Occupant Sensing System (OSS) Market
According to the findings by The World Bank, 1.25 million deaths are reported each year due to road accidents, with 20-50 million people being seriously injured by casualties on road. Owing to such incidents, automotive certification bodies has raised concerns regarding the safety of driver and occupants inside a vehicle, enforcing automotive manufacturers to enable mechanisms to prevent and reduce casualties. Owing to such regulations, occupant sensing system market is gaining traction and its market is valued at $721.63 million as of 2020. These systems equipped with sensors are able to detect and locate the presence and classification of occupants in a vehicle. And via automotive electronic control unit it adjusts the imperative aspects of precising the amount of deflation or inflation required by airbags in case of accidents.
Collision detection and avoidance systems are on the radar of innovation for automotive manufacturers. With occupant sensing systems being a vital element of such mechanisms, its market is progressing with a compound annual growth rate (CAGR) of 7.61% during the forecast period of 2020-2025.
Automotive related fatalities are worldwide occurrences projecting occupant sensing market a sector with ample opportunities and demand. But, an analysis of the regional market business insights states APAC as the most lucrative marketplace in terms of global demand. Configured with economies such as Japan, India and China with their flourishing automotive manufacturing nucleus, APAC in 2020 occupied 34.27% share in global occupant sensing system market demand. Increasing disposable income amalgamated with purchasing power of consumers have encouraged consumers to invest in their safety and security during transit. Some factors supporting the argument-
China secures the apex spot in terms of vehicle market and its automotive output is foreseen to reach 30 million units by 2020 and 35 million by 2025. The robustly growing automotive sector of China with manufacturing capacity of nearly 30 million units annually is a profitable marketplace for OSS to capitalize upon. In China, for automotive it is essential to clear CCC certification (China Certification Corporation) for the safety of the passenger vehicles.
As per an analysis by India Brand Equity Foundation, Indian automotive industry managed to attract FDI worth $20.85 billion from 2000-2020. It is the 7th largest manufacturer of commercial vehicles with automotive exports growing 15.54 % during 2020. Domestic automobile production in FY2020 was 29.07 million. India is estimated to be the global leader in shared mobility by 2030 and leading automotive market by 2020.
European Automotive Manufacturer Association states that the number of passenger cars produced globally in 2020 was 80 million out of the 98.9 million motor vehicle produced in the same year. Thus, a majority of OSS application is consumed by the light commercial vehicle segment progressing with an application CAGR of 7.02% going through 2025.
Increasing sales of premium vehicles has augmented an influx of investment in R&D. Automotive manufacturers are working towards the amalgamation of sensors with occupant's brain waves. These sensors could also give instant information to the sensors when the driver is about to make any sudden driving action like braking and turning hence making the process more efficient, precise and safe.
The assimilation of health monitoring system in cars by evolving seat sensor technology is improving its applications for analyzing the health of the occupant. If the occupant has any sudden health issues like heart attack, panic attack, the sensors detects the occupants ailment which are linked to cloud based internet services that will spontaneously redirect the information to any healthcare or emergency facilities nearby.
In 2020, Delphi Automotive plc, a global leader in OSS market confirmed an agreement with Great Wall Motor Co., a Chinese automotive giant for supplying occupant sensing systems along with scanners and radar for latest SUV models output by Great Wall Motor Co.
One of the major challenge hindering the market growth is the exuberant pricing of vehicles loaded with cutting-edge technology such as OSS. However, consistent enforcement by federal authorities regarding vehicle occupant safety is forcing the automotive manufacturers to employ OSS is premium as well as budget segment, thus establishing the occupant sensing market as an imperative association.
Some of the key players operating and controlling majority of the OSS market share globally are Takata Corporation, Autoliv Inc, Robert Bosch GMBH, Continental AG, Delphi Automotive Plc., Hyundai Mobis Co., Lear Corporation, ZF Friedrichshafen AG, Key Safety Systems Inc., and Volvo AB.
The base year of the study is 2020, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the occupant sensing system (OSS) market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various trends in occupant sensing system (OSS) market, and their specific advantages.
North America: The U.S., Canada, Mexico
South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Occupant Sensing System (OSS) Market Report
Is the market for the occupant sensing system (OSS) market growing? How long will it continue to grow and at what rate?
Which type of systems presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 occupant sensing system (OSS) market?
"*Financials would be provided on a best efforts basis for private companies"