Dublin, Oct. 19, 2022 (GLOBE NEWSWIRE) -- The "Electric Baby Stroller Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The electric baby stroller market was valued at US$13.090 million in 2020 and is expected to grow at an impressive CAGR of 25.82% over the forecast period to reach a total market size of US$65.332 million in 2027.
Strollers are types of small carts that are primarily used for the transportation of babies or infants from one place to another. These carts are often equipped with cushioned seats as well as cushioned flatbeds with four wheels for mobility. Electric strollers are those types of strollers that are equipped with electric motors on the wheels, batteries, and electric brakes. These strollers often offer enhanced safety, mobility, and comfort for both the baby and their parents, as these strollers can assist the parent while pushing the cart uphill or on any rough terrain. Also, the electric brake assist function helps the users control the cart while going downhill.
The market is poised to witness healthy growth over the course of the next five years, primarily on account of the growing investments by market players in the form of R&D for the development and launch of innovative electric stroller solutions with the aim of tapping the potential that the market holds. For instance, in February 2019, Good Baby Holdings Limited's brand CYBEX, announced the launch of its latest electric stroller solution, i.e., the e-priam with uphill support, uneven surface support, and e-brake support.
The company also announced this product in vibrant color schemes as well as with fabric and seat colors tailored according to the needs and preferences of the users. Similarly, in September 2019, Robert Bosch GmbH, a globally known multinational engineering and technology company based out of Germany, announced the development of its latest innovation, which was a smart electrification system for baby strollers.
The market is also expected to grow on account of the high convenience offered by these electric strollers, despite their being costlier than conventional products. The growth in the number of live births in both developed and developing economies of the world coupled with the increasing working-class population has led to an upsurge in the demand for convenience goods and commodities, which is also playing a significant role in shaping the market growth during the next five years.
Furthermore, the emerging trend among millennials and baby boomers to become parents is also expected to be one of the major factors that are anticipated to propel the business growth opportunities for the major market players in the projected period.
Furthermore, the booming travel trend is also poised to augment the demand for electric strollers in the coming years. However, the market may be restrained by the fact that there is a wide availability of low-cost substitutes for electric strollers, which are conventional strollers. The considerable high cost of these systems will further lead to their adoption only among high-income groups.
Moreover, the recent advent of COVID-19 is expected to inhibit the demand for these strollers as restrictions on travel, nationwide lockdowns, and other factors such as the economic breakdown in several economies, are further projected to hamper the market growth to some extent during the short run.
The electric baby stroller market has been segmented on the basis of components, distribution channels, and geography.
Hardware to hold a substantial share
By component, the electric baby stroller market is expected to hold a substantial share of the market throughout the course of the forecast period. Hardware includes motors, batteries, and other components. The major factors contributing to the significant share of this segment include the considerably high costs of the hardware coupled with the growing number of companies investing in the development and launch of new products.
However, the software segment is anticipated to witness healthy growth due to the growing demand for electric strollers as various products such as Bosch's stroller system can be operated through mobile software, which enables the user to access the functions of the strollers by connecting them with their smartphones via Bluetooth and authorization codes.
Online to show healthy growth
Through the distribution channel, the segmentation of the market has been done online and offline. The online segment is anticipated to witness rapid growth owing to the fact that there has been a constantly growing penetration of the internet as well as smartphones in both developed and developing economies of the world.
Furthermore, the growing e-commerce industry and the adoption of online distribution channels by major companies to expand their reach to customers will further bolster the growth of this segment during the next five years. However, the offline segment is projected to hold a substantial amount of market share until the end of the forecast period.
North America will have a sizable share. Geographically, the electric baby stroller market has been distributed into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The North American and European regions are expected to hold good amounts of share in the market throughout the forecast period.
The key factors bolstering the share of these regions in the market include the early adoption of technology and the purchasing power of the people living across the countries of these regions such as the U.S, Canada, Germany, and the UK, among others. Furthermore, the presence of a number of major market players in the region is also one of the key factors that are expected to drive market growth during the next five years.
Competitive Insights
Prominent/major key market players in the global electric baby stroller market include Robert Bosch GmbH, CYBEX, and Emmaljunga among others. The players in the global electric baby stroller market are implementing various growth strategies to gain a competitive advantage over their competitors in this market.
Major market players in the market have been covered along with their relative competitive positions and strategies. The report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered, along with the recent deals and investments of these important players in the global electric baby stroller market.
COVID-19 Insights
The global pandemic had a negative impact on the electric baby stroller market. The exponential surge in infected cases led to the implementation of lockdown and social distancing measures. Consequently, many public places, retail stores, and production facilities were forced to shut down briefly. At the same time, the closure of borders, halt in airlines, and port closures affected the imports and exports of multiple countries, disrupting the supply chain. The aforementioned factors and subsequent global economic recession changed the lifestyle and spending among the consumers, decreasing the demand for the said products.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Force Analysis
4.4. Industry Value Chain Analysis
5. Electric Baby Stroller Market Analysis, By Component
5.1. Introduction
5.2. Hardware
5.3. Software
6. Electric Baby Stroller Market Analysis, By Distribution Channel
6.1. Introduction
6.2. Online
6.3. Offline
7. Electric Baby Stroller Market Analysis, By Geography
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Robert Bosch GmbH
9.2. CYBEX
9.3. Emmaljunga
9.4. Smartbe
9.5. Foppapedretti S.p.a.
9.6. JINHUA COMFORT VEHICLE.CO.,LTD
9.7. ANEX
For more information about this report visit https://www.researchandmarkets.com/r/3thdt9
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