Market Trends of Baby Monitors Industry
This section covers the major market trends shaping the Baby Monitors Market according to our research experts:
Growing Number of Working Parents and Hectic Life Schedules
- The growing urbanization is changing consumers' lifestyles and reducing gender biases, thus promoting women professionals working in different fields per their choices. Due to this trend, women's engagement in the workforce has consistently increased over the years. Women worldwide allocate a substantial amount of time to activities that are not typically recorded as economic activities.
- Hence, female participation in labor markets tends to increase when the time cost of unpaid care work is reduced, shared equally with men, or made more compatible with market work. The growing participation of women, including mothers with newborn babies, is boosting the growth of monitoring devices, including baby monitors.
- The evidence from countries such as Bangladesh, Brazil, China, Ghana, India, Mexico, South Africa, and others indicates that increasing the percentage of household income occupied by women changes spending in ways that benefit families, particularly children, as they increase expenditures on education, health, nutrition, or housing. Further, in developing countries, the number of working women is increasing, providing an excellent opportunity for market players to expand their presence.
- For instance, according to World Bank, India's female labor force participation rate had increased by 0.6% in 2021. In total, the rate amounted to 19.23% in 2021.
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North America is the Largest Market
- North America is dominating the overall baby monitors market and is expected to continue this trend in the future. This growth is mainly due to the rising trend of nuclear families, the increasing spending capacity of people, and a growing awareness of the advantages of these devices.
- According to the United States Census Bureau, in 2021, 35.03% and 28.45% of all households in the United States were two-person and single-person households, an increase from 34.52% and 28.01% in 2018. The growth is also attributed to the advancement of these devices and rising personal equity investment, specifically in the electronics sector in developed markets such as the United States and Canada. The region is also anticipated to witness increasing awareness among parents regarding childcare and strong retailing, which may boost the market's growth.
- Additionally, due to the region's early adoption of advanced technologies, baby monitors are widely accepted in the region. In addition to monitoring their babies' movements remotely, these products allow parents to track them remotely.
- Moreover, due to the continuous contributions of companies and research organizations to technological advancements, the competition among market players in the region is healthy, and players are launching new products in the region. For instance, in July 2022, Owlet, the manufacturer of baby monitors, launched the Owlet Cam 2, which uses artificial intelligence (AI) and machine learning (ML) to detect whether a baby is crying in the nursery. Parents receive notifications through the Owlet Dream app when the product detects sounds, motions, or crying in their child's room.
- In addition to sending video clips of sounds and motion, the camera can let parents view them on a smartphone anytime. Furthermore, due to their high purchasing power, the population of this region is more inclined toward technological developments. This, in turn, stimulates the growth of the region's market.
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