Tire Pressure Monitoring System (TPMS) Market Share, Size, Trends, And Business Opportunity Analysis Report 2019 include historic data, with forecast data to 2023. Tire Pressure Monitoring System (TPMS) Industry report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market Growth, key players forecast to 2023.
The governments or regulatory bodies in various countries have mandated the use of tire pressure monitoring systems (TPMS) in vehicles to ensure driver safety and prevent road mishaps. A TPMS is capable of measuring the air pressure and temperature of a vehicle’s tire in real-time and alerts the driver regarding the same. Reduction in air pressure of tire in automobiles can significantly affect the life span of vehicles and impact mileage and performance.
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New Car Assessment Program (NCAP) and other such car safety regulations can be credited for the growth of the market. The rise in a number of road accidents has evoked the concern of various regulatory authorities in developed countries who are pushing the incorporation of TPMS in vehicles. In developing countries, the governments are undertaking concrete steps and introducing laws to mandate the use of TPMS to curb towering accident rates which is anticipated to fuel the growth of the market.
The prolific growth of the automotive industry, along with mounting awareness among OEMs, have further supported the growth of the market. Previously, TPMS was restricted to luxury cars; however, in recent years, they are increasingly incorporated in mid-range cars. Other factors aiding the growth of the market include technological advancements in TPMS and growing demand for luxury cars, where TPMS is a standard feature.
The global tire pressure monitoring market has been segmented based on type, vehicle type, and sales channel.
By type, the tire pressure monitoring system market has been segmented into indirect TPMS (Tire Pressure Monitoring System) and direct TPMS (Tire Pressure Monitoring System). The Direct TPMS aids in the accurate depiction of pressure measurement due to it is highly preferred. In addition, the technology provides add on benefits such as pressure management for wheels due to which the segment is leading the market.
By vehicle type, the tire pressure monitoring system market has been segmented into heavy commercial vehicles, passenger vehicles, and light commercial vehicles.
By sales channel, the tire pressure monitoring system market has been segmented into OEM and aftermarket.
By region, the tire pressure monitoring system market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
The APAC is the largest market for tire pressure monitoring system. Booming automotive industry provides lucrative opportunities for the growth of the market. various countries in the region are implementing strict laws for the adoption of advanced safety features such as tire pressure monitoring system in vehicles, South Korea being a frontrunner in the region. Moreover, surging awareness in other developing economies of the region towards the incorporation of safety features and OEMs increasingly equipping cars with Tire pressure monitoring systems has boosted the growth of the market.
The North America tire pressure monitoring market is spurred regulatory norms compelling the use of tire pressure monitoring systems. In addition, technological advancements and high sale of luxury cars in the region also support market growth.
Europe is a significant market for tire pressure monitoring systems. The presence of various automotive OEMs along with regulatory mandates in the region towards the integration of tire pressure monitoring systems in vehicles has propelled the growth of the Europe market.
The RoW market is likely to exhibit average growth over the forecast period. Even though awareness and safety concerns are accelerating the pace of growth in the region, low technology penetration in some areas might constrain market growth.
AVE technologies (Australia), Continental AG (Germany), ZF Friedrichshafen AG (Germany), Pacific Industrial Co. Ltd (Japan), Huf Hülsbeck & Fürst GmbH & Co. KG (Germany), Schrader Electronics (U.K), Sensata Technologies Inc. (U.S), DUNLOP TECH GmbH (Germany), Bartec USA LLC (U.S), and Delphi Automotive LLP. (U.K) are the notable players in the tire pressure monitoring system market.
May 2019 – Sumitomo Rubber Industries, Ltd. (SRI) entered into a “basic business alliance agreement” with Japanese IoT specialist TripodWorks and Taiwan-based TPMS maker Sysgration. Through the partnership, the companies aim to advance air pressure control systems and direct Tire Pressure Monitoring System solutions.
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