The global occupant classification system market was valued at USD 1.96 billion in 2017 and is projected to grow at a CAGR of 6.80% during the forecast period, to reach USD 3.17 billion by 2025. In this study, 2017 has been considered the base year, and 2018–2025 the forecast period, for estimating the size of the occupant classification system market.
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The global Occupant Classification System Market is projected to grow at a CAGR of 6.80% from 2018 to 2025, to reach USD 3.17 billion by 2025. The increasing awareness about safety in a vehicle has increased the demand for active and passive safety systems.
As a result, the automotive industry has witnessed the increasing adoption of active and passive safety systems in a vehicle. Passive safety systems inside the vehicle include airbags, seatbelts, whiplash protection system, and occupant classification system.
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Occupant protection system features such as airbags and seatbelts reduce the probability of death or severe injuries in a traffic mishap. Airbags in a vehicle have significantly improved the safety of occupants.
Occupant classification system manufacturers utilize a good portion of their engineering resources to develop new products or improve existing passive safety systems for the automobile. All these developments are primarily focused on improving the overall safety of vehicle occupants.
This, in turn, has resulted in the reduction of vehicle recalls because of faulty passive safety features.
The automotive industry is experiencing a paradigm shift in vehicle production from developed economies to developing economies. Increasing population and improving demographic dividend in countries like India, China, Brazil, and South Africa have contributed to the increasing production of economy-class vehicles.
Economy-class vehicle contributed around 37% of the total vehicle production in the year 2017 and is expected to grow at a rate of approximately 3% by the year 2025. Currently, most of the economy-class vehicles produced in developing countries are not equipped with OCS.
The installation of active and passive safety systems in vehicles largely depends on the government regulations. With the increasing economy-class vehicle production and growing awareness about safety systems among people, OEMs can create new revenue pockets in developing countries.
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OCS must be allied with certain innovative technologies such as a camera-based detection system to improve the accuracy of occupant detection. A camera-based detection system can identify the occupant by running certain algorithms.
Moreover, some radio frequencies or electromagnetic based technologies can also be leveraged in tandem with sensor-based OCS to identify and classify the passenger accurately.
The mid-size class segment of the occupant classification system market, by light-duty vehicle, is expected to grow at the highest CAGR during the forecast period. It is followed by the luxury class segment.
The mid-size class segment is also estimated to account for the largest share of the occupant classification system market, following its increased sales in developing economies. The Asia Pacific region is estimated to account for the largest market share in mid-size class segment.
The sensors segment is estimated to be the fastest growing market for occupant classification system, by component. Modern vehicle safety systems are based on advanced electronics that makes use of sensors for detection.
Increase in sales of light-duty vehicles equipped with sensors is expected to drive the growth of occupant classification system.
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