According to a new market research report published by Credence Research “Occupant Classification Systems Market (Sensor Type – Pressure Sensor and Seat Belt Tension Sensor; Vehicle Type – Light-duty Vehicle Class and Electric Vehicle) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global occupant classification systems market was valued at US$ 1.94 Bn in 2017 and will be growing at a CAGR of 7.2% during the forecast period from 2018 to 2026.
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The occupant classification systems market was valued at US$ 1.94 Bn in 2017 and expected to grow at a compounded annual growth rate (CAGR) of 7.2% during the forecast period from 2018 to 2026. One of the most prominent factors aiding the market growth can be attributed to the stringent vehicle safety norms being implemented across various countries. Car manufacturers across various countries in order to ensure passenger safety are adopting these systems. Occupant classification systems helps to identify the range of vehicle occupants in terms of if someone is tall or short or if someone is a baby or a child etc. The implementation of these systems in cars has impacted the manner in which airbags function. Occupant classification systems are being implemented by car manufacturers across the world in order to understand such data. However, high price often acts as a restraining factor for market growth and impacts public acceptance negatively. In addition, lack of uniformity in vehicle safety regulations is another factor hindering the occupant classification systems market growth.
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Asia Pacific expected to remain as the most important market for investment throughout the forecast period. The region occupied a share of more than 30% of the overall market value in 2017. Moreover, in coming years, governments in countries such as China and India are expected to make vehicle safety regulation stringent, thereby influencing the occupant classification systems market growth in the region positively. Moreover, the fact that a large number of automobile manufacturers are headquartered in the region further expected to compliment the market growth for occupant classification systems.
The automobile industry in the Asia Pacific region has witnessed a rapid growth in recent years. Rise in net disposable income coupled with availability of affordable cars are two important factors supporting the aforementioned sentence. The demand for economy class vehicles in the region has been on the rise in recent years and China, India and South Asian countries are expected to offer significant growth opportunities for the occupant classification systems market in the coming years.
Some of the major players operating in the occupant classification systems market include Bosch, ZF, IEE Sensing, TE Connectivity, Aptiv, Aisin Seiki, Continental, Denso, Nidec Corporation, Joyson Safety Systems and Calsonic Kansei Corporation among others.
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