Baby Monitor Market Revenue Will Reach $1.72 Billion By 2024, Says Esticast Research and Consulting
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As per the report “Baby Monitor Market By Product Type, (Audio, Video), By mode of connection, (Wired, Wireless), By Geography, (North America, Europe, APAC, ROW), Estimation & forecast, 2016 – 2024.” The global baby monitor market was valued at $897 million in 2016, and is projected to reach $1.73 billion by 2024, growing at a CAGR of 8.6% from 2017 to 2024.
In 2016, the audio baby monitors generated the highest revenue share in the global baby monitor market. Among major regions, North America was the highest revenue generating market in 2016.
“A major force which is pushing the global baby monitor market is emerging trend of employed parents globally. This is giving rise to more number of day care centers who take the responsibility of looking after infants when the parents are at work. Additionally, increasing the availability of baby monitors through online retailers is a major cause driving the growth of the global baby monitors market.”
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The video baby monitor segment held nearly 87% overall market share in 2016 and is expected to maintain its dominance throughout the entire forecast period. The segment is anticipated to witness the highest CAGR of 9.1% during the forecast period of 2017-2024. One of the major benefits of video baby monitor is that it tracks each and every single activity of the baby when the parents is not at home or is away from the vicinity of the baby.
VIDEO BABY MONITORS BY REGION, 2016-2024
Rising number of working parents is a major factor which is driving the market growth. According to The World Bank, the total global employment in the period of 2000 to 2013, has been increased by 36%.
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On account of the technological advancements, wireless baby monitors will dominate the global market throughout the forecast period.
As the new technologies are emerging in the market, the old ones are fading away. Wireless baby monitors are experiencing an extreme demand, especially in the developed and developing economies. Wireless baby monitors are easy to be installed and makes it easy for the parents to do household errands while simultaneously looking after the baby, even if they are away from the infant location. The very segment held almost 91% of the overall market share. On the other hand wired baby monitors are expected to witness a negative CAGR during the forecast period, owing to its complicated installation and limited range.
Holding approx. 5/8th of the global market share, North America emerges out to be the leading market for baby monitoring devices
Emerging technological improvisations and changing living standards in countries such as United States and Canada have contributed a lot to the growing demand of baby monitors in United States. Moreover, sudden infant deaths are also a major issue which makes it mandatory for the parents to keep proper observance of their babies. As per Juvenile Products Manufacturers Association (JPMA), the U.S. suffers, approx. 3500 sudden infant deaths per year, out of which 44% deaths occur due to sudden infant death syndrome (SIDS) and 25% deaths occur due to accidental suffocation in bed. Additionally, increasing number of working mothers is also a major factor which is hiking the demand for baby monitoring devices in the region. According to The U.S. Department of Labor, there are 25.1 million working mothers in US representing nearly 34.2% of all the working woman in the country. However, Asia-Pacific is subjected to witness the fastest growth in terms of baby monitoring market, having the highest CAGR of 9.4% during the forecast period. This is a result of emerging economies such as China, India, Japan and Singapore coupled with increasing disposable income in the region.
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BABY MONITOR MARKET KEY FINDINGS
• The global baby monitor market was valued at $897 million in 2016, and is projected to reach $1.73 billion by 2024.
• The video baby monitor segment held nearly 87% overall market share in 2016 and is expected to maintain its dominance throughout the entire forecast period.
• The wireless baby monitors market held almost 91% of the total market share in 2016.
• North America held the largest share of the global baby monitor market in 2016, and is expected to growing with a CAGR of 8.4% during the forecast period.
Product launch and acquisition are the major strategies adopted by the key players of the industry. VTech, a major market player of baby monitor market launched VTech Safe&Sound® VM344, a video baby monitor with pan & tilt Camera, in 2016. Some other major companies of the market are Summer Infant, Inc., Withings, Inc., Angelcare Monitors, Inc., Dorel Industries, Inc., VTech Holdings Limited, Nest Labs, Inc., Samsung Electronics Co., Ltd., Koninklijke Philips N.V, ShenZhen Foscam Intelligent Technology Co., Ltd.