Automotive Tire Pressure Monitor System Market is expected to grow at a CAGR of ~10% between 2021-2027.
According to research conducted by the National Highway Traffic Safety Administration (NHTSA), underinflated tires waste more fuel than properly inflated tires, with a 2-psi reduction in all four tires resulting in a 1-2 percent reduction in vehicle fuel economy. Tire pressure monitoring devices, according to the same source, improve fuel economy by US$ 19.07-US$ 23.08 per vehicle during its lifetime. Furthermore, TPMS has the potential to reduce property damage caused by traffic accidents, which is likely to promote market growth throughout the projection period. Tire pressure monitoring sensors are mounted on car tires and measure the pressure in real-time. These sensors send signals to a receiver, which interprets the data and illuminates a warning light when low tire pressure is detected. Each TPMS emits a distinct signal that can be detected from a distance by a directional antenna. As a result, market growth is likely to be hampered over the projection period. The Global Automotive Tire Pressure Monitor System Market is expected to grow at a CAGR of ~10% between 2021-2027.
Market Overview
The tire pressure monitoring system is an electronic system that monitors the air pressure and temperature in the vehicle's tire and displays the information on the screen in real-time. This notifies the driver if there is a risk associated with the vehicle's tire pressure changing. There are numerous things that influence a vehicle's pressure reduction. Reduced tire life, vehicle performance, mileage, and safety are all key factors. The introduction of such a system onto the market has significant benefits, including enhanced driver convenience and a reduction in the frequency of accidents caused by the use of such gadgets. Such systems also improved fuel mileage, tire durability, and tire alignment vehicle handling by the driver. As per stats one of the major factors for road accidents globally are the issues related to tires and governments are now taking suitable to tackle the same. Growing legislation requiring the installation of TPMS in developed nations such as North America, Europe, and China are propelling the TPMS industry forward. Furthermore, over the projection period, robust growth in the automotive industry would be a key driver augmenting the TPMS market growth.
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COVID-19 Impact
Pandemics and natural disasters, such as COVID-19, are unpredictably devastating to many of the world's main economies. COVID-19 has also had an impact on Automotive Tire Pressure Monitor System demand and sales. During COVID-19, many factors have impacted the growth of the Automotive Tire Pressure Monitor System, such as a fall in demand for automobiles and reduced cash flow, affected the transportation sector which restricted the use of vehicles, slowed down the production process which further led to supply chain disruptions and halt in productions of the Automotive Tire Pressure Monitor System. Due to the lockdowns, the majority of worldwide tire pressure monitoring system manufacturers are experiencing challenges such as factory closures and staff shortages, which have a negative impact on automobile production.
Global Automotive Tire Pressure Monitor System Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily studied into:
· Direct TPMS
· Indirect TPMS
Based on type, the market is segmented into Direct TPMS and Indirect TPMS. The Direct TPMS segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. The direct tire pressure monitoring system has several advantages over the indirect system, including the ability to deliver accurate pressure for each tire, no loss of tire pressure information due to tire rotation or replacement, sensor batteries that typically last the life of the vehicle, and the ability to monitor spare tires. As a result, direct tire pressure monitoring systems are anticipated to become a market leaders. However, the segment's high price is projected to be a major stumbling block
By Sales Channel, the market is primarily bifurcated into:
· OEM
· Aftermarket
Based on the sales channel, the market is segmented into OEM and Aftermarket. OEM segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. In 2020, the OEMs sector dominated the tire pressure monitoring system market. Various standards have been enacted by major organizations to improve car safety systems. Because of these obligatory standards for all OEMs, the OEMs segment will hold the majority of the market share in 2020. TPMS batteries typically have a lifespan of 6 to 10 years. Furthermore, if the battery dies, the complete TPMS must be replaced, creating an opportunity for the aftermarket section
By Vehicle Type, the market is primarily bifurcated into:
· Passenger Vehicle
· Commercial Vehicle
Based on vehicle type, the market is segmented into Passenger Cars and Commercial Vehicles. The Passenger Cars segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. TPMS is most commonly used in passenger vehicles, where tire pressure management is seen as a key safety feature. The automotive industry has been stepping up its efforts to introduce features that lessen accident impact, reduce fatalities, and improve overall vehicle safety, fueling the rise of automotive TPMS in the passenger segment
Global Automotive Tire Pressure Monitor System Market Region Segmentation Includes:
· North America
· Europe
· Asia Pacific
· Rest of World
Asia-Pacific is expected to be the fastest-growing market during the forecast period. The greatest market for automobile TPMS is Asia-Pacific, with Japan and China serving as significant automotive centers. The Indian automotive TPMS market is predicted to be driven by rising customer awareness, aftermarket TPMS installation, and rising demand for luxury vehicles. The demand for transportation has been growing steadily over the last few decades, propelling the automobile sector forward in nations like China, India, Japan, and South Korea. Increased population, which has resulted in an increase in the number of vehicle users, as well as an increase in the standard of living and the availability of jobs with higher wages, which helps boost purchasing power, are all major factors driving the tire pressure monitoring system market for automotive in the Asia Pacific.
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The major players targeting the market includes:
· Continental AG
· Robert Bosch GmbH
· Huf Hülsbeck & Fürst Co.
· Aptiv PLC
· Denso Corporation
· Valeo
· ZF Friedrichshafen AG
· Hitachi Automotive Ltd
· Sensata Technologies Inc.
· Pacific Industrial Co.
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Automotive Tire Pressure Monitor System Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and advancements in the Global Automotive Tire Pressure Monitor System Market?
· Which factors are influencing the Global Automotive Tire Pressure Monitor System Market over the forecast period?
· What are the global challenges, threats, and risks in the Global Automotive Tire Pressure Monitor System Market?
· Which factors are propelling and restraining the Global Automotive Tire Pressure Monitor System Market?
· What are the demanding global regions of the Automotive Tire Pressure Monitor System Market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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