Published: Dec, 2016
The global baby monitors market is led by five key players collectively and is consolidated in nature. These players held an approximate share of over 55% in the market, as per Transparency Market Research (TMR). The names of these players are MotorolaSolutions, Inc., VTechHoldingsLimited, Samsung ElectronicsCo.Ltd., and Koninklijke Philips N.V. The key strategies adopted by these players include technological advancements, product innovation, and acquisitions. Research and development activities are being undertaken by companies for making cutting-edge products, which have aided them in holding an immense share in the market in comparison to their competitors.
The global baby monitors market stood at US$876.8 mn in 2015 and is predicted to touch US$1,291.8 mn by 2024, rising at a CAGR of 4.4% between 2016 and 2024. In terms of product type, the segment of fixed video baby monitor market contributed for the top share of 48.2% in 2015 owing to the increasing demand for high-end baby monitoring devices having smart monitoring features. This segment is predicted to touch US$685.2 mn by 2024, rising at a 5.60% CAGR between 2016 and 2024. The growth of this segment is particularly seen in countries of India and China due to the increasing count of employed parents and their rising awareness about baby care products.
Easy Connectivity of Wireless Baby Monitors to Make Them Most Popular
On the basis of connectivity type, the baby monitors market was led by the segment of wireless baby monitors, representing a share of 82.8% in 2015. This segment was trailed by the segment of wired baby monitors, which constituted a share of 17.2% in the market. The segment of wireless baby monitors is poised to be the most swiftly developing segment and is predicted to touch US$1074.7 mn by 2024, rising from a valuation of US$726.4 mn in 2015. This segment is predicted to expand at a 4.50% CAGR between 2016 and 2024. The reason for the development of this segment is its greater portability and easy connectivity.
In terms of geography, North America emerged as the market leader in 2015 and constituted a share of 52.0% owing to rising trend of nuclear family and growing per-capita expending capacity of consumers. The region of Europe followed North America and held the second position in the market in the same year. On the other hand, the Asia Pacific baby monitors market is predicted to rise at the swiftest growth rate of 6.30% between 2016 and 2024 owing the growing expenditure on baby care products.
Easy Access to Baby Monitors through Online Retailers to Surge their Demand
“The global baby monitors market is fuelled by the rising trend of employed parents”, says a TMR analyst. The shifting lifestyles of individuals have resulted in the trend of working parents. This is why the day care concept has become popular globally and these day care units employ baby monitors for helping them take good care of the baby. In addition, the easy availability of baby monitors from online retailers for the convenience of parents that are working will also bode well for the growth of this market.
On the other hand, the declining rate of fertility may impede the baby monitors market to a great extent. The falling fertility rate is majorly owing to the recession which has hit the economy post 2007, states a TMR analyst. In addition, the growing security concerns about data leakage owing to the utilization of baby monitors may impede the development of the global baby monitors market.
Nonetheless, baby monitors will become smarter by the utilization of wearable technology in the coming years. This will act as a prime opportunity in this market.
This information is based on the findings of a report published by Transparency Market Research titled, “Baby Monitors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global baby monitorsmarket has been segmented into:
Global Baby Monitors Market, by Product Type
- Audio Baby Monitor
- Fixed Video Monitor
- Pan & Tilt Monitor
Global Baby MonitorsMarket, by Connectivity
- Wired Baby Monitors
- Wireless Baby Monitors
Global Baby MonitorsMarket, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World (RoW)
- Latin America
- Middle East & Africa
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