Tire Pressure Monitoring System for Automotive Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
- Transparency Market Research
The tire pressure monitoring system (TPMS) is an electronic air pressure monitoring system that is designed to report real-time air pressure in tires of vehicle to the driver. The tire pressure monitoring system detects, inflates, and warns the driver of the vehicle of the low air pressure in a tire, either by a pictorial display or by alerting lights on the vehicle’s dashboard instrument panel in the shape of a tire cross-section with an exclamation point. This system is a part of the advance driver assistance system (ADAS), which assists the driver to recognize the importance of tire pressure safety and maintenance, thereby avoiding accidents. The tire pressure monitoring system senses and maintains proper tire pressure, thereby increasing the safety on the road by improving the vehicle’s handling, decreasing tire wear, reducing braking distance, and bettering fuel economy.
Rapid increase in the demand for automotive safety systems such advance driver assistance system is a major factor that is estimated to drive the tire pressure monitoring system market during the forecast period. Stringent safety norms enacted by automotive regulatory bodies and encouraging the adoption of safety systems by New Car Assessment Program (NCAP) are anticipated to boost the tire pressure monitoring system market during the forecast period. The automotive industry is likely to witness an increase in demand for tire pressure monitoring systems due to the reduction in number of accidents owing to the adoption of this safety system. A faulty sensor or malfunction of electronic components coupled with higher cost are likely to result in inaccurate tire pressure monitoring. This is expected to hamper the tire pressure monitoring system market.
The tire pressure monitoring system can segmented based on product type, vehicle type, sales channel, and region. Based on product type, the tire pressure monitoring system market can be divided into two types. Among product type, direct TPMS holds major market share and is expected to remain dominant during the forecast period. Direct TPMS employs pressure sensors on each wheel, either internal or external, where the sensors physically measure the tire pressure in each tire and report it to the vehicle's instrument cluster or a corresponding monitor.
Based on vehicle type, the tire pressure monitoring system market can be classified into two types. Among which passenger vehicle segment accounts for prominent market share of tire pressure monitoring system. The passenger vehicles segment can be further sub-segmented into hatchbacks, sedans, multi-purpose vehicles, and sport utility vehicles. Passenger vehicle segment are also expected to witness significant growth owing to safety awareness during the forecast period.
Based on sales channel, the tire pressure monitoring system market can be segregated into two types. The original equipment manufacturers (OEMs) segment accounts for a major share of the market, vis-à-vis to the other segment. This is due to the increase in demand for automotive active safety systems in modern vehicles. The OEMs segment is expected to expand at a significant growth rate during the forecast period owing to the higher adoption rate and easy maintenance.
In terms of geography, the tire pressure monitoring system market can be segmented into Five regions. Asia Pacific accounts for a major share of the global tire pressure monitoring system market due to the high adoption rate of tire pressure monitoring systems and the booming automotive sector, leading to the production of more number of vehicles installed with tire pressure monitoring systems, especially in China, Japan, India, and South Korea. Availability of raw components and improved automotive infrastructure are major factors to drive the tire pressure monitoring system during the forecast period.
Key players operating in the global tire pressure monitoring system market include Robert Bosch GmbH, Continental AG, Delphi Automotive PLC, Valeo, Pacific Industrial Co. Ltd., Huf Hülsbeck & Fürst GmbH & Co. KG, ZF Friedrichshafen AG, Sensata Technologies, Inc., WABCO, Schrader-Bridgeport International, Inc., AVE technologies S.r.l., Denso Corporation, NXP Semiconductors, and Bartec USA LLC.
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