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.
A baby car seat is a car seat designed specifically to protect children from injury or death when vehicle crashes occurs. These baby car seats offer a safe and secure in-car environment, which is suitable for small children. There are plenty of baby car seats are available in market according to weight group and age group of children.
Global baby car seat market is expected to witness remarkable growth over the forecast period. The market is expected to thrive on the back of increasing concern among the parents regarding there baby’s safety. Increasing sales of vehicles and increased affordability of consumers to spend on vehicles are likely to be the key drivers behind the growth of market during the forecast period.
In terms of regions, the global baby car seat market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East & Africa regions. Among these regions, North America baby car seat market dominated the global baby car seat market in previous years and is expected to garner positive CAGR in global baby car seat market during the forecast period. The market of baby car seat system in North America region is thriving on the back of stringent government regulations regarding child safety seat. The government has recently established a car seat law in California that states, children under 2-years-old must be buckled up in a rear-facing car seat unless they weigh at least 40 pounds or are at least 40 inches tall.
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Apart from North America region, Europe grabbed second leading shares in baby car seat market and is accepted to witness robust growth over the forecast period. High concern regarding child safety and government regulations in European countries such as UK are expected to enhance the demand for baby car seat market in this region. Further, increasing number newborns in this region is expected to fuel the growth of baby car seat market in Europe region during the forecast period. Asia Pacific baby car seat market is also projected to thrive at a notable CAGR over the predicted period. The market of baby car seat in Asia Pacific is likely to grow on the back of rising disposable income and increasing awareness regarding need and benefits of baby car seats.
Further, rear-facing baby car seat segment by product type grabbed major shares of market in previous years and is expected to continue this positive growth over the forecast period. Auto manufacturers of passenger cars are looking forward to make baby car seat a standard feature in their cars and this factor is expected to positively impact the growth of this segment in baby car seat market over the forecasted period.
Our in-depth analysis has segmented global baby car seat market into the following segments:
Global baby car seat market is further classified on the basis of region as follows:
The governments across the globe are implementing numerous laws to protect as many children as possible on the roads. These car seats reduce chance of child injuries by as much as 90 percent. Rising child safety concern among parents across the globe is expected to be the major factor behind the notable growth of baby car seat market over the forecast period.
The incidents of car accidents across the globe are increasing which have fuelled the need for baby car seats. This is one of the important reasons behind the growth of the global baby car seat market. Further, rapid urbanization, high disposable income and increasing spending on passenger cars are expected to foster the growth of baby car seat market in upcoming years.
Growing birth rate, especially in countries like China and India in the APAC region, is expected to fuel the demand for baby car seats in the global market. The baby car seats have been through many designs and technological transformations, thus the quality of baby car seats has improved over last few years. This factor is expected to drive the growth of global baby car seat market in future.
Auto manufacturers are making baby car seats an essential feature in there vehicles. Further, growing installation of baby car seat in passenger cars is expected to drive the growth of baby car seat market at considerable pace in upcoming years. Other advancements in baby car seats such as connected baby car seats are also expected to increase the demand in upcoming years. Advanced features of modern baby car seats such as up-front harness adjust, online chat, live video installation supports are attracting consumers towards them.
However, due to lack of stringent laws regarding use of baby car seats in underdeveloped countries, the market growth is expected to decline in future.