According to a new report published by Allied Market Research titled, “Global Baby Monitor Market by Product Type, Connectivity, and Distribution Channel: GlobalOpportunities and Forecasts, 2020-2027,”The baby monitor market size was valued at $1.2 billion in 2019, and is projected to reach $1.9 billion by 2027, growing at a CAGR of 5.4% from 2020 to 2027. The global baby monitor market is expected to grow at a CAGR of 5.4% during forecast period. In 2019, North America accounted for the largest share of around 63.2%, owing to higher per-capita spending on baby care products and prevalence of nuclear family culture. However, emerging countries in Asia, such as China and India, would witness increase in demand for baby monitors during the forecast period ,owing to increase in awareness, rise in number of employed parents, and growth in disposable income.
The growth in value sales for baby monitors is attributable to surge in demand for innovative products in baby monitor category, which facilitate better results. Thus, increase in willingness of customers for different types of monitors is expected to fuel the baby monitor market demand. The digital surveill anceindustry has been evolving in terms of innovations and demand. Manufacturers are focusing on key innovations that cater to the requirements of their target customers .Therefore, increase in awareness toward baby’s health and care has been witnessed among people residing in the developed as well as the developing countries .This has resulted in increased demand for various types of special monitors such as video surveillance monitors and smart monitors. Thus, baby monitors are gaining in creased traction among digital and electronic products manufacturers, which significantly drives the global baby monitor market growth.
Baby monitors have witnessed higher rate of penetration in North America and Europe. However, low availability has been observed for these products in some major parts of Asia-Pacific and LAMEA, which is attributable to low performing macro-economic factors such as internet penetration and aggressive marketing strategies by the manufacturers. Thus, lower penetration of such products limits the growth of the baby monitors market.
The global baby monitor market is segmented into audio and video on the basis of product type. Among the two types, video baby monitors accounted for a larger share of around 85.1% of the overall market in 2019and is expected to maintain this trend through out the forecast period, owing to increase in demand for high-end baby monitoring devices with smart monitoring features. This segment is anticipated to witness faster growth in the developed economies, and would account for 86.1% of the overall baby monitors market analysis by 2027.
Based on the connectivity, the market has been segregated into wireless baby monitors & wired baby monitors. The segment of wireless baby monitors is expected to account for 92.9% of the overall market revenue by 2027, as these monitors offer greater portability and ease of connectivity, compared to the wired baby monitors. Moreover, the demand for wired baby monitors would gradually decrease in the future, as these are perceived to be unsecure for babies due to the sensor cord attached to them.
Key Findings Of The Study
Quantitative analysis of the current market trends, estimations, and dynamics of the global market for the period of 2020 to 2027 to identify the prevailing baby monitor market opportunity.
In 2019, North America was the highest revenue-generating market, owing to higherad option of niche baby care products.
Western Europe has emerged to be the second largest market with Germany and U.K. accounting for the prominent baby monitor market share by value.
Video monitors have emerged to be the prominent segment due to increasing demand for high-end baby monitoring devices with smart monitoring features.
The Asia-Pacific region would witness the fastest growth during 2019-2027, owing to increase in adoption of high-end baby monitors in developing economies such as China and India
The prominent companies operating in the baby monitor industry include Samsung Electronics Co. Ltd., Dorel Industries, Inc., Angel care Monitors, Inc., LOREX Technology, Inc., VTech Holdings Ltd., ShenZhen Foscam Intelligent Technology Co. Ltd., Summer Infant, Inc., Koninklijke Philips N.V., Nest Labs, Inc., and Withings, Inc.Currently, the baby monitor market is majorlydriven by growth strategies such as product launch and acquisition.Lorex Technology, Inc., Summer Infant Inc., Nest Labs, Inc., and VTech Holdings Ltd. have launched smart baby monitors in recent past to increase their customer base and expand their market penetration.