North America likely to account for over 33% of the global baby monitors market revenue
A recent report published by Arizton Advisory & Intelligence, “Interactive Baby Monitors Market – Global Outlook and Forecast 2018-2023” provides an in-depth analysis of the global baby monitors market and growth forecast during the period 2017-2023.
The report provides insights about the market and offers the market size of each segments such as by product type, connectivity type, signal transmission, and distribution channels. It also includes the market size and forecast in major geographical regions and profiles leading as well as emerging vendors.
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Analysts at Arizton states that Europe will lose its dominance in the global baby monitors market to APAC, in terms of unit shipment and value, to North America during the forecast period. This is due to declining birth rates in Western European countries and low awareness and penetration in Central and Eastern European countries.
UK, Germany, France, and Spain are the Largest Baby Monitors Markets in Europe
In 2016, the UK was the largest market for baby monitors in Europe, followed by Germany. Also, studies reveal that UK households are more open toward adopting movement monitors as a complimentary product along with traditional audio/video monitors. A high penetration of these monitoring devices in the UK paves a significant market penetration opportunity to movement monitors. Time constraints arising out of increasing working hours and duality in income earners are encouraging the adoption of baby monitors. Vendors and retailers are coming up with new strategies to garner interest and increase sales of these devices to consumers. The market is also growing because of increased adoption of smart baby monitors among tech-savvy consumers. Moreover, improving economy coupled with advancements in monitoring technology and rising new residential construction activities will spur the growth of the market in Spain during the forecast period.
US dominates Baby Monitors Market in North America
The major reason for this increase in demand was increase in the popularity of smart baby monitors among end-users and the introduction of smart movement monitors in the market by vendors. The US dominated the baby monitor market in North America with its 94.6% market share in 2017.
The growth of baby monitors market is likely due to innovation and introduction of new product formats. Key new entrants in the global movement baby monitors market are likely to be based in the US. Increasing funding of R&D activities for the introduction of products which can be lighter, smaller, and have differentiated functionalities, will contribute to the market growth.
The child specialist store channel dominated the baby monitors market in North America than other distribution channels in 2017. However, online sales have been increasing significantly.
The online sales accounted for about 25% of the overall revenue generation for movement monitors in the US in 2017.
As movement monitors are used only during the baby's first year of birth, several online retailers in North America also offer used-products at low prices.
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