Pressure Sensor Sales in Occupant Classification System Market to Account for 60% of Revenue in 2022
Fact.MR, in its latest report, comprehensively provides the upcoming trends, opportunities, and challenges affecting the global occupant classification system market for the upcoming decade. In addition to this, the report also covers the trends propelling the market growth through segments including sensor, sales channel, and vehicle across major regions.
NEW YORK, March 8, 2022 /PRNewswire/ -- Fact.MR - A Market Research and Competitive Intelligence Provider: The global occupant classification system market is projected to reach US$ 2.4 Bn in 2022. With overall sales of occupant classification system surpassing US$ 4.8 Bn by 2032, the market is poised to expand at a CAGR of 7.1% during the forecast period (2022-2032).
Over the past few years, growing demand for luxury vehicles and increased purchasing power of the people is propelling the sales of the occupant classification system. As per the study, the occupant classification system market in South Asia & Oceania is anticipated to witness tremendous growth opportunities over the coming years.
Growth in the region is underpinned on the back of various government norms and growing consumer awareness regarding the safety & security. South Asia & Oceania occupant classification system market is anticipated to register a CAGR of 8.7% during the assessment period.
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The constant efforts of automakers in commercializing self-driving cars is projected to expand the sales of autonomous vehicles. Despite the automated technology in these vehicles, demand for advanced sensor technology for passenger safety is increasing. This is expected to create remunerative growth opportunities for occupant classification system key players.
In addition to this, surging number of vehicles in operation (VIO) and growing demand for installation of automated safety measures is projected to propel the demand in the market over the next few years.
Report Attributes | Details |
Base Year Value (2021A) | US$ 2.2 Bn |
Estimated Year Value (2022E) | US$ 2.4 Bn |
Projected Year Value (2032F) | US$ 4.8 Bn |
Global Growth Rate (2022-2032) | CAGR 7.1% |
Key Takeaways:
- Based on sales channel, the OEM segment is likely to witness growth at a CAGR of 7.2% during the forecast period (2022-2032).
- In terms of sensor, the pressure sensor segment is expected to hold almost 3/5th of the market share in 2022.
- China occupant classification system market is predicted to surpass US$ 299 Mn by 2032 on the back of increasing vehicle production in the region.
- North America is expected to witness fastest growth at 7.3% CAGR owing to the surging motorization rate in the U.S.
- Germany is anticipated to spearhead the growth of Europe occupant classification system market, accounting for almost 25% of demand share.
Growth Drivers:
- Stringent safety regulations for vehicles as per NCAP testing is likely to augment the sales of occupant classification system in the market.
- Government rules mandating the use of advanced seatbelts and airbags is propelling the demand for pressure sensors and seatbelt tension sensors, boosting the market.
- Increasing passenger vehicle sales in developing economies such as China, India, and Japan will support the growth in the market.
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Competitive Landscape:
Key players participating in the occupant classification system market are focusing on strengthening their global footprint by adopting new business strategies as well as advancing their product portfolio.
Furthermore, some of the players are aiming for strategic mergers and acquisitions to strengthen their footprints in regional markets and expand their customer base.
For instance,
- January 2022: Bosch and Volkswagen Group prolonged the period of their partnership for speeding up the launch of hi-tech automated driving functions across all genres of vehicle in the next few years.
Key Companies Profiled by Fact.MR
- Robert Bosch GmbH
- TE Connectivity
- ZF Friedrichshafen AG
- AISIN SEIKI Co., Ltd.
- Aptiv
- IEE Sensing
- Joyson Safety Systems
- Other Key Players
More valuable Insights on Occupant Classification System Market
Fact.MR, in its report, offers a market analysis on the global occupant classification system market providing unbiased analysis for the forecast period of 2022 to 2032. This survey also reveals the growth of technology in the occupant classification system market with detailed segmentation as follows:
By Sensor:
- Pressure Sensor
- Seat Belt Tension Sensor
By Sales Channel:
- OEM
- Aftermarket
By Vehicle:
- Passenger Car
- Compact
- Midsize
- Luxury
- SUV
- LCV
- Electric Vehicle
- BEV
- HEV
- PHEV
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Key Questions Covered in the Occupant Classification System Market Report
- What was market valuation of the global occupant classification system market in 2020?
- At what rate will the global occupant classification system market grow during 2017-2021?
- What are the key trends boosting the growth of the occupant classification system market?
- Which are the key players leading the global occupant classification system market?
- Which region will lead the occupant classification system market during 2022-2032?
- What was growth rate of the global occupant classification system market during the forecast period?
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Pressure Sensor Growth: Potential application of pressure sensor in medical, industrial machinery, data storage, HVAC, pumps, and robotics is estimated to supplement the growth of the market. Also, the stringent government regulations regarding the use of pressure sensors in various industries is likely to strengthen the growth in the market during the forecast period.
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