels.
As disposable income rises in emerging economies, there is a higher demand for portable and convenient sound bars which transforms the users entertainment center. Technological improvements such as voice assistant implementation and multi-room capabilities have made soundbars an even greater component to a modern foundation home entertainment structure.
Wireless Soundbar Market Trends
Signed to dethrone a traditional TV set, wireless soundbars now dominate the market, and this trend is projected to grow in the upcoming years. An increase in the use of smart soundbars which can utilize virtual assistants, including but not limited to Google Assistant, Siri, and Alexa alongside the hands free controls and seamless integration with smart home ecosystem features is expected to soar the growth of the global market.
Further emphasis on multi-room audio systems and pairing sound over multiple rooms is growing and promises to expand the target audience, together with advanced audio technologies such as Dolby Atmos and DTS:X that support immersive sound experiences with home theater systems. It has become increasingly popular to use online tools for advertising wireless soundbars as marketplaces that offer them have significantly evolved over the years.
Wireless Soundbar Market Analysis
The sophisticated market is faced with the challenges of being able to market its products effectively given that there is a steep price such soundbars are priced because there are consumers who see their value. The incorporation of features like Dolby Atmos, DTS:X, voice assistant features and multi room audio capabilities into soundbars can increase their prices. By doing so, these advanced soundbars limit their potential target market. This pricing challenge fosters inequities especially in emerging markets with low average incomes.
Furthermore, the existence of cheaper competitors such as mid-tier advanced soundbars and regular audio systems causes the premium products to lose their potential consumers. Consumers especially those who do not mind paying a relatively greater amount for the soundbars but who are price-sensitive are also deterred by the notion that the benefits of premium features are not worth the extra price. Manufacturers want to alleviate the cost pressures on themselves and are focusing on the cutting edge features and the overall quality of the soundbars and indulging in further R&D.
Based on type segment, the wireless soundbar market is segmented into 2 channel sound bars, 3 channel sound bars, 5 channel sound bars, and 7 channel sound bars. The 5 channel sound bars segment holds the maximum share in the market and dominates the market with a revenue of 1.6 billion in 2023 and is anticipated to grow with a CAGR of 8.9% during the forecast period. The 5-channel soundbar category is meant for the users that prefer greater immersion without having the need for a full home theater.
As such, these soundbars generally consist of the usual left, right, and center channels alongside two surround channels. The driving market force behind the growing market for 5-channel sound bars is the increasingly apparent trend of consumers wanting the in home theater experience, which appears to be increasing further due to the shift in consumer behavior from enjoying theaters to in home entertainment.
Based on the distribution channel of the wireless soundbar market, it is bifurcated into online and offline. The offline segment accounts for the major share of the market with 73.9% of the total market share and is expected to grow at a CAGR of 8.5% over the forecasted years. An important development in offline distribution is the growing focus on the in-store experience level. Since soundbars are audio devices, many customers prefer to listen to them before buying. Consequently, most physical shops have demo setups that allow customers to test the soundbar with their music or videos for better performance evaluation.
The wireless soundbar market in the North American region was spearheaded by the U.S. in 2023 owing to it commanding a dominating 88.4% shares of the total market and is forecasted to grow at a CAGR of 8.5%. The industry associated with consumer electronics within the U.S. alongside the high demand for home entertainment systems is what drives the market for North oceans.
Due to the global adoption of smart TVs and streaming services along with Netflix, Hulu, and Disney+, the demand for high quality wireless audio has surged especially due to consumers now looking to enhance their entertainment systems making soundbars highly preferred.
North America: In the region, the U.S. emerged as the foremost country with respect to the wireless soundbar market accounting for approximately 88.4% of the market share in 2023. It was also projected to expand at a CAGR of 8.5% during the indecisive time period. With bestbuy and amazon complimenting the strong e-commerce ecosystem within the country and offering finance plans and considerable discounts makes the market more favourable.
Moreover, with the US having a pool of consumers such as the self sufficient individuals that are tech savvy, they are eager to buy premium soundbars that have fancy features such as voice-assistant compatibility, dolby-atmos, or multi-room capabilities.
Europe: The European wireless soundbar market of wireless soundbars is projected to expand at a CAGR of 8.6% during the projected period. Germany is a key country in Europe that offers strong competition in the region's market thanks to its developed consumer electronics industry and the strong need for high-end audio gear.
The country features a strong population of technologically sophisticated individuals who wish to have advanced home audio systems particularly soundbars for better sound quality. The wireless soundbars that add to the high definition visual presentation have seen a rise in the German market owing to the increased penetration of smart televisions and use of streaming services such as Netflix, Amazon Prime, and Disney+.
Asia Pacific: The true leaders are China here as well, since they held 30.4% share of the total wireless soundbar market in 2023 and are predicted to have a 9.3% growth during the forecast period. In China, for instance, the population growth rate, urbanization rate and income level contributes to a strong demand for the market. The growing use of smartphones and rapidly expanding streaming services, including Tencent Video and iQIYI, have created a surge in the demand for high-end wireless audio systems as well.
Since this country has a strong electronics manufacturing industry, soundbars are produced which are affordable and have a good range of features for both the international and domestic markets. Moreover, the increase in disposable income coupled with a burgeoning trend toward smart home technologies has contributed to the intense growth.
Wireless Soundbar Market Share
The market depicts a dispersed nature with several regional and international players using several methods in their bid. Collectively these companies have a combined share of 25%-30% of the market. For growth in sales, market players adopt innovative product strategies, set competitive prices, collaborate with television manufacturers, broaden their distribution networks (both online and offline), target regional markets and use advertisements.
Wireless Soundbar Market Companies
Major players operating in the wireless soundbar industry are:
Wireless Soundbar Industry News
The wireless soundbar market research report includes in-depth coverage of the industry, with estimates & forecasts in terms of revenue (USD Billion) and Volume (Thousand Units) from 2021 to 2032, for the following segments:
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Market, By Product Type
Market, By Connectivity
Market, By Installation Type
Market, By Speaker Wattage
Market, By Price Range
Market, By Size
Market, By Application
Market, By Distribution Channel
The above information is provided for the following regions and countries: