The baby monitor market 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. A baby monitor is basically a baby alarm, which facilitates parents to remotely track the movements and other activities of the baby. A basic audio monitor consists of a transmitter and microphone, which enables a two-way communication between the parent and the baby. Baby video monitor is an advanced version of baby monitor, which allows parents to see and monitor baby’s movements. Further, baby monitors with movement trackers and preinstalled lullabies are also available in the market to cater to the varying needs of the parents.
Latest innovation in the market can be seen in terms of smart baby monitors. These monitors are controlled by smartphones through its specified app. Smartphone apps allow parents to monitor a camera-equipped device, such as another smartphone or a tablet. Alternatively, Wi-Fi or Bluetooth can link a camera to a dedicated app on a smartphone or tablet. This means a smart device does not need to be left in the baby’s room. Hence, handling and controlling of the monitors through these devices has been easier. Increase in the number of working parents and nuclear families has led to a higher adoption of baby monitors in homes and day care centers. Furthermore, growth in awareness regarding baby safety, increase in disposable income, and rise in online retailing are other factors that fuel the growth of the market. However, declining birth rate due to sedentary lifestyle and safety concerns associated with these products are among major challenges for the players operating in the industry. Irrespective of challenges, the industry is anticipated to offer lucrative business opportunities in developed as well as developing regions in the near future. High penetration of smartphones and increased usage of internet have resulted into improved retailing. This feature has encouraged many vendors to conduct their business online. Parents and day care centers can browse numerous baby monitor products and buy them online, as they have easy access to internet. Parents prefer to shop online rather than visit stores, as online retailers offer best price deals. This factor provides promising growth opportunities for the market during the forecast period.
The global baby monitor market is segmented on the basis of product type, connectivity, distribution channel, and region. Based on product type, the market is bifurcated into audio and video baby monitors. By connectivity, it is categorized into wired and wireless baby monitors. Wireless baby monitors offer the advantage of portability, ease of installation, and connection as these can be easily connected to WLAN. On the basis of distribution channel, the market is divided into retail stores, supermarket/hypermarket, specialty stores, and E-commerce. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the report include Samsung Electronics Co. Ltd., Dorel Industries Inc., Angelcare Monitors Inc., LOREX Technology Inc., VTech Holdings Ltd., ShenZhen Foscam Intelligent Technology Co. Ltd, Summer Infant Inc., Koninklijke Philips N.V, Nest Lab. Inc., and Withings Inc.
KEY BENEFITS FOR STAKEHOLDERS
- This study provides an in-depth analysis of the baby monitors market with current and future trends to elucidate the imminent investment pockets in the market.
- The report provides information regarding key drivers, restraints, and opportunities with impact analysis.
- Porters five forces analysis of industry and SWOT analysis of the key market players have been provided to illustrate the business strategies adopted by them.
- The value chain analysis of the industry highlights the key intermediaries involved and elaborates their roles and value additions at every stage in the value chain.
- The quantitative analysis of the market during the period 2020-2027 has been provided to elaborate the market potential.
KEY MARKET SEGMENTS
_ By Product Type
_ By Connectivity
_ By Distribution Channel
- ·Retail Stores
- ·Specialty Stores
_ By Region
- ·North America
_ Rest of Europe
_ South Korea
_ Rest of Asia-Pacific
_ Latin America
_ Middle East