Surround Soundbars Market to Reach $14.3 Billion, Globally, by 2032 at 7.1% CAGR: Allied Market Research
The surround soundbars market is driven by factors such as increase in demand for enhanced audio experience, increase in demand for wireless streaming of audio content, and use of AI and machine learning to improve dialogue clarity in surround soundbars
NEW CASTLE, Del., Nov. 3, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Surround Soundbars Market, by Channel Type (2 Channel, 3 Channel, 4 Channel, and Above 5 Channel): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, The global surround soundbars market was valued at $7.2 billion in 2022, and is projected to reach $14.3 billion by 2032, growing at a CAGR of 7.1% from 2023 to 2032.
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Surround soundbars are designed to enhance the audio experience of home entertainment system, especially for televisions and home theaters. These are easy to install. These are also compact and fit easily in living spaces.
Prime Determinants of Growth
The surround soundbars market is expected to witness notable growth during the forecast period, owing to growth in demand for enhanced audio experience, increase in demand for wireless streaming of audio content, and use of AI and machine learning to improve dialogue clarity in surround soundbars drives market growth. Moreover, increase in adoption of smart TVs and smart home devices is expected to provide lucrative opportunities for the growth of the Surround soundbars market during the forecast period. On the contrary, high cost of premium surround soundbars is the restraint for Surround soundbars market growth during the forecast period.
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The above 5 channel segment to maintain its leadership status throughout the forecast period
Based on channel type, the above 5 channel segment held the highest market share in 2022, accounting for more than one-third of the global surround soundbars industry revenue, and is estimated to maintain its leadership status throughout the forecast period, as it is known for its small size & flexibility, and it is widely used with smart TVs. Moreover, the 2 channel segment is projected to manifest the highest CAGR of 7.6% from 2023 to 2032.
Asia-Pacific to Maintain its Dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global surround soundbars market revenue. Asia-Pacific region is expected to witness the fastest CAGR of 7.3% from 2023 to 2032 owing to increase in sale of smart TVs and sound systems in urban areas of developing countries in the region.
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Leading Market Players:
The report provides a detailed analysis of these key players of the surround soundbars market. These players have adopted different strategies such as product development, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders:
Surround Soundbars Key Segments:
By Channel Type
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