The global OCS market is projected to grow at a CAGR of 6.7% during the forecast period, from USD 2.0 billion in 2020 to USD 2.8 billion by 2025
NEW YORK, May 13, 2020 /PRNewswire/ -- Increasing use of vehicle passive safety systems, increasing sales of mid-size and luxury vehicles, and increasing demand for energy-efficient electric vehicles to fuel the demand for the occupant classification system (OCS)
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The global OCS market is projected to grow at a CAGR of 6.7% during the forecast period, from USD 2.0 billion in 2020 to USD 2.8 billion by 2025. Stringent safety norms for vehicles to pass the NCAP test ratings are expected to drive the OCS market. However, regional disparities in NCAP ratings and public acceptance of safety technologies, which is impacted by the high price, are a few restraining factors for the OCS market. The installation of OCS in economy class-vehicles has increased in developing countries. Also, leveraging allied technologies for better accuracy is expected to create opportunities for the OCS market in the coming years. On the other hand, the availability of alternative technologies for the occupant classification system can pose challenges for the OCS market.
Mid-size class of light-duty vehicle to grow at a significant rate during the forecast period.
The OCS market for a mid-size class segment of the light-duty vehicle is projected to grow at the highest CAGR during the forecast period.It is followed by the economy class.
The growth of the occupant classification system is driven by the increasing sales of luxury and ultra-luxury vehicles in developed and developing countries.
Asia Pacific to lead the OCS market during the forecast period
The Asia Pacific region is estimated to hold the largest share of the global OCS market in 2018. Increasing demand for vehicles with advanced passive safety features and increasing awareness about green vehicles among people are expected to fuel the growth of the OCS market in the Asia Pacific region.
In-depth interviews were conducted with CEOs, marketing directors, innovation and technology directors, and executives from various key organizations operating in the market.
• By Company Type: Tier I – 40%, Tier II – 30%, and OEMs – 30%
• By Designation: C-Level – 45%, D-Level – 30% and Others – 25%
• By Region: North America – 35%, Asia Pacific – 30%, Europe – 15%, South America – 10%, and RoW – 10%
The market comprises major manufacturers such as ZF (Germany), Aisin Seiki (Japan), TE Connectivity (Switzerland), Continental (Germany), Aptiv (Ireland), etc. The study includes an in-depth competitive analysis of these key players in the market with their company profiles, recent developments, and key market strategies.
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The study covers the market across segments. It aims at estimating the market size and future growth potential of this market across different segments such as component, No. of cylinders, valve actuation method, fuel type, vehicle type, and Region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
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