More specifically, occupant classification system market demands are projected to witness an upward trend in low to middle-income nations as according to the World Health Organization, 90% of the world’s road traffic deaths occur in these countries.
Propelled by the awareness about automobile safety systems & the subsequent rise in vehicle safety regulations, occupant classification system market is expected to consolidate itself into a distinguished, profitable investment avenue over the forthcoming years. Of late, governments and consumers alike are becoming more aware of vehicle safety issues. While the regulations passed by governments have majorly influenced occupant classification system industry, consumer preferences have started to play a significantly larger role in augmenting this business sphere as well.
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The rising awareness and growing safety demands coupled with the projected rise in automobile sales have led to the generation of a spate of growth opportunities for the occupant classification system market. In fact, according to the World Economic Forum, the number of cars across the world are projected to double by 2040, hitting the 2 billion mark, presenting another lucrative growth opportunity for occupant classification system market players.
Impact of Europe’s stringent road safety laws on the occupant classification system market
Europe, through the European Council’s General Safety Regulations, has been at the forefront of vehicle safety for a while now. The EU vehicle safety regulations cover a significant number of automobile safety niches, which mandates automobile manufacturers to adhere to the safety rules if they intend to tap the continent’s profitable automobile market.
The Need: There are several alternative technology-driven safety provisions, such as crash avoidance measures, that hold an edge over the OCS on paper. However, according to the European Commission, in terms of practicality these solutions are not quite feasible yet and cannot distinguish between passengers & alternative safety measures like the OCS. In fact, automobile crash avoidance systems are still in their infancy with regards to practical application & development, making OCS the go-to passenger safety solution in the market.
The Potential: Recently the European Council made significant alterations to its vehicle safety regulations, making them more stringent in a bid to considerably lower the overall number of road traffic accident casualties as well as injuries. These changes are expected to provide considerable traction to the occupant classification system market in the years to come.
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Impact of rising vehicle safety awareness in APAC on occupant classification system market
The APAC is home to some of the world’s largest automotive markets and the rapid economic growth nations like China & India are experiencing are further expanding the growth prospects of the global automotive industry. This has consequently provided a lucrative growth opportunity to the occupant classification system market.
The Need: According to a road safety report by the United Nations ESCAP, across the APAC, one person gets killed in a road accident every 40 seconds. That’s more than 2,000 individuals per day and more than 15,000 per week. Lack of proper driving etiquettes & an overall disregard for traffic rules are some of the leading factors behind these statistics.
There also exists a culture where, unlike western nations, children in APAC countries like India are allowed to ride shotgun, putting them in imminent danger wherein they could sustain life threatening injuries from airbags deploying in case of an accident. This has subsequently created an immense need for OCS in the region, which would gradually lead to the expansion of the regional occupant classification system industry.
The Change: Consumers across the APAC are increasingly becoming aware about the road safety conditions and are actively seeking out vehicles that ensure their safety when they go out driving. This shift in consumer preferences is expected to provide the occupant classification system market the foothold it needs to expand across the APAC.
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From a financial perspective, road accidents have immense adverse effects on a nation’s GDP, In fact, the UN estimates that a nation like India, which has one of the world’s highest accident rates, looses approximately $58 billion annually on account of road accidents. This has overtly provided a strong impetus to the regional government to make the roads safer, creating a lucrative growth opportunity for India occupant classification system market in the process.
Fueled by the vehicle safety regulations’ tightening in Europe and rising awareness & changing consumer preferences in the APAC, the occupant classification system market is projected to witness significant growth in coming years. In fact, a Global Market Insights, Inc., report estimates that the occupant classification system market size would be surpassing the $3 billion renumeration mark by 2025.