The growth in the value of baby monitor sales is attributable to the surge in demand for innovative products in the baby monitor category, which enable better results
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, Sept. 21, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research titled “Global Baby Monitor Market by Product Type, Connectivity, and Distribution Channel: Global Opportunities and Forecasts, 2020-2027, “Baby Monitor Market size was valued at $1.2 Billion in 2019 and is projected to reach $1.9 Billion by 2027, growing at a CAGR of 5.4% from 2020 to 2027. The global baby monitor market is expected to grow at a CAGR of 5.4% during the forecast period. In 2019, North America accounted for the largest share of approximately 63.2%, due to higher per capita spending on baby care products and the prevalence of nuclear family culture.However, emerging countries in Asia, such as China and India, would experience an increase in the demand for baby monitors during the forecast period, due to increased awareness, increased number of employed parents, and growth in disposable income.
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The growth in the value of baby monitor sales is attributed to the surge in demand for innovative products in the baby monitor category that lead to better results. Thus, increasing customer desire for different types of monitors is expected to fuel the demand for the baby monitor market. The digital surveillance interindustry has evolved in terms of innovations and demand. Manufacturers focus on key innovations that meet the requirements of their target customers. special types of monitors such as CCTV monitors and smart monitors. Thus, baby monitors are gaining popularity among digital and electronic product manufacturers, which is significantly boosting the growth of the global baby monitor market.
Baby monitors have seen a higher penetration rate in North America and Europe. However, low availability has been observed for these products in large parts of Asia-Pacific and LAMEA, which is attributable to underperforming macro-economic factors such as internet penetration and aggressive marketing strategies. manufacturers. Thus, the low penetration of these products limits the growth of the baby monitor market.
The global baby monitor market is segmented into audio and video on the basis of product type. Among the two types, video baby monitors accounted for a larger share of around 85.1% of the overall market in 2019 and are expected to maintain this trend throughout the forecast period, owing to the increase in demand. of high-end baby monitors with smart monitoring. Features. This segment is expected to grow fastest in developed economies and is expected to account for 86.1% of the global baby monitor market analysis by 2027.
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Based on connectivity, the market has been divided into wireless baby monitors and wired baby monitors. The wireless baby monitor segment is expected to account for 92.9% of the overall market revenue by 2027, as these monitors offer greater portability and ease of connectivity compared to wired baby monitors. Also, the demand for wired baby monitors would gradually decrease in the future as these are perceived as unsafe for babies due to the sensor cord attached to them.
Main results of the study
Quantitative analysis of current market trends, estimates and global market dynamics for the period 2020 to 2027 to identify the dominant Baby Monitors market opportunity.
In 2019, North America was the top revenue-generating market, due to increased adoption of niche baby care products.
Western Europe has emerged as the second largest market, with Germany and the UK accounting for the largest baby monitor market share by value.
Video monitors have become the predominant segment due to the growing demand for high-end baby monitors with smart monitoring features.
The Asia-Pacific region is said to witness the fastest growth over the period 2019-2027, due to the increase in the adoption of high-end baby monitors in developing economies such as China and India.
Major companies operating in the baby monitor industry include Samsung Electronics Co. Ltd., Dorel Industries, Inc., Angel care Monitors, Inc., LOREX Technology, Inc., VTech Holdings Ltd., ShenZhen Foscam Intelligent Technology Co. Ltd., Summer Infant, Inc., Koninklijke Philips NV, Nest Labs, Inc., and Withings, Inc. Currently, the baby monitor market is primarily driven by growth strategies such as product launch and acquisition. Lorex Technology, Inc., Summer Infant Inc., Nest Labs, Inc., and VTech Holdings Ltd. have recently launched smart baby monitors to increase their customer base and expand their market penetration.
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Allied Analytics LLP
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