Transparency Market Research delivers key insights on the global baby monitors market. In terms of revenue, the global baby monitors market is estimated to expand at a CAGR of 4.4% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global baby monitors market report.
In this market report, TMR predicts increasing importance of child safety and care across the globe to drive the growth of the baby monitors market. The rising number of working parents as well as the increasing number of nuclear households around the world have propelled demand within the global baby monitors market. Furthermore, rise in the number of child day care facilities has also added to the demand for efficient as well as affordable products in the global baby monitors market. Some other notable factors influencing growth in the global baby monitors market include rise in disposable income among the working population.
Increasing per-capita income, changing lifestyles, growing awareness about childcare, and powerful retailing are likely to bolster the market. The increasing dependence on monitoring devices, particularly in developed countries, owing to fewer baby caretakers and maids, has encouraged the adoption of convenience-oriented routines, making monitors and convenience products desirable. This, in turn, is expected to fuel market growth.
A notable factor influencing growth in the global baby monitors market includes rising propensity to spend extra money on high-quality baby care products. Inclination toward advanced monitoring technology and growing concerns related to child safety, care, and security are boosting the global baby monitors market.
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Innovation is the key factor for the growth of the baby monitors market, as innovative products derive larger consumer traction. The increasing dependence on innovative baby monitor solutions by parents is projected to propel the demand for baby monitors over the next few years. The growing emphasis on product innovations and research development is estimated to create significant opportunities for the baby monitors market in the near future.
Baby Monitors Market Expansion
The baby monitors market has been classified based on product, connectivity, range, price range, application, distribution channel, and region. In recent years, increasing awareness about the usage of baby products, rapid growth in baby care centers, and penetration of innovative baby products through several e-commerce channels are likely to promote the sales of baby monitors.
Based on product, the video monitor segment dominated the global baby monitors market in 2020, in terms of revenue, contributing majority of the global industry share. The video monitor segment is also expected to continue leading the global baby monitors market in the upcoming years, due to its several advantages that help users monitor their babies.
In terms of connectivity, the wireless segment is found to be attractive among users to monitor babies, as it operates with the help of Internet-based devices such as smartphones, laptops, and other electronic devices. In terms of range, the baby monitors market is likely to remain popular by 500 to 749 ft segment due to its easy availability and convenience for limited spaces.
In terms of application, the residential segment of the baby monitors market is likely to remain popular, owing to increasing number of nuclear families and working parents opting for different monitoring devices to safeguard their housing premises and monitor overall activities of their babies.
Baby Monitors Market: Prominent Region
North America dominated the global baby monitors market, in terms of revenue in 2020. This trend can be attributed to the presence of technologically advanced infrastructure as well as high adoption of niche innovative monitor products in the region. On the other hand, one of the fastest growing regional markets in the global baby monitors market in the upcoming years is expected to be Asia Pacific.
This rising position of Asia Pacific in the baby monitors market can be ascribed to trends such as increasing per capita spending capacity among regional consumers, rising awareness pertaining to safety and security of babies, and growing number of nuclear family households in the region.
The second-largest regional market in the global baby monitors market was Europe. The United Kingdom and Germany are two of the major and most prominent manufacturers in the global baby monitors market in Europe. Increasing expenditure on baby monitoring devices as well as rising private equity investments in electronic and consumer electronics sectors are some of the key drivers for the growth of the baby monitors market in Europe.
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Baby Monitors Market: Key Players
The competition landscape of the baby monitors market is highly fragmented with leading players accounting for majority of revenue share. Key players operating in the baby monitors market include Angelcare, LOREX Technology Inc., Sony Corporation, Koninklijke Philips N. V., Samsung Electronics Co. Ltd., Dorel Industries, Inc., Summer Infant Inc., and VTech Holdings Ltd., among others.
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