According to a new market report published by Transparency Market Research , titled, ‘Automotive Rear Occupant Alert System Market [Vehicle Type: Passenger Vehicles (Sedans, Hatchbacks, and SUVs) and Light Commercial Vehicles; Sensor Type: Pressure Sensors and Ultrasonic Sensors; Sales Channel: OEMs and Aftermarket] – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027‘, is expected to reach nearly US$ 800 Mn by 2027, expanding at a CAGR of nearly 20% during the forecast period.
Automotive Rear Occupant Alert System Market
The global automotive rear occupant alert system market is projected to expand at a CAGR of nearly 20% between 2019 and 2027, according to a new research report by Transparency Market Research (TMR).
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According to the automotive rear occupant alert system market report, the global market is likely to be influenced by a range of political, economic, social, technical, and industry-specific factors. Europe is expected to witness rapid rise in the demand for automotive rear occupant alert systems, with the automotive rear occupant alert system market in the region anticipated to expand at a CAGR of nearly 23% during the forecast period.
Growth of the Automotive Rear Occupant Alert System Market
- Currently, changing trends among customers regarding the safety features and strengths of vehicles are prompting automobile manufacturers to develop strong and safe vehicles. This is anticipated to fuel the demand for more safety features in vehicles during the forecast period.
- Manufacturers are focused on the development of various advanced technologies for their vehicles and driver safety. Automotive manufacturers are incorporating various safety features in their vehicles, such as air bags, seat belts, and driver monitoring systems. These are a few basic safety features that are installed in vehicles in order to protect the driver and passengers from any serious fatality in case of a vehicle collision.
Automotive Rear Occupant Alert System Market: Sensor Type Segment Analysis
- In terms of sensor type, the global automotive rear occupant alert system market has been bifurcated into pressure sensors and ultrasonic sensors. The ultrasonic sensors segment is a prominent segment in the automotive rear occupant alert system market. The ultrasonic sensors segment held an 81.52% share in the automotive rear occupant alert system market in 2018.
- The segment is estimated to maintain its dominance, and hold around 85% share in the automotive rear occupant alert system market by 2027. In terms of revenue, the segment is projected to reach a value of around US$ 675 Mn by 2027. The ultrasonic sensors segment dominated the automotive rear occupant alert system market in Europe, and held an 85.21% share in 2018. Its share is anticipated to rise to around 87% of the automotive rear occupant alert system market by 2027.
- The passenger vehicles segment held a 54.35% share in the global automotive rear occupant alert system market in 2018, while the sedans and SUVs sub-segments accounted for 23.86% and 30.48% shares, respectively, in the passenger vehicles segment, in 2018.
- The hatchbacks sub-segment is still untouched with this system. Increasing electrification and the introduction of new technologies in safety features are major factors that are expected to boost the application of these safety systems in all other types of vehicles.
- The adoption of automotive rear occupant alert systems is estimated to increase during the forecast period. These are expected to be installed in small vehicles, as a basic safety feature, in the vehicles coming into the market during the forecast period.
Automotive Rear Occupant Alert System Market: Sales Channel Segment Analysis
- The OEMs segment led the automotive rear occupant alert system market, and accounted for a 52.40% share, in terms of revenue, in 2018. An automotive rear occupant alert system has a lifespan that is almost equal to that of the vehicle, i.e., 5 to 7 years.
- The automotive rear occupant alert system is replaced only when there is an issue in the sensor or the system itself. Otherwise, it is likely to run for the entire life of the vehicle. Consequently, the replacement of an automotive rear occupant alert system is rare. Hence, the aftermarket segment holds a decent share in the automotive rear occupant alert system market.
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Electric Motorcycle and Scooter Market: Regional Analysis
In terms of region, the global automotive rear occupant alert system market can be segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
- North America held a prominent share of the global automotive rear occupant alert system market in 2018. Increase in the number of vehicle users due to huge population, increasing purchasing power, rising wages, and increased standard of living, along with rising concerns regarding safe and secure vehicles are key factors that drive the automotive rear occupant alert system market in North America.
Prominent economies in Europe are demanding eco-friendly vehicles, along with technologically-advanced vehicles, which leads to the development of mass production methods such as assembly line production. This, in turn, is likely to boost vehicle production in the region. These are the major factors driving the automotive rear occupant alert system markets in North America and Europe.
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