Impact of COVID-19 on the Global Tire Pressure Monitoring System Market
Global Tire Pressure Monitoring System Market has witnessed a negative impact on the demand for these systems owing to the lockdowns imposed in several countries across the globe. These lockdowns have resulted in temporarily halting the manufacturing of automobiles since its outbreak in December 2019. However, the demand for these products is anticipated to increase in the coming months as several governments prepare to lift the lockdowns in a phased manner. Tire pressure monitoring systems are designed to monitor a vehicle’s tire pressure and temperature regularly and display the information gathered on an LCD screen. This system also sounds an alarm if the tire conditions are not good. The reduced tire pressure results in reduced safety, mileage, tire life, and vehicle performance. The incorporation of tire pressure monitoring systems in automobiles offers convenience and aids in reducing the number of accidents. These systems also contribute significantly to reducing carbon emissions in the environment by increasing the mileage of the vehicle.
The global tire pressure monitoring system market is anticipated to grow significantly over the forecast period owing to the implementation of strict government regulations pertaining to the reduction in carbon emissions in the environment. A higher mileage of the vehicle also reduces the demand for fossil fuels such as crude oil and reduces the exhaustion rate of fossil fuel reserves. With the increasingly adverse effects of greenhouse gases and the deteriorating air quality, numerous countries, particularly European countries, have mandated the emission standards to be followed by automotive manufacturers. The growth of the automotive industry is driven by numerous factors, such as the increase in demand for high-end luxury cars and the rising implementation of stringent economic and environmental policies. These factors are likely to increase the focus of customers towards the adoption of advanced safety systems, including tire pressure indicators, electronic stability control, and anti-brake systems in automobiles. This results in the growing demand for automotive aftermarket products. Moreover, new regulations were introduced in emerging nations, which demand the installation of tire pressure monitoring systems. This will lead to an increase in demand for tire pressure monitoring systems in the coming years.
Source: International Organization of Motor Vehicle Manufacturers (OICA)
Source: MRFR Analysis