According to a new report published by Allied Market Research titled, “Baby Monitor Market expected to grow at a 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.
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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Basis the mode of connection, the market has been segregated into wireless baby monitors & wired baby monitors. The segment of wireless baby monitors is expected to account for 94.8% of the overall market revenue by 2020, as these monitors offer greater portability and ease of connectivity, compared to the wired baby monitors. Moreover, the demand for wired baby monitors would gradually decrease in future, as these are perceived to be unsecure for babies due to the sensor cord attached to them.
KEY FINDINGS OF THE STUDY
- 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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