Baby Monitor Market to Witness Significant Growth by 2027 Due to Substantial Increase in the Number of Working Parents

The baby monitor market is expected to grow by 2027 due to the substantial increase in the number of working parents across the globe. The North America region to be the most dominant.

As per the report, the global baby monitor market is predicted to grow at a stable CAGR of 6.5% in the 2020-2027 timeframe, thereby garnering $1,761.7 million by 2027.

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Dynamics of the Market

Drivers: The steady increase in the number of working parents worldwide is anticipated to significantly drive the growth of the baby monitor market during the forecast period. Additionally, the growing awareness regarding newborn health is expected to further boost market growth in the coming years.

Restraints: The high costs associated with the installation of baby monitors may hinder the growth of the baby monitor market.

Opportunities: The introduction of zero-radiation baby monitoring systems is expected to create substantial growth opportunities for the market during the forecast period. Moreover, the increasing awareness about newborns' deaths and ailments is likely to enhance the market growth rate during the analysis period.

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Impact of COVID-19 on the Market

The COVID-19 pandemic, since its outbreak, has been disastrous for industries and businesses across the globe. The lockdowns have worsened the situation as they have completely disrupted the global supply chains, both- supply-side and demand-side, thereby altering and adversely affecting the business and production cycles of several industries. While on one hand these factors played a major role in bringing down the growth rate of the baby monitor market, technological advancements and innovations helped the market grow. As a result, the baby monitor market has faced a partial impact of the pandemic and is expected to bounce back strongly in the post-pandemic period.

Segments of the Market

The report has divided the baby monitor market into different segments based on product type, connectivity type, sales channel, and region.

By product type, the video baby monitor sub-segment is predicted to have a dominant market share and generate a revenue of $1,405.3 million by 2027. The video baby monitor offers round-the-clock monitoring of the newborn and provides an alternative to the parents when the baby is in distress. This utility of video baby monitors is predicted to help the sub-segment in the analysis timeframe.

By connectivity type, the wireless sub-segment is anticipated to become the most lucrative sub-segment and register a revenue of $1,621.9 million by 2027. Wireless baby monitors can be connected through Wi-Fi networks and can be accessed through smart devices, such as laptops, tablets, smartphones, etc. which makes it easy for the parent to continuously monitor their kids. This advantage provided by wireless monitors is expected to help this sub-segment to grow at a significant rate in the forecast period.

By sales channel, the online sub-segment is anticipated to flourish immensely and garner a revenue of $642.6 million by 2027. Online channels provide multiple advantages, such as enhanced customer service, streamlined communication, etc., which is estimated to be the leading factor behind the growth of this sub-segment.

By region, the North America baby monitor market is expected to be the most dominant and register a revenue of $628.9 million by 2027. The growth of the market in this region is mainly attributed to the massive increase in demand for advanced baby care products from working parents.

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Significant Market Players

The significant market players of the baby monitor market are Dorel Industries Inc., VTech Holdings Ltd., Anker Technology (UK) Ltd., Summer Infant Inc., Samsung Corporation, Angelcare Monitors Inc., Koninklijke Philips N.V, Owlet Baby Care, Bebcare Baby Care, and Nanit. These key market players are developing different strategies like product development, mergers & acquisitions, partnerships and collaborations to gain a leading position in the market.

The report also summarizes many crucial aspects of the baby monitor market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.

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