Occupant Classification System (OCS) Market Is Expected To Grow At a CAGR Of 8.5% FROM 2018-2027.
According to Stratistics MRC, the “Global Occupant Classification System (OCS) Market” is accounted for $1.56 billion in 2018 and is expected to reach $3.31 billion by 2027 growing at a CAGR of 8.7% during the forecast period. Rising developments in sensor technology and severe safety norms for vehicles to pass the NCAP test ratings are the major factors driving the market growth. However, public acceptance of safety technologies is impacted by high price is restraining the market growth. Moreover, leveraging allied skill for better accuracy is the opportunity for the market growth.
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Occupant classification systems (OCS) are developed to identify the exact existence of passenger in the seat. For advanced air bag necessity and other safety norms this system detects physique and existence of the occupant. It categorizes the weight or mass of a front seat passenger and automatically turns off the front passenger airbag in certain circumstances.
Opportunity: Steadily Rising On-Road Autonomous Vehicle Fleet would provide ample opportunities for the market growth.
Automotive stakeholders have accelerated their efforts for the commercialization of autonomous vehicles. As autonomous fleet epitomizes the automation environment driven by sensor technologies, steadily rising sales of autonomous vehicles present lucrative opportunities for the manufacturers. Being driverless in nature, autonomous vehicles incorporate distinct and reliable sensor technology to ensure passenger safety. As autonomous vehicle manufacturers ensure passenger safety by aligning the vehicle features to regulatory standards, installation of these systems in autonomous vehicles is set to rise in the future, thereby propelling the growth of the market.
Driver: Increasing awareness of vehicle safety systems in China and India is driving the market growth.
The market is projected to grow rapidly in the future, owing to the increasing awareness of vehicle safety systems in China and India. As per the WHO, around 1.24 million mortalities are caused by road accidents annually. Car accidents are the major cause of death worldwide, which is likely to force the automotive suppliers to offer improved vehicle safety in their vehicles. There is a significant need to identify the position and weight of the occupant to prevent any kind of injuries owing to airbag impacts.
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Depending on sensor type, seat belt tension sensor segment is expected to grow at the significant market share during the forecast period. Seat belt tension sensor is among the must-have sensor in these systems. Many governments across the globe have mandated the use of airbags and seatbelts in vehicles. The average selling price associated with the seat belt tension sensor is higher than that of the pressure sensor. This is the reason for the dominance of the seat belt tension sensor segment.
North America region is anticipated to hold considerable market share during the forecast period:
By geography, the North America region is anticipated to hold considerable market share during the forecast period. The market is growing as most of the developed economies including the U.S. have made these systems mandatory in all car models. Rising sales of luxury class vehicles will boost the demand for the market in Canada. Growing sales of LCVs will drive the Mexican market. Launch of new vehicle models and changing import-export policies to drive the market in US.
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Some of the key players profiled in the Occupant Classification System (OCS) Market include ZF, TE Connectivity, TCS Corporation, Shanghai Shanben Industrial E.& I. Co Ltd, Robert Bosch, Nidec Corporation, Keihin Corporation, Joyson Safety Systems, IEE Sensing, Denso, Continental, Calsonic Kansei Corporation, Autoliv, Aptiv AND Aisin Seiki.
ZF: In November 2019, ZF partnered with Danfoss for silicon- and silicon-carbide power modules. Danfoss awarded automotive traction power modules supply contract for ZF volume production projects. It is a new joint R&D initiative at the interface between power modules and inverters. The partners plan to improve the efficiency of electric drivelines by leveraging engineering and cost benefits at the interface between power modules and inverters.
TCS: In November 2018, TCS acquired BridgePoint Group, a U.S. management consulting firm catering to the financial services industry, and specializing in retirement services, through the purchase of select company assets. BridgePoint’s entire management team and key experts will join TCS. Their deep customer relationships and significant industry knowledge adds to TCS’ ability to provide digital solutions that enhance sponsor and participant experience, and drive Business 4.0 transformations.
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