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The advanced baby monitor market is estimated to grow at a CAGR of 10.75% between 2022 and 2027. The size of the market is forecast to increase by USD 480.9 million. The growth of the market depends on several factors, including innovation in technology and product design and features leading to premiumization, the increase in awareness of SIDS in developed markets, and the branding, advertising, and promotions of advanced baby monitors.
This report extensively covers market segmentation by distribution channel (offline and online), product (under-the-mattress, diaper attachment, smart wearable, and other formats), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global advanced baby monitor market as a part of the global consumer electronics market within the global household durables market. The parent market, the global consumer electronics market, covers products and companies engaged in the manufacturing/marketing of consumer robotics, home audio and video products, televisions, digital cameras, and related products. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The branding, advertising, and promotions of the advanced baby monitors are notably driving the market growth, although factors such as the decline in fertility rates and low penetration in developing countries are impeding the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Advanced Baby Monitor Market Driver
The branding, advertising, and promotions of the advanced baby monitors are notably driving the market growth. Players market their products using branding, advertising, and promotional strategies. These strategies widen product penetration and expand the customer pool by creating awareness of the product. Hence, these marketing strategies also drive the focused market.
The market penetration of these monitors is lower than other baby care products such as hair care, baby skincare, toiletries, bath, and sun protection products. The adoption of these devices is in single-digits in developing countries. These monitors are still perceived as luxury products in many countries, thereby hindering mass adoption. One of the various strategies adopted by the players to promote the monitors is digital media marketing, where players in the market are generating positive key messaging strategies on social media platforms for real-time consumer engagement.
Programs to increase awareness through approaches such as conducting campaigns, workshops, or displaying products in retail stores and inside maternity hospitals. Thus, these strategies by the vendors operating in the market will drive the market during the forecast period.
Significant Advanced Baby Monitor Market Trend
Access to distribution channels through omnichannel strategies is a major trend in the market. The growth of e-commerce has led many brands to focus on improving sales experience. Investments in devising account management and supply chain management strategies and enhancement of product assortments are increasing. Players are launching informative and interactive websites for better customer reach. These websites promote products and offer expert advice on their use. They also allow the comparison of different baby monitors. The opportunity to review products and read customer reviews before making a purchase is yet another advantage of online shopping.
Vendors are also developing more holistic distribution channels to cater to these types of customers, which has led to the emergence of omnichannel retailing. To expand the customer base, vendors follow different strategies. The expansion of the distribution channel is one such crucial step. Hence, the adoption of an omnichannel strategy is growing. The monitors are sold through physical stores, company-owned e-commerce websites, and third-party online retailers. Thus, the growing adoption of omnichannel strategies will drive the market during the forecast period.
Major Advanced Baby Monitor Market Challenge
The decline in fertility rates and low penetration in developing countries are major challenges impeding market growth. The decline in fertility rates directly impacts the sales of the monitors. This is because of the change in socioeconomic factors that caused a shift in the focus of women aged between 20 and 35 years. In both developed and developing regions, excluding some countries, many women in their 20s are focusing on their careers. The fertility rate is decreasing in developed countries, which impacts the sales of baby monitors. Most of these vendors are based out of the US.
The growing trend of single-member households has limited the birth rates in developed countries. For instance, more than 36 million people in the US were reported to be living alone in 2019. The trend of live-in relations showed a significant increase during the past decade, with most couples preferring to have no children or delaying parenthood. The major reason for this delay in parenthood or not having a child is due to the growing cost of raising children. This decline in birth rates and factors that support it are expected to have a considerable impact on market growth during the forecast period.
Key Advanced Baby Monitor Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Advanced Baby Monitor Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Panasonic Holdings Corp. - The company operates under multiple segments including appliances, and life solutions among others, with a high focus on appliances. The company under this segment?offers heating and cooling solutions, home appliances, and smart life networks.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. The offline distribution channel refers to the sales of products through specialty stores (including baby product stores, home improvement stores, and consumer electronics stores), department stores, hypermarkets, supermarkets, clubhouse stores, and drugstores and pharmacies.
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The offline segment shows a gradual increase in the market share of USD 316.80 million in 2017 and continued to grow until 2021. To fuel offline sales, players are managing their sales through local retail entities. These vendors sell their products through specialized baby product stores and through other different retailing modes such as home improvement stores, consumer electronics stores, and hundreds of small independent retailers. This further intensifies the market competition. To sustain in such a competitive market, where the preference for offline shopping is declining, vendors are evolving with new business and retail strategies that include product offerings and pricing strategies. Factors such as business expansion and a rise in the number of hypermarkets, supermarkets, convenience stores, and warehouse clubs of major retailers add to the sales of these retail formats and significantly contribute to the market. The popularity of these retail stores helps manufacturers reach out to more customers. Shopping from these retail stores is helpful due to the attractive discounts and schemes they offer. Thus, various types of products offered by the vendors operating in the market will drive the market during the forecast period.
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Europe is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The use of baby monitors is higher in Western Europe when compared with Eastern Europe. However, Eastern European countries are emerging regions and are expected to show tremendous potential during the forecast period. This is due to an improvement in living standards, an increase in urbanization, and a rise in Internet and smartphone penetration.
The high demand for these monitors among urban houses comes from the growing awareness of SIDS and changing lifestyles. In Europe, the US, Germany, France, Italy, the UAE, and South Africa are the top markets for advanced monitors. Stronger Internet penetration and a growing e-commerce market help vendors to sell their products. During the forecast period, many vendors are expected to expand their presence in both online and offline modes.
In the last few years, Europe witnessed a considerable rise in dual-income households. Steady growth in the number of dual-income households results in higher spending on advanced products, thereby driving the sales of baby monitors. The UK is the leading country in the market in Europe in 2022. The high growth in per capita disposable income has increased the demand for such advanced products in Germany. In addition, the urban population in Germany is increasing. The rise in the urban population signifies an increasing trend toward dual-income households, which leads to a rise in the personal disposable income of households. This improves the spending on premium products, including advanced baby monitors. However, the declining birth rate in the region will negatively impact the market during the forecast period.
In 2020, European countries such as Germany, France, and the UK were majorly impacted by the COVID-19 outbreak. However, to contain the spread of the disease, healthcare professionals needed contactless technology to treat and monitor patients. These monitors helped healthcare personnel in Europe monitor patients, which increased the demand for the product in Europe. Moreover, the initiation of vaccination drives and the lifting of lockdown restrictions in 2021 led to the recovery of the market in the region. Thus, the growing development of vendors in the region will drive the growth of the regional market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Distribution Channel (Offline and Online), Product (Under-the-mattress, Diaper attachment, Smart wearable, and Other formats), and Geography (Europe, North America, APAC, South America, and Middle East and Africa).
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Advanced Baby Monitor Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.75% |
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Market growth 2023-2027 |
USD 480.9 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
10.24 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 32% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Baby Control Digital, Cubo Ai, Dorel Industries Inc., Hisense Ltd., iBaby Labs Inc., JABLOTRON Group AS, Koninklijke Philips NV, Lorex Technology Inc., Motorola Mobility LLC, Nanit, Owlet Inc., Panasonic Holdings Corp., Safetosleep, Samsung Electronics Co. Ltd., Snuza International Pty. Ltd., Summer Infant Inc., The Holding Angelcare Inc., VTech Holdings Ltd., WiFi Baby, and Withings France SA |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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