The top five players in the global baby monitors market together account for over half the market. This makes the competitive landscape somewhat consolidated. Among the top five players, Motorola Solutions, Inc. held the maximum share of 19.8% in 2015. It was trailed by Summer Infant, Inc., VTech Holdings Limited, Samsung Electronics Co. Ltd., and Koninklijke Philips N.V. Other prominent participants in the market are Sony Corporation and Angelcare.
Some of the popular strategies adopted the major players in the global baby monitor market is product innovation leveraging advanced technologies and strategic acquisitions. A case in point is the acquisition of Wellcentive, a U.S.-based provider of population health management software solutions by global giant Philips in 2016. At present retail channels, which can be broadly segmented into brick and mortar retail stores and ecommerce platforms, account for maximum sale of baby monitors. Going forward, online retail platforms will likely drive up sales drastically.
A report by Transparency Market Research forecasts the global baby monitors market to rise at a steady CAGR of 4.4% from 2016 through 2024 to reach a valuation of US$1.292 bn by 2024 from US$0.877 bn in 2015.
North America Dominates Market due to Sizeable Proportion of Working Parents
Depending upon the types of products available in the market, the global baby monitors market can be classified into audio baby monitor, fixed video baby monitor, and pan and tilt baby monitors. Of these, the fixed video baby monitor segment leads the market. It had a whopping market share of 48.2% in 2015. Its growth has been fuelled primarily by the demand for high end baby monitoring devices with smartphone monitoring features. This in turn, is because of both sets of parents working these days and an increasing awareness about and means to splurge on advanced baby care products.
Geographically, North America holds a dominant share in the global market for baby monitors. This is because of the large number of nuclear families in the region and high spending capacity of the people. Europe follows North America in terms of market share. In the near future, however, Asia Pacific is slated to outshine all other regions vis-à-vis growth. The TMR report predicts the Asia Pacific market, powered by developing economies of India and China, to expand at a CAGR of 6.3% from 2016 to 2024.
Daycare Centers Drive Demand
Busy schedule of parents these days have forced them to put their children in daycare institutes. And this has led to the swift uptake of baby monitors as daycare institutes find them handy in supervising a number of children. Other factors promoting growth in the global market are the increasing awareness drive conducted by the media about the safety of children, knowledge of sudden infant death syndrome (SIDS) – also referred to as “cot death,” and continued progress in technology resulting in more cutting-edge products. Easy accessibility of baby monitors via online platform is also driving the market.
Decreasing Fertility Rates Damp Demand
As per the lead analyst of the TMR report, decreasing fertility rates, especially in developed nations of the world, can pose a roadblock to the swift uptake of baby monitors. Recession following the collapse of two global investment banking giants in 2008 has been responsible for hampering the growth of the market. “With the onset of recession, there was a rise in unemployment and a decline in GDP levels leading to a fall in consumer confidence. Moreover, the rise in unemployment resulted in falling marriage rates. These factors are resulting in low fertility,” adds the analyst.
This review is based on the findings of a TMR report titled “Baby Monitors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Global Baby Monitors Market, by Product Type
Global Baby Monitors Market, by Connectivity
Global Baby Monitors Market, by Geography
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