Upsurging Use of Industrial Gases Across Various Industries Also Thrives the Market Expansion.
The baby monitor market in terms of revenue was worth USD 7,588.8 Million in 2023 and is expected to reach USD 17,743.1 Million in 2030, growing at a CAGR of 12.9% from 2024 to 2030.
The global baby monitor market has been growing steadily in recent years, driven by several factors. These factors include the increasing number of working parents, the rise in nuclear families, and the growing concern for child safety.
One key driver of the global baby monitor market is the increasing number of working parents. According to the International Labor Organization (ILO), the percentage of women in the global workforce has increased from 41.1% in 1990 to 47.7% in 2020. According to the BrandEssence market survey, at approximately 61.3%, Canada has the highest female labor-force participation rate in 2021. In India, in 2022, women's employability was nearly 51 percent, compared to nearly 41.2 percent in 2021. And in the United States, women’s labor force participation rate was 59.2% as of mid-2022. This trend is expected to continue as more women join the workforce and more families require childcare solutions.
Another driver is the rise in nuclear families. According to the United Nations, the percentage of one-person households has increased from 19% in 2000 to 22% in 2020. According to the United States Census Bureau, there were 37.9 million one-person households, or 29% of all U.S. households, in 2022. This trend is expected to continue as more people choose to live alone or in small family units. As a result, the need for baby monitors has increased, as parents want to keep a close eye on their children even when they are in another room.
The growing concern for child safety is also supplementing the growth of the global baby monitor market. Parents are increasingly aware of the risks associated with leaving their children unattended and are looking for ways to ensure their safety. Baby monitors provide parents with peace of mind, allowing them to keep a close eye on their children and respond quickly in case of an emergency.
Key players in the global baby monitor market include Motorola, Samsung Electronics, Angelcare, VTech Holdings, and Summer Infant. These companies are investing in new technologies and features to stay ahead of the competition. For example, Motorola has introduced baby monitors with Wi-Fi connectivity and two-way communication, while Angelcare has developed baby monitors with movement sensors that can detect if a baby stops breathing.
However, increasing concern among parents about the potential health risks associated with the radiation emitted by baby monitors may hinder the market growth. Some parents are hesitant to use baby monitors due to fears about the effects of electromagnetic radiation on their babies' health. This can limit the growth of the market, especially in developed countries where parents are more aware of the potential risks.
In spite of that, opportunities for the global baby monitor market include the development of smart baby monitors that offer advanced features such as video monitoring, sleep tracking, and real-time alerts. These advanced features are likely to attract tech-savvy parents who are willing to pay a premium for high-quality baby monitoring products. Additionally, the growing trend towards smart homes and the Internet of Things (IoT) presents an opportunity for baby monitor manufacturers to integrate their products with other smart home devices and offer more comprehensive monitoring solutions. The expansion of e-commerce platforms and increasing online sales channels also provide an opportunity for baby monitor manufacturers to reach a wider audience and increase their market share.
In conclusion, the global baby monitor market is being driven by the increasing number of working parents, the rise in nuclear families, and the growing concern for child safety. Key players in the market are investing in new technologies and features to meet the evolving needs of parents. As a result, the global baby monitor market is expected to continue growing in the coming years.
Escalating Number of Working Parents and Hectic Lifestyles are the Prominent Factors Driving the Market Growth
A growing number of working parents and the increasingly hectic lifestyle are major factors driving the growth of the baby monitor market. As more parents return to work after having a baby, they need a way to keep an eye on their children while they are away. Baby monitors provide a convenient and reliable way for parents to monitor their baby's sleep and activities while they are at work or running errands. According to data from the International Labour Organization, the global labor force participation rate for women increased from 47.7% in 1995 to 49.6% in 2019. In some countries, such as Iceland and Sweden, the labor force participation rate for women is even higher, at over 70%. As well, according to the article, around 31% of working mothers are currently providing childcare full-time, as compared to only 17% of working fathers. Furthermore, the percentage of mothers employed in the US was 71.2% in 2022 and 73.2% in Germany.
Moreover, the market players are also making efforts to fulfill the need of the parents by constantly doing product development. For instance, earlier most baby monitors were audio-only, meaning they transmit only sound. However, manufacturers have introduced some models which include a video camera that allows parents to see their baby in real-time. Some video monitors also have additional features, such as night vision, two-way audio, temperature sensors, and lullabies. Many baby monitors are equipped with features like Wi-Fi connectivity, smartphone apps, and voice control, making them easier to use and more convenient for busy parents. Overall, the demand for baby monitors is expected to continue to grow as more parents seek ways to stay connected with their babies while juggling multiple responsibilities.
Ever-increasing Demand Towards Technological Enhancements Thrive the Market Growth
The increasing demand for technological advancement is another aspect that is enhancing the evolution of the market. To attract a robust customer base the tier-1 and tier-2 market players are constantly taking efforts to launch innovative product offerings to their customers. For example, recently, in September 2022, Lorex Technology, one of the most trusted names in home and business security, is announced a new addition to their industry-leading line of smart security products including the Lorex 4K Spotlight Indoor/Outdoor Wi-Fi Security Camera with Smart Security Lighting. Also, LOREX Technology Inc., a global leader in video security camera solutions, introduced the LOREX LIVE SENSE Video Baby Monitor, a cutting‐edge solution featuring sound‐activated video recording, two‐way intercom, and secure remote access via PC. These latest techniques useful to baby monitors allow parents to keep a constant eye on their babies in real-time. With advanced audio and video features, parents can see and hear their babies from a remote location, giving them peace of mind while their child sleeps or plays. It is useful to market growth. Therefore, high investment in baby monitor concept among large number of leading market players are driving the baby monitor market.
Rising Popularity of Smart Home Technology Has Also Contributed to the Growth of the Baby Monitor Market
The growing popularity of smart home technology has also contributed to the growth of the baby monitor market. Many baby monitors nowadays are equipped with features like Wi-Fi connectivity, smartphone apps, and voice control, Bluetooth, and the Internet of Things (IoT), manufacturers have been able to develop innovative baby monitoring systems, making them easier to use and more convenient for busy parents.
Smart baby monitors come with a wide range of features that make it easier for parents to keep an eye on their babies from a distance. Some of these features include HD video monitoring, two-way communication, temperature sensors, and motion detection. Some smart baby monitors also come with mobile apps that allow parents to access live video feeds of their baby's room on their smartphones or tablets.
Additionally, the convenience of having a baby monitor that can be accessed remotely has made it easier for parents to multitask while taking care of their babies. They can easily monitor their baby's activities while working, cooking, or doing other household chores. Overall, the growth of the smart home technology market has played a significant role in the rise of the baby monitor market.
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