Global Baby Monitor Market Expected to Garner $1,761.7 Million by 2027, Growing at 6.5% CAGR from 2020 to 2027 | [164-Pages] Research Dive
Baby monitor market is expected to grow by 2027 due to the substantial increase in the number of working parents. Wireless sub-segment is predicted to be the most lucrative. Market in North America to be the most dominant.
NEW YORK, Aug. 17, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Baby Monitor Market by Product Type (Audio and Video), Connectivity (Wired and Wireless), Sales Channel (Online and Offline), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027".
As per the report, the global baby monitor market is predicted to grow at a stable CAGR of 6.5% in the 2020-2027 timeframe, thereby garnering $1,761.7 million by 2027.
Dynamics of the Baby Monitor Market
Drivers: Over the years, there has been a steady increase in the number of working parents all over the globe, which is expected to immensely help the baby monitor market grow in the forecast years. Moreover, rising awareness regarding health of newborns is predicted to boost the market in the forecast period.
Opportunities: Increasing women participation in the workforce and formal economic employment is predicted to offer huge growth opportunities to the market in the forecast period. Along with this, growing awareness about newborns' death and ailments is expected to augment the growth rate of the market in the analysis years.
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Restraints: Expensive nature of baby monitors, however, may dampen the growth rate of the baby monitor market.
Impact of Covid-19 on the Market
The Covid-19 pandemic, since its outbreak, has been disastrous for industries and businesses across the globe. The lockdowns have worsened the situation as they have completely disrupted the global supply chains, both- supply-side and demand-side, thereby altering and adversely affecting the business and production cycles of several industries. While on one hand these factors played a major role in bringing down the growth rate of the baby monitor market, technological advancements and innovations helped the market grow. As a result, the baby monitor market has faced a partial impact of the pandemic and is expected to bounce back strongly in the post-pandemic period.
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Segments of the Baby Monitor Market
The report has divided the baby monitor market into different segments based on product type, connectivity type, sales channel, and region.
- By product type, the video baby monitor sub-segment is predicted to have a dominant market share and generate a revenue of $1,405.3 million by 2027. The video baby monitor offers round-the-clock monitoring of the newborn and provides alternative to the parents when the baby is in distress. This utility of video baby monitors is predicted to help the sub-segment in the analysis timeframe.
- By connectivity type, the wireless sub-segment is anticipated to become the most lucrative sub-segment and register a revenue of $1,621.9 million by 2027. Wireless baby monitors can be connected through Wi-Fi networks and can be accessed through smart devices such as laptops, tablets, smartphones, etc. which makes it easy for the parent to continuously monitor their kids. This advantage provided by wireless monitors is expected to help this sub-segment to grow with such a stunning rate in the forecast period.
- By sales channel, the online sub-segment is anticipated to flourish immensely and garner a revenue of $642.6 million by 2027. Online channel provides multiple advantages such as enhanced customer service, streamlined communication, etc., which is estimated to be the leading factor behind the growth of this sub-segment.
- By regional analysis, the baby monitor market in North America region is expected to be the most dominant and register a revenue of $628.9 million by 2027. The growth of the market in this region is mainly attributed to the massive increase in demand for advanced baby care products from working parents.
Broader Insights Pertaining (Avail 10%OFF) of Specific Segments or Regions of Baby Monitor Market
Significant Baby Monitor Market Players
The significant market players of the baby monitor market are
- Dorel Industries Inc.
- Samsung Corporation
- Owlet Baby Care
- VTech Holdings Ltd.
- Koninklijke Philips N.V
- Nanit
- Summer Infant Inc.
- Angelcare Monitors Inc.
- Bebcare Baby Care
- nker Technology (UK) Ltd, among others.
These key market players are developing different strategies like product development, merger and acquisitions, partnerships and collaborations to gain a leading position in the market. – Buy the Full Report Here Started at $2999
For instance, in February 2021, Owlet Baby Care, a leading US-based infant monitoring device manufacturer, announced its merger with Sandbridge Acquisition Corporation, a special purpose acquisition company. This strategic alliance will help Owlet Baby Care to expand its business substantially in the coming period as massive influx of investments are expected by the company.
The Research Dive report also summarizes many crucial aspects of the baby monitor market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Baby Monitor Market:
- Rise in Women Workforce to Boost the Growth of the Global Baby Monitor Market in the Forthcoming Years
- Baby Monitors are Making Parenting Easier; Here's How
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