The recently published market study by Fact.MR highlights the current trends that are expected to influence the dynamics of the Baby Monitors Market in the upcoming years. The report introspects the supply chain, cost structure, and recent developments pertaining to the Baby Monitors Market in the report and the impact of the COVID-19 on these facets of the market. Further, the micro and macro-economic factors that are likely to impact the growth of the Baby Monitors Market are thoroughly studied in the presented market study.
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With increasing focus on child care and baby safety coupled with an increase in working population across the globe, child and baby monitoring has become a topic of prime importance. With this several players have been involved in developing advanced baby care accessories and products with a view to extend their capabilities in child care. Baby monitors, a crucial development, assists parents to monitor movements of their child closely, and these products are to gain significant importance in the years to follow.
According to Fact.MR, the global market for baby monitors is expected to witness high demand in the coming years. The global baby monitors market, as foreseen by Fact.MR, is expected to grow at a volume CAGR of 7.8% during the period of forecast, 2017-2026. The sale of baby monitors is estimated to touch a valuation of around US$ 1200 Mn by the end of the year of assessment (2026). This growth can be attributed to increasing awareness regarding baby safety, increased per capita expenditure on baby care accessories owing to growing GDP per capita across regions and developments in baby monitoring devices.
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Several baby monitoring devices have been developed, for instance, baby audio monitors, video screening and movement monitors, that support either wired or wireless, enabling parents to observe their baby movements. Key manufacturers involved in the manufacturing of baby monitoring include Fisher Price, Safety 1st, Graco, Motorola, Inc., Summer Infant, Inc., VTech, Sony Corporation, Platinum Angelcare, Samsung Electronics Co. Ltd., and Koninklijke Philips N.V.
Online Retailing to Support the Growth of Baby Monitor Market
E-commerce has supported various industries by playing a significant role in pushing the sales of several products across regions. Users, with ease and convenience can purchase a product or device from home, and also avail numerous offers that come along with the product. Bay monitors, being no exception, are being purchased on a large scale via online retailing. With increasing adherence to online retailing, the sale of baby monitors is expected to increase in the coming years.
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According to this research report, the sale of baby monitors through online retailing is projected to expand at a stellar rate in during the forecast period owing to a large customer base opting for online retailing options for purchasing baby care accessories such as baby monitors.
Few Key Highlights on Global Baby Monitors Market
- North America region is more lucrative for baby monitors market owing to increasing sales of baby monitors in this region. The growing percentage of working population in the region, especially in United States, couple with increasing GDP per capita of the region, is expected to aid the sales of baby monitors. Baby monitors market in North America is projected to expand at a high value CAGR of 9.5% during the period of forecast
- Video monitoring is expected to gain high steam during the assessment period. The growth of this segment is accompanied by the growth of IoT (Internet of Things), with which parents are able to observe every movement of babies on their devices (smartphones, tablets or laptops). Video monitors segment in the product type category is expected to largely contribute to the growth of the global baby monitor market in the coming years
- Sale of wired baby monitors was observed to grow immensely since past years. This trend is expected to continue in the coming years. The sale of wired baby monitors is expected to surpass US$ 890 Mn by end of assessment year. However, wireless baby monitors are also gaining significant traction, the demand for which is projected to rise at an exponential rate during the period of forecast
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- Modern trade is poised to lead the global market for baby monitors with respect to sales channel. The sale of baby monitors is anticipated to cross US$ 300 Mn via modern trade segment. Also, contributing to the growth of the global market, online stores are gaining high steam and tis segment is projected to expand at a robust rate throughout the period of forecast
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