Next Generation Baby Monitors Market : Global Demand Analysis & Opportunity Outlook 2024
Buy Now Report ID: 496 | Published Date: Feb 13, 2023
Next Generation Baby Monitors Market : Global Demand Analysis & Opportunity Outlook 2024
Buy Now Report ID: 496 | Published Date: Feb 13, 2023
Our in-depth analysis segmented the global next generation baby monitors market in the following segments:
Global next generation baby monitors market is further classified on the basis of region as follows:
The global next generation baby monitors market is expected to grow at a robust growth over the forecast period i.e. 2017-2024. Further, next generation baby monitor market is riding on the back of numerous factors such as growing adoption of new technology for monitoring the baby and rising disposable income of the population.
In terms of regional platform, North America and Europe are the most prominent regional market for next generation baby monitors in 2016. North America is expected to dominate the overall market of next generation baby monitors by the end of 2024 aided by U.S. Further, rapid adoption of technological advance devices in this region is believed to fuel the growth of next generation baby monitors market. Moreover, presence of major key players of baby monitor devices is envisioned to foster the growth of next generation baby monitors market.
Europe region captured the second the largest market in next generation baby monitors market in terms of revenue in 2016. Additionally, rapid urbanization and growing concerns among the working parents for monitoring their baby are projected to boost the demand for next generation baby monitors. Likely, Western Europe countries such as Germany, U.K., France and others are the major contributor in the market of next generation baby monitors in Europe region.CLICK TO DOWNLOAD FREE SAMPLE
Asia-Pacific region is projected to be the fastest growing next generation baby monitors market owing to swelled disposable income of the population. Additionally, this region is most lucrative market across the globe owing to emerging economies such as India and China.
Rising concerns among the working parents for monitoring their baby activities and growing adoption of advanced technology by the consumers are envisioned to foster the growth of next generation baby monitors market across the globe. Moreover, spiked penetration of internet of things in consumer electronic devices and growing research and development activities by major key players of baby monitor are believed to be the dynamic factor behind the rapid growth of next generation baby monitors market by end of 2024.
Furthermore, rapid urbanization coupled with rising disposable income of the population and increasing per capita income spending on child care products across the globe are projected to flourish the growth of next generation baby monitors market. Likely, growing penetration of online retailers along with wide availability of baby monitors devices is anticipated to flourish the growth of next generation baby monitors market.
However, high cost of next generation baby monitors and lack of awareness related to next generation baby monitors are believed to dampen the growth of next generation baby monitors market over the forecast period.
The major key players for next generation baby monitors market are as follows
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
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