Automotive Rear Occupant Alert System Market

Automotive Rear Occupant Alert System Market – Introduction

As the global automotive space has been undergoing a sea of change since the past decade, newer technologies are making inroads and transforming the way vehicles were, and will be engineered in future. Extensive focus on safety as a key aspect is certainly paying off, which can be gauged by the way automotive rear occupant alert systems are being embraced and appreciated. Gone are the days when safety systems in automobiles were going through a phase of passive adoption. Rather, they are emerging as key imperatives facilitating safe and hassle-free driving experiences. As the automotive space heads toward 'a connected future', technologies of this kind are set to see a massive growth in demand.

Transparency Market Research (TMR), in its new research study, brings to the foreground compelling insights into the automotive rear occupant alert system market to assist the readers with pragmatic strategy making processes.

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How Demand for Automotive Rear Occupant Alert Systems has Shaped Up?

Automotive rear occupant alert systems trace their origin back to the first three-point seat belts introduced by Volvo in 1959, which was one of the most-effective safety technologies in the history of the automotive industry. Since then, multiple technologies have made their mark and nurtured the levels of safety in modern-day vehicles. Automotive rear occupant alert systems, which emerged as a major 'breakthrough' in the automotive safety space, witnessed a topsy-turvy course of adoption till 2018. Revenue from the automotive rear occupant alert system market closed in on a valuation of more than US$ 50 Mn in 2018.

Though the adoption of automotive rear occupant systems is still at a very nascent stage, its penetration is likely to scale up more than 15 times in the next 8 years. Since the 1980s, safety itself has become a major selling point in the automotive space, which is the key reason why a large pool of automakers are already incorporating automotive rear occupant alert systems into their offerings. According to the TMR research study, the global automotive rear occupant alert system market is estimated to reach a value of around US$ 800 Mn in 2027.

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Trends Redefining Market Growth

Contributions by OEMs in the deployment of automotive rear occupant alert systems continue to be monumental, as these OEMs play a vital role in fitting these systems into the 'to-be-rolled out' vehicle models. However, a significant customer bias towards cars with in-built rear seat occupant alert systems is making great strides, thereby ushering in the inflow of advanced vehicle models having the 'rear seat occupant alert' as one of their salient features.

Apart from fundamental sensor movements, other ways are being explored and worked on for timely alerts; some of the effective ones being horn alerts and flashlight alerts. In addition, automotive rear occupant alert systems are also being connected to smartphones, which will further oil the wheels of real-time alerts. Mandates for incorporating automotive rear occupant alert systems across Europe, with an objective of strengthening child safety, is creating a plethora of opportunities for companies to reap sizeable profits.

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How are Manufacturers Winning in a Turbulent Market Space?

Going the Extra Mile with ‘Customer-Centric’ Launches – Key to Sales Performance

Success in the automotive rear occupant alert system market comes down to a simple rule - customer satisfaction is the key. Manufacturers are working on offering systems that provide 'best-in-class' functionality and reliability. For instance, in 2019, Hyundai introduced a new technology in its redesigned Santa Fe SUV model that would stave-off the chances of children being left on the rear seats. This new system launched by Hyundai, called Rear Occupant Alert, goes an extra mile with its two-stage warning system that makes use of both, door logic and ultrasonic motion sensors. This launch was a major customer-centric stride brought onto the table by Hyundai that gained massive appreciation across multiple markets.

Promising Innovations & Developments to Attain Organic Growth

In between evolving customer expectations and unpredictable moves by rivals, companies are under intense pressure to roll out new innovations and developments. Leading brands are making headway by launching multi-dimensional systems, which would help in accurate rear occupant monitoring and object detection. For instance, ZF Group, a leading provider of car accessories and parts, launched its very first three-dimensional interior observation system for advanced occupant sensing and monitoring.

What the Market Structure Looks Like

The automotive rear occupant alert system market reflects 'tough consolidation', with a limited number of players commanding a hefty chunk of the global market share. Entry barriers into the automotive rear occupant alert systems market are high, and are likely to continue to be substantially high. This factor is likely to benefit the goliaths in the market in terms of profit earnings. Apart from powerful product portfolios, these players also have multiple production units and expansion facilities to extend over large customer bases. Some of the prominent frontrunners in the automotive rear occupant alert system market, who gobble up more than 70% revenue share, include AISIN SEIKI, Texas Instruments, and Robert Bosch.

Analyst Opinion

The authors of this report remain bullish on the adoption of automotive rear occupant alert systems in 2019 and beyond, considering the fact that, the automotive industry is on its way to 'a connected tomorrow'. Considering the nature of the product, the entire process of prototyping, developing, and commercializing entails high expertize and technical knowhow.

In contrast to other automotive ancillaries, wherein, reliability has a minor role, performance and reliability play a big part in the automotive rear occupant alert system market. The authors of this report also opine that, investments in smart vehicles and rising customer needs for safer driving experiences will also enable the cosmic growth of automotive rear occupant alert system market.