Baby Monitors Market to Rise at CAGR of 4.4% during Forecast Period 2021-2031, notes TMR Study
WILMINGTON, DE / ACCESSWIRE / August 12, 2022 / Transparency Market Research Inc. – The value of the global baby monitors market stood at more than US$ 1 Bn in 2020. The market is likely to develop at a CAGR of 4.4% during the forecast period, from 2021 to 2031. The global baby monitor market size is anticipated to cross valuation of US$ 1.7 Bn by 2031. The global market for baby monitors is being driven by the rising awareness regarding the security and safety of newborns in developing nations. In order to meet the growing demand from customers throughout the world, market players are working to provide cutting-edge baby monitor products.
Additionally, small and medium-sized businesses that make products are establishing themselves in the global market by producing effective, secure, and dependable baby monitors. Growing consumer product awareness, growing disposable income, and quickly developing offline and online distribution channels are expected to propel the global baby monitors market. The global market, however, is being restrained by hacking, signal interference, concerns with smartphone connectivity, and limited technical reliability. However, smart baby monitor market is expected to observe steady growth due to the benefits of smartphone connectivity.
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Key Findings of Market Report
- The global market for baby monitors is primarily driven by the growing working populace. The need for baby monitors has grown as nuclear homes have multiplied throughout the world. The demand for newborn day care facilities is quite high due to the increase in the number of working individuals all over the world. The growing demand for baby monitors can be attributed to this aspect.
- Consumers’ increasing discretionary income is a major driving force behind growth of the global baby monitors market. Baby monitor market analysis highlight that parents in the developing nations are prepared to shell out more for high-quality baby monitors. The global baby monitors market is expected to expand at a faster rate due to the increasing need for effective and affordable devices.
- In order to boost their income, companies in the global baby monitors market are concentrating on creating technologically advanced products. In the baby monitors business, innovation is crucial in achieving success. Innovative as well as upgraded items are more than likely to be purchased by consumers, which is expected to augur well for the advanced baby monitor market. The growth of the global market is being fueled by technological developments in such products. It is anticipated that during the following years, this would further raise demand for baby monitors.
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Global Baby Monitors Market: Growth Drivers
- The market participants for baby monitors are expected to observe value-grab opportunities company-owned websites, e-commerce websites, and number of physical distribution channels all continue to grow.
- North America is anticipated to account for a considerable baby monitor market share during the forecast period. Significant presence of technologically advanced advanced infrastructure and cutting-edge baby monitor devices is expected to drive the regional market. The expansion of the market is also being aided by the rising number of nuclear family homes in the region.
Global Baby Monitors Market: Key Players
Some of the key market players are
- Dorel Industries, Inc.
- Samsung Electronics Co. Ltd
- VTech Holdings Ltd.
- Koninklijke Philips N. V.
- Summer Infant Inc.
- LOREX Technology Inc.
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Global Baby Monitors Market: Segmentation
- Video Monitor
- Audio Monitor
- Baby Movement Monitors
- Wired Baby Monitors
- Wireless Baby Monitors
- Up to 249 ft
- 250 to 499 ft
- 500 to 749 ft
- 750 to 999 ft
- 1,000 to 1,499 ft
- Above 1,499 ft
- Low (Below US$ 50)
- Medium (US$ 50-200)
- High (Above US$ 200)
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Published Fri, 12 Aug 2022 19:34:04 -0500