In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Interactive
Baby Monitor Market Report
The global interactive baby monitor market by revenue is expected to grow at a CAGR of approx. 15% during 2020–2026.
Baby monitors are increasingly marking their presence among end-users worldwide. The penetration of these devices is growing rapidly in the overall baby safety and convenience products market across the world. Advanced smart baby monitor models with innovative technology can now keep an eye on the baby from anywhere via smartphones. Thus, the demand for these devices is increasing rapidly among end-users.
The following factors are likely to contribute to the growth of the interactive baby monitor market during the forecast period:
• Preferences for Smart Baby Monitors
• Growth in Tech-Savvy Millennial Parents
• Reduction in Infant Mortality Rates
• Increase in Infant Safety Awareness
The study considers the interactive baby monitor market’s present scenario and its market dynamics for the period 2020?2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
Global Interactive Baby Monitor Market Segmentation The global interactive baby monitor market research report includes a detailed segmentation by product, transmission, type, distribution, geography. The audio & video segment by volume accounted for over 53% share in 2020. The APAC region is expected to be a major revenue contributor to the audio & video segment. It is expected to pose an absolute growth of over 125% during the forecast period in terms of unit shipments with high scope for innovation. Audio and video baby monitors are the largest revenue contributors to the market. The increasing preference for real-time interaction among parents is boosting the growth of video monitoring features. However, the cost of ownership is higher, which hinders their acceptance among end-users, especially in developing economies.
The digital segment by revenue constituted over 81% market share in 2020. North America and Europe accounted for the most significant share in the digital segment. A majority of baby monitors available in the market using digital transmission. It is expected that digital baby monitors with eco-mode could be in high demand as they are designed to emit radiation only when activated by a sound or motion. With the expected rise in disposable income, spending power, and affordability, digital baby monitors in emerging economies expect to gain momentum during the forecast period.
By revenue, the conventional segment accounted for over 65% in 2020 and is expected to pose an absolute growth of 110% during the forecast period. However, the segment estimates to lose its share to the booming smart category due to enhanced audio and video quality, security, voice integration, and portable nature. The affordable cost of conventional baby monitors is likely to drive the momentum in emerging economies where the parents’ requirements are confined to monitor within a specific range.
In 2020, the retail segment was the highest revenue contributor to the global interactive baby monitor market. Despite the high growth momentum for the online segment, it faces intense competition from the retail segment because of the entry of traditional security product manufacturers and camera vendors, which has increased the visibility of baby monitors on store shelves across the world. The availability of counterfeit versions has also increased concerns as monitors are associated with babies’ health and security. However, the growth in online sales is set to increase by over 13% YoY in terms of shipments during the forecast period because they offer various options to choose from compared to retail stores.
• Audio Only
• Audio & Video
• Movement Monitors
INSIGHTS BY GEOGRAPHY The North American interactive baby monitor market has been experiencing high challenges over the past few years due to the decrease in birth and fertility rates. The falling birth rates have led to a shift in the population of the region. In 2020, the impact of the COVID-19 pandemic skyrocketed the savings rate in the region. It witnessed a peak of over 32% in April 2020, up from 12.7% in March. It was also estimated that consumer spending declined by around 12.6% in the same period with the rise in the unemployment rate. However, the region expects to generate steady demand during the forecast period owing to new births from the increasing young immigrant population. Vendors have capitalized on the booming smart home penetration, and smart monitors act as the leverage for enhancing the market share of vendors. Thus, the region is likely to witness higher growth from digital and smart monitors. It also expects to witness high demand for baby monitors because of their reliability, ease of installation, and convenience. With rapid advances in technology, they deliver high performance and have become user-friendly.
• North America
o South Korea
• Latin America
• Middle East & Africa
o Saudi Arabia
o South Africa
INSIGHTS BY VENDORS The global interactive baby monitor market is witnessing an increase in the influence of digital consumerism on retail sales. Dorel Industries, Motorola Mobility, VTech, Lorex Technology, and Summer Infant are the major companies in the baby monitor market. There is a broad scope for vendors to increase their profitability by adopting e-commerce as a business platform. With the increasing internet penetration, several online websites have come to serve parents that seek convenience and easy accessibility to get these products. E-retailing of several innovative childcare products, including baby monitors, is gaining popularity. Currently, many customers prefer to shop online for the convenience that online shopping offers. This trend has encouraged many companies to focus on the internet-savvy customer segment and venture into the omnichannel retail format. Moreover, this business model saves operating costs as the online retail format requires lesser operating costs, thereby increasing profitability.
KEY QUESTIONS ANSWERED 1. How many baby monitors are likely to be sold by 2026?
2. How big is the interactive baby monitor market?
3. What trends are witnessed in the interactive baby monitor market?
4. Which distribution channel is likely to generate the highest revenue during the forecast period?
5. Which are the major companies in the baby monitor market?
6. Which segments are expected to generate the largest revenues in the market?
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