Advanced Baby Monitors Market Scope
MRFR (Market Research Future) advanced baby monitors market trends report expects the industry to capture a decent CAGR of 10.65% between 2022 and 2030 (evaluation period). It is also likely that the global market will touch close to USD 1450 million by 2030-end.
Major Drivers and Deterrents
Escalating number of nuclear families as well as working parents has been a major reason behind the rising sales of advanced baby monitors worldwide. Rapid surge in birth rates across Sweden, Russia, U.K., Spain, and Czech Republic also enhance the size of the global market. Advanced baby monitors help parents keep a tab on every activity of the baby, therefore, the soaring awareness about child safety encourages the preference for these products. Working mothers have risen in number, particularly in the U.S., Canada, and China, which is yet another growth rendering factor.
Technological advances backed by the extensive utilization of IoT (Internet of things) has boosted the appeal of advanced baby monitors across developed and developing nations alike. Features such as ease of installation, WLAN connection and portability are drawing the attention of consumers. This has prompted to vendors to adopt product customization as an effective method to widen their consumer base.
Firms with robust infrastructure and keen interest in exhaustive R&D are striving to bolster their footprint in the global market. As a result, regional companies are experiencing intense competition from these players, in terms of technology, price and reliability. The market’s competitive landscape shall remain fierce with players constantly trying to foster their service and product offerings via joint ventures, mergers, acquisition, and technical innovations.
Product and end-user are the top segments considered in the MRFR study of the global advanced baby monitors market.
Products analyzed in the MRFR report are wearable and stationary. The wearable technology has been garnering massive traction worldwide and is widely preferred over stationary products. Wearable baby monitors are portable, can be remotely used and the user wearing the product can constantly keep a tab on the baby.
End-users in the global industry are day care as well as home care. The homecare segment should procure the highest position in the global market, on account of the mounting demand for advanced baby monitors in these settings and the rising use among parents working from home.
The advanced baby monitors industry can be regionally divided into Asia Pacific/APAC, Europe, North America, along with RoW/the rest of the world.
North America is all set to take the lead in the global market during the analysis period and will witness commendable growth thanks to the high popularity of online platforms in the United States. Easy availability of the advanced baby monitors, particularly in specialized as well as online stores in Canada will also favor the regional market in the following years. Moreover, the expanding population of smartphone users that are generally time pressed due to hectic schedules should also benefit the North American market.
The Asia Pacific market is touted to experience the fastest growth over the coming years, as the sales of advanced baby monitors have been shooting up among the expanding urban population. Enhanced purchasing capacity of people in emerging countries like Thailand, China and India is letting parents expend more on their babies’ safety. Growth of the e-commerce sector has been favorable as well, as online platforms offer ranges of easily accessible products along with discounts. High birth rate across the region also raises the need for advanced products like baby monitors. In addition to this, surge in dual working families coupled with the soaring number of employment rate, especially among women, will favor the advanced baby monitors industry in the ensuing period.
Summer Infant, Inc. (U.S.), Safety 1st (U.S.), Mayborn Group (U.K.), Lorex Technology Inc. (Canada), Samsung Electronics Co. Ltd. (South Korea), The First Years, Inc. (U.S.), Snuza International (South Africa), Owlet Baby Care (U.S.), Graco Children’s Products, Inc. (U.S.), Angelcare (Canada), Koninklijke Philips N.V. (Netherlands), MonDevices (U.S.), MOTOROLA HOME (U.S.), are the strong players holding the advanced baby monitors market share.
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