The smart baby monitor market is evaluated at US$829.969 million for the year 2020 and is projected to grow at a CAGR of 8.31% to reach the market size of US$1,451.514 million by the year 2027. Factors such as the rising number of nuclear families and working parents are anticipated to drive the market growth during the forecast period. Moreover, growing awareness and rising demand for infant protection are expected to increase the demand for smart baby monitor devices. Furthermore, rising disposable income, improvement in living standards, rise in baby care expenditure, and growing demand for video surveillance such as the real-time interaction with the kids are significantly contributing to the overall market growth. The growing e-commerce retailing is providing an opportunity for the market to grow at a significant CAGR in the forecast period. Furthermore, the presence of companies with an innovative product portfolio is further offering strong market growth prospects in the forecast period. For instance, Infant Optics has introduced its new product DXR-8 PRO. DXR-8 PRO monitor provides high-quality video and audio capabilities and an improved range in its compact, sleek design.
RISING NUCLEAR FAMILIES
One of the prime reasons which are supporting the growth of the market is the rising trend of nuclear families. This is mainly attributed to the fact that nowadays, both the parents are working and hence need more time for themselves and their children. This has further raised the possibilities where parents can provide full attention to their child’s upbringing in spite of their busy schedules. Hence, manufacturers around the globe are provided with immense opportunities for manufacturing smart devices like a smart baby monitor that assists parents in raising their little ones in a convenient manner. For instance, Vtech technologies have introduced its new baby monitor LeapFrog® Baby Monitors in the market. These baby monitors offer advanced features such as adaptive, dimmable night light, color night vision, 360-degree pan, and tilt camera with zoom. Eufy Security, a brand of Anker Innovation has launched Eufy SpaceView Pro. The company is launching new products to expand its product portfolio.
In many parts of the world, evidence indicates that there is a declining trend for extended households and an increasing trend for nuclear or single households. For example, as per the United Nations information, in countries like Cameroon, Ethiopia, Uganda, Nigeria, and Zambia, there is a decreasing trend in the prevalence of extended-family households, while a surge in nuclear family households was observed. The prevalence of nuclear households in India, Bangladesh, and Egypt, has increased, and the prevalence of extended family households has simultaneously decreased.
WIRELESS MONITORS ARE GROWING
The wireless connectivity mode-enabled smart baby monitors are expected to show a robust growth owing to the portability and flexible installation features. Also, the rapid technological advancements in wireless connectivity are further expected to drive the market growth for the wireless smart baby monitor segment. Wireless connectivity technologies like 5G, Wi-Fi, LTE, and so forth can be incorporated into the smart baby monitor to ensure smooth and strong connectivity between parents and babies, thereby ensuring safety and proper monitoring. Also, new launches by major players in the field of wireless smart baby monitors are prominent factors to promote the expected growth during the forecast period. For example, in February 2022, Vtech Communications announced its first-ever line of LeapFrog baby monitors including wireless models such as LF815HD Wi-Fi Remote Access Smart Video Baby Monitor and LF915HD Video Baby Monitor with 5’’ HD Display. Moreover, with the rapid penetration of wireless technologies worldwide, the growth of the wireless smart baby monitor segment is expected to show substantial growth. For instance, Nokia in its April 2022 press release mentioned the launch of its 5G Open Lab for accelerating private wireless network adoption in Korea. Additionally, as per the January 2022 newsroom released by the Wi-Fi Alliance, Wi-Fi certified 6 added 2 new features for advanced Wi-Fi applications. Rapid technological advancements and ease of portability and applicability are major drivers in the anticipated growth of the wireless smart baby monitor market during the forecast period.
CHINA SHOWS PROMISING GROWTH OPPORTUNITIES
Rising disposable incomes and living standards coupled with increasing urbanization are boosting the demand for various baby products, including smart baby monitors, among middle- and high-income groups in this country. As people are getting more concerned about the safety of their babies, with hectic daily life routines, the demand for smart baby monitors in China is rising at a noteworthy rate. The increasing number of people active on social media and the highly growing e-commerce industry in China are also contributing significantly to the growing smart baby monitor market in this country.
|Market size value in 2020||US$829.969 million|
|Market size value in 2027||US$1,451.514 million|
|Growth Rate||CAGR of 8.31% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Product Type, Connectivity, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Lorex Technology Inc., VTech Holdings Limited, Summer Infant (USA), Inc., Angelcare Monitor Inc., Motorola Mobility LLC., iBaby Labs, Inc., Dorel Industries Inc., BT, Koninklijke Philips N.V.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global smart baby monitor market?
A2. Smart Baby Monitor Market was valued at US$829.969 million in 2020.
Q2. What are the growth prospects for the smart baby monitor market?
A2. The global smart baby monitor market is projected to grow at a CAGR of 8.31% during the forecast period.
Q3. What factors are anticipated to drive the smart baby monitor market growth?
A3. The rising number of nuclear families and working parents is a major driving factor in the smart baby monitor market.
Q4. What will be the smart baby monitor market size by 2027?
A4. The smart baby monitor market is projected to reach a market size of US$1,451.514 million in 2027.
Q5. How is the global smart baby monitor market segmented?
A5. The smart baby monitor market has been segmented by product type, connectivity, application, and geography.
Lorex Technology Inc.
VTech Holdings Limited
Summer Infant (USA), Inc.
Angelcare Monitor Inc.
Motorola Mobility LLC.
iBaby Labs, Inc.
Dorel Industries Inc.
Koninklijke Philips N.V.
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