Baby Monitor Market Report, published by Allied Market Research, forecasts that the market is expected to grow at CAGR of 8.5% during forecast period of 2015-2020. In 2014, the North America accounted for the largest share of about 62.3%, owing to higher per-capita spending on baby care products and prevalence of nuclear family culture. However, emerging countries in Asia such as China and India, would witness increasing demand for baby monitors during the forecast period, owing to increasing awareness, the rising number of employed parents and growing disposable income.
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Increase in the number of working parents and nuclear families has led to a higher adoption of baby monitors in homes and day care centers. Growing awareness about baby safety, increasing disposable income and increased online retailing are other factors that have fueled the growth of the market. However, declining birth rate due to sedentary lifestyle and safety concerns associated with these products are amongst major challenges for the players operating in the industry. Irrespective of challenges, the industry is anticipated to offer attractive business opportunities in developed as well as developing regions in near future.
Among the two types, Video baby monitors accounted for a larger share of about 86.4% of the overall market in 2014 and is expected to maintain this trend throughout the forecast period, owing to increasing demand for high-end baby monitoring devices with smart monitoring features. This segment is anticipated to witness faster growth in the developed economies, and would account for 88.7% of the overall market by 2020.
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Key Findings of Baby Monitor Market:
- In 2014, North America was the highest revenue-generating market, owing to higher adoption of niche baby care products
- Western Europe has emerged to be the second largest market with Germany and U.K. accounting for the prominent share of the overall market by value
- Video monitors have emerged to be the prominent segment due to increasing demand for high-end baby monitoring devices with smart monitoring features
- The Asia-Pacific region would witness the fastest growth during 2015-2020, owing to the increasing adoption of high-end baby monitors in developing economies such as China and India
The prominent companies profiled in this report include Samsung Electronics Co. Ltd., Dorel Industries, Inc., Angelcare Monitors, Inc., LOREX Technology, Inc., VTech Holdings Ltd., ShenZhen Foscam Intelligent Technology Co. Ltd., Summer Infant, Inc., Koninklijke Philips N.V., Nest Labs, Inc., and Withings, Inc. Presently, the baby monitor market is majorly driven by growth strategies such as product launch and acquisition. Lorex Technology, Inc., Summer Infant Inc., Nest Labs, Inc., and VTech Holdings Ltd. have launched smart baby monitors in recent past to increase their customer base and expand their market penetration.
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