BABY MONITOR INDUSTRY INSIGHTS
The global baby monitor market size was valued at USD 1.5 billion in 2020 and is expected to reach USD 3 billion by 2026, growing at a CAGR of 15% during the forecast period. The penetration of these devices is growing rapidly in the overall baby safety and convenience products market across the world. The advanced baby monitor market introduced a smart baby monitor model with innovative technology and can now keep an eye on the baby from anywhere via smartphones. Thus, the demand for these devices is increasing rapidly among end-users.
As the global baby monitor market presents a lucrative revenue growth potential, many vendors expect to enter the market during the forecast period, making it highly consolidated. Chinese manufacturers will expand their presence in Europe and North America, leading to a price war among vendors. Further, increased commoditization can also lead to low-quality product manufacturing. However, the products in 2026 compared to 2020 will be far better in terms of usage, security, video footage, transmission, battery capacity, and connectivity. Also, video and audio units expect to surpass the sale of audio-only units, which, in turn, will result in higher ASP of these products at the global level.
Despite the outbreak of the COVID-19 pandemic in 2020, the market is likely to recover during the forecast period. It is also expected that the recovery is more likely to be consistent and estimated to cross the expected revenue generation in 2024. Thus, the onset of the pandemic has eventually triggered the market with a higher CAGR in terms of revenue, which is comparatively higher than the pre-COVID-19 projections. Further, the expected increase in newborns during the COVID-19 pandemic is expected to slightly increase the addressable segment for vendors during 2021–2022.
- The increasing convergence of baby monitor technology with IoT is a significant trend observed in the market. The trend toward simpler and more intuitive integration and collaboration systems is likely to influence the market’s growth.
- The launch and successful adoption of DECT technology has elevated the momentum for the digital transmission segment in the recent past.
- With the online sales in APAC likely to grow with a CAGR of over 23% during the forecast period, the market is expected to witness increased adoption of smart baby monitors in the region.
- The audio & video segment is likely to observe unit shipment of approximately 16 million units by 2026.
- The movement monitor segment expects to grow at a CAGR of approximately 15% during 2020–2026 due to the high awareness of tracking the periodic breathing pattern.
GLOBAL BABY MONITOR MARKET SEGMENTATION
This research report includes a detailed segmentation by
INSIGHTS BY PRODUCT
The audio & video segment by volume accounted for over 53% share in 2020. The Asia Pacific region is expected to be a major revenue contributor to the audio & video segment. It is expected to pose an absolute growth of over 125% during the forecast period in terms of unit shipments with high scope for innovation. Audio and video baby monitors are the largest revenue contributors to the market. The increasing preference for real-time interaction among parents is boosting the growth of video monitoring features. However, the cost of ownership is higher, which hinders their acceptance among end-users, especially in developing economies.
The global interactive audio-only baby monitor market expects to reach USD 340 million by 2026, growing at a CAGR of approx. 10% during the forecast period. Audio-only monitors combine high-end security cameras for additional monitoring features, thereby increasing the growth of the market. However, the advent of video monitors has hindered their growth momentum in recent times owing to the high-definition transmission of audio and live video monitoring. The segment expects to witness a decline in adoption during the forecast period.
INSIGHTS BY TRANSMISSION
The digital segment by revenue constituted over 81% market share in 2020. North America and Europe accounted for the most significant share in the digital segment. A majority of baby monitors available in the market using digital transmission. It is expected that digital baby monitors with eco-mode could be in increasing demand as they are designed to emit radiation only when activated by a sound or motion. With the expected rise in disposable income, spending power, and affordability, digital devices in emerging economies expect to gain momentum during the forecast period.
The analog baby monitor market growth is registering a CAGR of over 9% during the forecast period. Analog variants are usually considered to be safe when they operate at low frequencies. However, selectable channels with low-voice quality, high interferences, and low encryption are significant hindrances for analog baby monitors in the market. The Middle East & Africa region is expected to pose an absolute growth of 145% in terms of unit shipments in the analog segment during the forecast period due to the under-penetration levels.
INSIGHTS BY TYPE
By revenue, the conventional segment accounted for over 65% in 2020 and is expected to pose an absolute growth of 110% during the forecast period. However, the segment estimates to lose its share to the booming smart category due to enhanced audio and video quality, security, voice integration, and portable nature. The affordable cost of conventional baby monitors is likely to drive the momentum in emerging economies where the parents’ requirements are confined to monitor within a specific range.
The smart baby monitor market share is expected to account for 40% of the market share in 2026. It is also estimated to generate an incremental shipment of around 5 million during the forecast period. The rise in smart home penetration, internet penetration, WiFi connectivity, smartphone users, and remote monitoring requirements expects to drive the market. Further, established vendors are more likely to invest in innovative technologies to increase product differentiation and beat the competition.
INSIGHTS BY DISTRIBUTION
In 2020, the retail segment was the highest revenue contributor to the global interactive baby monitor market share. Despite the high growth momentum for the online segment, it faces intense competition from the retail segment because of the entry of traditional security product manufacturers and camera vendors, which has increased the visibility of monitoring devices on store shelves across the world. The availability of counterfeit versions has also increased concerns as monitors are associated with babies' health and security. However, the growth in online sales is set to increase by over 13% YoY in terms of shipments during the forecast period because they offer various options to choose from compared to retail stores.
INSIGHTS BY GEOGRAPHY
The North American interactive baby monitor market has been experiencing high challenges over the past few years due to the decrease in birth and fertility rates. The falling birth rates have led to a shift in the population of the region. In 2020, the impact of the COVID-19 pandemic skyrocketed the savings rate in the region. It witnessed a peak of over 32% in April 2020, up from 12.7% in March. It was also estimated that consumer spending declined by around 12.6% in the same period with the rise in the unemployment rate. However, the region expects to generate steady demand during the forecast period owing to new births from the increasing young immigrant population. Vendors have capitalized on the booming smart home penetration, and smart monitors act as the leverage for enhancing the market share of vendors. Thus, the region is likely to witness higher growth from digital and smart monitors. It also expects to witness high demand for baby monitors because of their reliability, ease of installation, and convenience. With rapid advances in technology, they deliver high performance and have become user-friendly.
INSIGHTS BY VENDORS
The global interactive baby monitor market is witnessing an increase in the influence of digital consumerism on retail sales. Dorel Industries, Motorola Mobility, VTech, Lorex Technology, and Summer Infant are the major companies in the market. The vendors operating in the security device segment such as Lorex and camera manufacturers such as Samsung Electronics have ventured into the baby monitor market with comparatively lesser challenges owing to their pre-existing expertise and monitoring technology. There is a broad scope for vendors to increase their profitability by adopting e-commerce as a business platform. With the increasing internet penetration, several online websites have come to serve parents that seek convenience and easy accessibility to get these products. E-retailing of several innovative childcare products, including baby monitors, is gaining popularity. Currently, many customers prefer to shop online for the convenience that online shopping offers. This trend has encouraged many companies to focus on the internet-savvy customer segment and venture into the omnichannel retail format. Moreover, this business model saves operating costs as the online retail format requires lesser operating costs, thereby increasing profitability.
The global interactive baby monitor market research report includes in-depth coverage of the industry analysis with revenue, supply chain, and forecast insights for the following segments:
Baby Monitor Market by Product
- Audio Only
- Audio & Video
- Movement Monitors
Market by Transmission
Market by Type
Market by Distribution
Market by Geography
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa