Tire pressure monitoring system refers to an electronic system used for monitoring the air pressure and temperature of vehicle’s tire in real time and alerting the driver using an alarm and displaying the real time pressure and temperature on a LCD. A reduction in the pressure of an automobile tire results in decreased tire life, mileage, safety, and vehicle performance. The major advantages of introducing such systems are that they improve convenience during driving and help reduce the number of accidents. The use of such systems also increases the fuel mileage, durability of tires, and provides proper vehicle handling.
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Competitive Dashboard:
MRFR has profiled key players of the industries for drawing an insightful conclusion of the market dynamics, which include Sensata Technologies Inc. (U.S), Pacific Industrial Co. Ltd (Japan), ZF Friedrichshafen AG (Germany), AVE technologies (Australia), DUNLOP TECH GmbH (Germany), Continental AG (Germany), Huf Hülsbeck & Fürst GmbH & Co. KG (Germany), Schrader Electronics (U.K), Bartec USA LLC (U.S), Delphi Automotive LLP. (U.K), among others. The initiatives undertaken by the top-notch players to stay ahead of the curve include the adoption of next-gen technology, expansion of product portfolio, acquisitions & mergers, innovative agreements, collaborations, etc.
Market Segmentation:
By type, the global tire pressure monitoring system market is segmented into direct TPMS (Tire Pressure Monitoring System) and indirect TPMS (Tire Pressure Monitoring System). The direct TPMS segment is expected to show a steeper growth curve owing to its accurate depiction of pressure measurement. The technology possesses numerous add-on features such as individual pressure management for wheels.
By vehicle type, the global market for tire pressure monitoring system has been segmented into passenger vehicles, heavy commercial vehicles, and, light commercial vehicles.
By sales channel, the market is segmented into OEM, and, aftermarket.
Regional Analysis:
By region, the global tire pressure monitoring system has been segmented into North America, Asia Pacific, Europe and Rest of the World. Asia Pacific market is expected to dominate globally over the assessment period due to its booming automobile sector. The region has been witnessing a growing demand for luxury cars which has propelled the revenue generation of TPMS market and is projected to demonstrate the same trend throughout the projection period. Furthermore, the regulations implemented by some of the countries in the region that mandates the integration of TPMS into vehicles will accelerate growth in the market.
The growth in Europe market can be attributed to the presence of prominent players in the market. The growth strategies employed by the major players in the region will accelerate the market growth and expansion. North America market will exhibit growth owing to the developed automobile infrastructure present in the region. The technological advancements introduced in the region will fuel growth throughout the projection period. The rise in safety concerns is accelerating the adoption of TPMS in Middle East & Africa region. However, lack of technological penetration in the African region will hold the market growth across the assessment period.
Industry Updates
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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