Baby Monitors Market: Snapshot
Owing to increasing number of working parents and rise in the number of nuclear families, the demand for baby monitors have increased. In addition, an increase in the number of day care facilities has added on to the increased demand of baby monitors globally. High growth in disposable income in emerging economies and increased propensity to spend on baby care products is also positively impacting the market, especially in developing economies of Asia Pacific and Latin America.
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Transparency Market Research estimates that the global baby monitors market will exhibit a 4.4% CAGR from 2016 through 2024, rising from a valuation of US$876.8 mn in 2015 to US$ 1,291.8 mn by 2024.
Wide Range of Features makes Fixed Video Baby Monitors Most Popular Product Variety
On the basis of product type, the baby monitors market is examined in the report for product varieties such as audio baby monitors, fixed video baby monitor, and pan and tilt baby monitors. Accounting for over 45% of the global baby monitors market, the segment of fixed video baby monitor dominated the market in terms of revenue in 2015. The trend is expected to continue over the next few years as well. Advanced features of fixed video baby monitors, such as the possibility of real-time sound and video transmission, temperature sensing, talk-back, and heart rate monitoring will aid the future development of the segment over the forecast period.
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The market for pan and tilt baby monitors is expected to exhibit steady growth owing to their rising popularity among users; these baby monitors offer advantages such as easy rotation of camera to get a perfect view of the baby’s play area and instant temperature alerts among others. The segment will exhibit a 5.5% CAGR over the period between 2016 through 2024. The segment of audio baby monitors, on the other hand, is expected to exhibit a -0.9% CAGR over the said period. The decline in demand for such baby monitors will stem from their limited set of features. Nevertheless, their economic nature will lead to a steady demand from cost-sensitive buyers.
High Per Capita Spending on Baby Care Products Allows North America Market to Retain Dominance
Globally, North America is the largest regional market for baby monitors in terms of revenue, holding over 52.0% in 2015 and this trend is expected to continue over the forecast period as well; however Asia Pacific is the fastest growing baby monitors market. High per-capita spending capacity of consumers, growing awareness related to baby safety and security, and a rise in the number of nuclear families are cumulatively driving the market for baby monitors in North America. In addition to this, technologically advanced infrastructure and greater adoption of the innovative and niche baby care products is expected to create a lucrative market opportunity for baby monitors across North America.
In 2015, Europe held the second largest market share for baby monitors, accounting for more than 36% of the total market size. Germany and the U.K. are the leading manufacturers of baby monitors in the region. The advancements in baby monitor technologies have positively impacted the demand for the market in the region. Rising expenditure on baby monitoring devices and increasing private equity investments in the electronic sector are the key factors driving the market for baby monitors in the region.
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Over the forecast period, Europe will continue to account for a significant share in the global baby monitors market. The market in Asia Pacific, however, will outpace both North America and Europe in terms of growth rate from 2016 to 2024. Expansion of the demand for baby monitors in the region will be as a result of changing lifestyles, increasing awareness among parents related to child care, rising disposable income, and efficient retailing channels.
Some of the key vendors operating in the global baby monitors market are Samsung Electronics Co. Ltd., Angelcare Monitors Inc., Dorel Industries Inc., LOREX Technology Inc., Summer Infant Inc., Sony Corporation, VTech Holdings Ltd., and Koninklijke Philips N.V.