ID: MRFR/AM/3215-HCR | February 2021 | Region: Global | 111 pages
The tire pressure monitoring system is an electronic system that is used to monitor the air pressure and temperature for the vehicle's tire and display the real-time pressure and temperature on the screen. This alerts the driver in case there is any risk with the change of pressure on the tire of the automobile. There are many factors related to the reduction of pressure of a vehicle. Some of the major factors are decreased tire life, vehicle performance, mileage, and safety. The introduction of such a system in the market has major advantages that improved the driver’s convenience and helped in decreasing the number of accidents with the usage of such devices. Such systems also increased the fuel mileage, better durability of tires, and proper vehicle handling by the driver.
This Automotive Tire Pressure Monitoring System (TPMS) is an active safety system that uses pressure sensors or the wheel sensors of ABC or ESC system to monitor the tire pressure. The maximum life span of the batteries used in the TPMS generally has a lifespan of 6 to 10 years.
Moreover, it is completely dependent on the batteries and has to be replaced if the battery dies. In 2018, the Global Tire Pressure Monitoring System was valued at $11,651 million and is estimated to reach around $20,620 million by the end of the forecast period. The CAGR is expected to reach up to ~ 7% by 2023.
During the Covid-19 outbreak, the market has seen a downfall in terms of manufacturing and production. Most of the industries have been hampered by the pandemic and are still recovering. The Global Tire Pressure Monitoring System market has witnessed a negative impact in the demand for these systems as the entire globe was under lockdown and all the major countries have been impacted due to this reason. However, now life is coming back on a normal track so the demand for the products is anticipated to lift in the usual manner. The Tire Pressure Monitoring System market was at a halt for a while but now several governments have given leverage for the import-export trades. The supply-demand chain will be back in service and the market will maintain the pace in the coming times.
The Tire Pressure Monitoring System is expected to grow significantly as there are many strict government rules and regulations that have been introduced that made it mandate the need to curb vehicular emission and improvise the fuel efficiency of the automobile. For the automotive manufacturers, many parameters that came to active consideration now. With the increase in the demand for high-end cars, changing government rules, rising economy, and environmental policies, many factors are required in the tire pressure monitoring market now. The Automotive systems have become so advanced and efficient over a while and this industry is inclined to the advanced technologies that will eventually play a major role in achieving a good target in the market share as well.
The change in mindsets and increased concerns about the safety of the consumers is one of the driving forces that will increase the demand for TPMS systems in the market. Also, the features like tire pressure indicators, anti-brake systems, and electronic stability of the vehicle have regulated the growth.
The advancement in technologies and the spikes in the sale of luxury vehicles with the new and modified safety features is propelling the Tire Pressure Monitoring System Market. The change in the mindsets for increased safety systems is always an opportunity to introduce new technology to set new market trends.
There are certain shortcomings in the standards that impact the Global Tire Pressure Monitoring System Market. Every vehicle segment uses different tires and has different prescriptions for the air pressures that need to be regulated as per the carrying load. Mandate regulations have to be followed and the manufacturer has to maintain that the air pressure must not be below 25% as per the prescribed limit.
The changing rules and regulations by several governments and the environmental factors have to be considered closely to maintain the demand and value in the market. There is extensive R&D that has to be done by the manufacturing companies for the efficient production of the system.
The economic development in the urban region and the increased demand for transportation is rapidly growing the automotive industry. The government has regulated the policies for every automotive industry to install tire monitoring systems in the vehicles for better consumer safety and environmental benefits.
The Tire Pressure Monitoring System Market is segmented based on Technology, Vehicle Type, Sales Channel, and Region. In terms of Technology, the segmentation is divided into Direct TPMS and Indirect TPMS. In Between the above bifurcation, the Direct Tire Pressure Monitoring System has captured the dominance in the market share in past years and is expected to grow in the forecast period. The reason why Indirect TPMS is not giving major profits is that it does not use pressure sensors to measure inflation of the tires and gives inaccurate results for tire pressure. Based on the vehicle type, the market is divided into Passenger and Commercial vehicles. Out of which, Passenger Vehicle is contributing maximum shares in the market and the trend will continue during the forecast period. Based on the sales channel, the TPMS market is divided into original equipment manufacturers and aftermarkets. The aftermarket has increased the market shares in this segment and is expected that this will give high market shares in the coming years. It is due to the new government norms that are mandated with the increased awareness and advancement in safety technologies.
By Vehicle Type
By Sales Channel
As per the regional analysis, Europe is one of the leading regions in the market owing to the government rules in the developed economies. Out of the other region, APAC is expected to grow more during the forecast period as the adoption of such systems has increased in this region and the automotive sector is booming in this region as the production of automobiles is increasing rapidly. The 60% revenue in the market is generated by the APAC region and is projected to grow at 8.6% in the forecast period. There is an increased demand for the Tire Pressure Monitoring System in automobile developing economies such as China, Japan, and South Korea. Most of the industry players are majorly focusing on the safety and security of the consumer.
As per the report analysis, the major regions that are expected to drive the market share in the said forecast period have certain factors. These developing countries are encouraging more on safety and eventually the demand for the product is rapidly increasing with more production in the automotive industry.
The major market players that are benefiting the market with maximum shares are mentioned below:
The Automotive active safety system has evolved from an anti-lock braking system to electronic stability control to the driver, this has made the automobile industries grow in the market to achieve maximum shares in the global market.
Microsoft and Bridgestone have collaborated for the manufacturing of the new monitoring systems that also detect tire damage issues on a real-time basis using the Microsoft Connected Vehicle Platform (MCVP) cloud framework with the sensors. This will detect the event impacting the surface of the tire by the algorithms and installed hardware will display the live data on the screen.
The report for Global Tire Pressure Monitoring System Market has given a detailed analysis of the qualitative and quantitative aspects of the automotive market in all aspects. There is a deeper insight into the market in terms of segmentation and market players. The regional analysis has been depicted that gave an insight into the market and the industry performance. The measures that are taken by the government and the future requirements have been discussed in detail. The report includes the scenarios which projected the market size in terms of shares, technological advancements, and the other governing factors that are driving the market. The insight of the top key players in the automotive industries has been mentioned and the complete market strategy in terms of segments, region, and competitive landscape has been broadly studied.
Frequently Asked Questions (FAQ) :
The tire pressure monitoring system market can thrive at 7% CAGR by 2023.
By 2023, the tire pressure monitoring system market can attain lucrative valuation.
Schrader Electronics (U.K), Bartec USA LLC (U.S), AVE technologies (Australia), Delphi Automotive LLP. (U.K), and DUNLOP TECH GmbH (Germany) are key players of the tire pressure monitoring system market.
Increase in industrial horizons can prompt the tire pressure monitoring system market growth.
The availability of effective aftermarket services can cause the tire pressure monitoring system market growth in North America.