Rise in government regulations, increase in expansion of OEMs and automotive component supplier drive the growth of the global vehicle occupancy detection market.
PORTLAND, Ore., Aug. 18, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Vehicle Occupancy Detection System MarketBy Installation Type (Fixed Installation and Mobile Installation), Technology (Infrared, Ultrasonic, and Hybrid), and Application (Passenger Vehicles and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2021–2030" According to the report, the global vehicle occupancy detection industry was estimated at $42.5 million in 2020, and is anticipated to hit $225.5 million by 2030, registering a CAGR of 19.1% from 2021 to 2030.
Rise in government regulations, increase in expansion of OEMs and automotive component suppliers, and surge in demand for occupancy detection to reduce fatalities drive the growth of the global vehicle occupancy detection market. On the other hand, high cost associated with comprehensive occupancy sensing system and low penetration of advanced driver-assistant systems in emerging regions impede the growth to some extent. Nevertheless, increase in construction in HOV lanes in toll plazas is projected to pave the way for lucrative opportunities in the future.
The outbreak of covid-19 has massively impacted the automotive sector due to factors such as suspended manufacturing units, disrupted supply chain management, and declined consumer demand, which in turn impacted the vehicle occupancy detection market.
Nevertheless, the global situation is getting back on track at a slow & steady pace, and the market is expected to recoup soon.
The fixed Installation Segment to Dominate by 2030
By installation type, the fixed installation segment contributed to nearly three-fourths of the total vehicle occupancy detection market share in 2020 and is expected to lead the trail by the end of 2030. This is owing to rise in HOV lanes in toll plaza. However, the mobile installation segment is expected cite the fastest CAGR of 20.30% from 2021 to 2030. This is due to growth in government regulations across the world.
The Infrared Segment to Maintain the Dominant Share
Based on technology, the infrared segment accounted for more than two-fifths of the global vehicle occupancy detection al market revenue in 2020 and is projected to retain its dominance by 2030. Rise in demand for enhanced infrared sensors across military and defense industries owing to various federal laws drives the growth of the segment. On the other hand, the ultrasound segment would also manifest the fastest CAGR of 20.30% throughout the forecast period. Ultrasonic sensors sense movement in a space to transmit high frequency sound waves which propels the growth the segment.
North America Garnered the Major Share in 2020
Based on region, the market across North America, held the major share in 2020, garnering nearly two-fifths of the global vehicle occupancy detection market. This is owing to the presence of major players in this region. On the other hand, the market across Asia-Pacific region is anticipated to register the fastest CAGR of 22.0% from 2021 to 2030. Rising awareness about passenger safety paired with various government regulations fuels the market growth in this province.
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