"Implementation of Stringent Vehicle Safety Norms to Drive the Occupant Classification Systems Market Growth"

The occupant classification systems market was valued at US$ 1.94 Bn in 2017 and expected to be growing at a compounded annual growth rate (CAGR) of 7.2 % from 2018 to 2026. Vehicle safety norms getting stringent by the day is one of the most important factors leading to the increasing deployment of occupant classification systems in vehicles across the world. Vehicle manufacturers are tasked with finding ways to protect vehicle occupants. The introduction of the seat belt was a first step in this safety evolution. However, wide range of vehicle occupants such as tall, short, baby, child etc. always stood as a challenge for the development of airbags. Moreover, the position of the passenger was also of prime importance in the case of side airbags. Therefore, in order to gather this type of data, vehicle manufacturers are implementing occupant classification systems. Government authorities have increased their focus towards imposing safety norms for new cars across various countries. Countries such as India, China and Brazil among others are expected to implement stringent vehicle safety norms in the coming years, thereby influencing the occupant classification systems market growth positively. However, public acceptance of safety technologies is impacted by high price, which often acts as a restraining factor for market growth. Moreover, regional disparities in regulations is another factor influencing the market growth negatively.

"Passenger Car Set to Remain the Largest Segment throughout the Forecast Period"

In 2017, the global occupant classification systems market was led by passenger cars in terms of value. The segment expected to continue its dominance throughout the forecast period. One of the most important factor aiding the segment growth can be attributed to the increasing demand for passenger cars as a result of rising discretionary income coupled with the easy accessibility to private financing schemes. The trend is expected to continue throughout the forecast period. Moreover, in the coming years, the demand for premium and luxury cars expected to grow, a factor further influencing the demand for occupant classification systems in passenger cars positively.

"Economy Class Vehicles to Offer Significant Growth Opportunities for the Occupant Classification Systems Market"

Installation of occupant classification systems in economy class vehicles in developing countries expected to offer enormous growth potential for the market to flourish. Economy class vehicles are extremely popular in developing countries owing to which vehicle manufacturers are focusing on this car segment. The rising middle class population in countries/regions such as India, China and South Asian with increased net disposable income expected to create favorable demand for economy class vehicles, thereby offering favorable opportunities for the occupant classification systems market.

"Asia Pacific to Remain the Most Lucrative Market for Investment throughout the Forecast Period"

Asia Pacific represents the largest and most lucrative regional market for occupant classification systems worldwide. The value share of Asia Pacific in the global occupant classification systems market stood at more than 30% in the year 2017. The trend shall prolong and the region is poised to register strong growth during the forecast period. Toyota, the world’s largest motor vehicle manufacturer is headquartered in the region. Nissan, Hyundai, Suzuki and Honda are the other leading motor vehicle manufacturers headquartered in the region.

Fast GDP growth coupled with highly aspirational consumers have been important growth drivers for most of the emerging markets in Asia Pacific such as; China, India, Malaysia, Indonesia and other developing markets in Southeast Asia. Moreover, the rising middle class population in China has further complimented the Chinese auto market growth. Therefore, these factors in combination expected to influence the occupant classification systems market growth positively in the Asia Pacific region during the forecast period.

Key players profiled in the report include Bosch, ZF, IEE Sensing, TE Connectivity, Aptiv, Aisin Seiki, Continental, Denso, Nidec Corporation, Joyson Safety Systems and Calsonic Kansei Corporation among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Occupant Classification Systems market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Occupant Classification Systems market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Occupant Classification Systems market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Occupant Classification Systems market?
• Which is the largest regional market for Occupant Classification Systems market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Occupant Classification Systems market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Occupant Classification Systems market worldwide?