Market Size of Occupant Classification Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Occupant Classification Systems Market Analysis
The occupant classification systems (OCS) market is expected to witness a CAGR of 6.5% during the forecast period (2021 - 2026). OCS detects the existence and physique of the passenger seat occupant for the Advanced Air Bag requirements. This system distinguishes between gender, as well as children and adults, by their seating postures with the help of pressure sensors in the seat and tension on seat belts.
- The increasing demand for safety in automobiles is boosting the market's growth positively. For instance, according to the World Health Organization, globally, approximately 1.35 million people are killed in road accidents every year. Moreover, between 20 and 50 million more people suffer non-fatal injuries, with many incurring a disability as the result of their injury. OCS plays an important role in improving the safety features of vehicles.
- Additionally, the rising automotive sales and increasing production of autonomous vehicles worldwide are fueling the demand for inertial systems in the automotive industry. According to the OICA (Organisation Internationale des Constructeurs d'Automobiles), the sales of automotive worldwide, in 2019, reached 95 million units. Moreover, according to UBS, the global market for sensor semiconductor autonomous vehicles is expected to reach USD 30 billion by 2030. Such high growth in automotive sales is expected to further drive the demand for OCS in the forecast period.
- Asian countries, such as China, India, South Korea, Taiwan, Japan, who have a significant presence of manufacturers of the OCS, as well as the highest automotive market has experienced lockdown and have impacted the production schedules. The sales have been down as the lockdown in most of the global economies has been resulted in deliveries limited to essentials and has resulted in companies revising their revenue targets.
