The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Baby Monitors Market.
It was estimated prior to this unanticipated outbreak Baby Monitors Market reach CAGR of 10.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Baby Monitors Market Insights
Baby monitors market is likely to witness an impressive CAGR of 10.2% during the forecast period. The growing awareness regarding child safety among working parents, increasing number of working women in countries, such as China, the USA, and Canada, and the rapid penetration of smartphones to drive the baby monitors market during the forecast period.
Market Share Analysis
Baby Monitors Market Share: By Product Type
Based on the product type, the market is segmented as audio baby monitor, video baby monitor, and motion sensor baby monitor. Video baby monitors dominate the market due to the benefits offered by them, such as real-time video and audio transmission, heart rate monitoring, and temperature sensing.
Baby Monitors Market Share: By Region
In terms of regions, North America is estimated to lead the baby monitors market during the forecast period, driven by the growing trend of nuclear families, increasing spending capability of people, and the increasing awareness about the advantages offered by using such devices.