The global automotive occupant sensing systems and whiplash protection system market is anticipated to witness growth over the forecast period. Advancements in automotive electronics directly depend on the development of advanced sensor systems. Automotive manufacturers have been striving to build collision detection and avoidance systems by implementing technologies such as OSS and WPS for enhancing vehicle dynamic controls. Increasing safety concerns, affordability, stringent safety norms, and growing concern of consumers for automotive safety technologies are the major factors driving demand for these systems. Growing vehicle sales on the account of increasing demand for luxury or premium cars is expected to provide sustainable growth in the automotive OSS and WPS market. Other applications of automotive OSS include airplanes, light commercial vehicles, and heavy commercial vehicles. These automotive passive safety systems have evolved due to stringent government regulations such as frequently updated rating systems of organizations including the New Car Assessment Program (NCAP).
Increasing demand in Asia Pacific and European regions, mainly in Japan, India, and China is expected to drive automotive OSS and WPS market growth. This can be attributed to an increase in safety regulations, a growing GDP rate, high living standards, and an increase in purchasing power. Rising disposable income levels in Asia Pacific automotive occupant sensing systems and whiplash protection system market has influenced individuals to invest in safety features within the vehicles. This has led to a rise in competition levels in the automotive OSS and WPS market. The United States Car Assessment Program (US NCAP) is expected to adjust its rating systems in order to improve the safety features in U.S. vehicles. This may encourage manufacturers to produce vehicles exceeding the minimal federal safety requirements. Europe, on the other hand, is expected to witness stable growth over the forecast period.
Key industry participants include Lear Corporation, Grammer AG, Key Safety Systems Inc, Hyundai Mobis, TRW Automotive, Takata Corporation, Autoliv Inc, Delphi Automotive PLC, Continental AG, Robert Bosch GmbH and Magna International.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.
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