Global Tyre Pressure Monitoring System Market research report by vehicle type (Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), Passenger Vehicle), by technology (Direct TPMS, Indirect TPMS), by channel type (OEM, Aftermarket)

Market scenario:
The tire pressure monitoring system (TPMS) gives a real-time measurement of air pressure inside the tire. The driver of the vehicle can look and analyze the tire pressure through a gauge, low-pressure warning light, or pictogram display. TPMS is an electronic system which is designed to measure air pressure inside the air filled tires on different types of vehicle. 

The purpose of the tire pressure monitoring system (TPMS) is to warn the driver of a vehicle about the pressure of tire that whether the tire is more or underinflated. The uneven pressure will create unsafe driving conditions. However, proper tire maintenance with use of TPMS can prevent many severe accidents. Indirect TPMS normally relies on wheel speed sensors that the anti-lock brake system uses. Calculation of the rate of revolution each wheel is making and can be used by onboard computer systems can be done using sensors. These sensors are used to compare with each other and to other vehicle operation data such as speed. The US government established the Transportation Recall Enhancement, Accountability, and Documentation (TREAD) Act in response to a choice of accidents due to underinflated tires. The result of this codification is that many vehicles sold in the United States since 2007 include a tire pressure monitoring system of some kind.

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According to WHO, in 2015, the road traffic fatality rate per 100,000 populations was 17.4. This shows the increasing need of automobile safety & security technologies to reduce increasing incidence of road accidents. Innovative technologies such as electronic stability control (ESC), anti-lock braking systems (ABS), lane departure warning system (LDWS), and tire pressure monitoring system (TPMS) are gaining traction due to increasing safety concerns worldwide. TPMS has obtained footing following usage of the TREAD (Transportation Review Upgrade, Responsibility, and Documentation) act in the U.S. in 2007. Keeping in track with U.S, various other regions such as Europe, South Korea, and Taiwan implemented TPMS mandating regulations. North America is estimated to account for highest share in terms of value by 2016. Emerging economies such as Japan, Russia, China and India are expected to enforce TPMS legislation in the near future. In automotive TPMS market, direct TPMS is the dominant segment.

This is generally accredited to its technological edge as compared to indirect TPMS. Indirect TPMS is estimated to observe constant growth in countries of Asia Pacific and the Middle East & Africa, due to its low cost as compared to direct TPMSF. The rise in acceptance of automotive safety systems in the recent past has engendered increased demand for TPMS. The compulsion for installation of TPMS in passenger cars is another major factor anticipated to fuel demand for TPMS in the U.S., Europe, South Korea, and Taiwan over the forecast period. The usage of tire pressure monitoring system will lead to improved fuel economy and helps save damage to property such as damage to vehicles, roadside shops, and others due to accidents related to tire-related issues. Prospective savings in fuel economy and property damage has further enhanced demand for tire pressure monitoring systems across the globe.

However, the fear of being tracked using TPMS sensors is a potential threat of for the market and is anticipated to be a major restraint for growth of the market. Additionally, erroneous results of indirect TPMS can affect orders for indirect TPMS in some regions. Prominent players in the TPMS market are concentrating on strategic mergers and acquisitions with other players in the market in order to enhance their product offerings and increase global reach. Similarly, prime players in the global TPMS market are focussed on flourishing their aftermarket business to cater to increasing demand for replacement of aging TPMS in countries such as the U.S.

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Regional analysis:
The global tire pressure monitoring system market is studied across: North America, Europe, Asia Pacific and LMAEA (Latin America, Middle East and Africa). Out of these regions, Asia Pacific region is expected to lead the global tire pressure monitoring system market due to the increased adoption rate of such systems and boom in the automotive sector. This leads to the production of a large number of automobiles, which are installed with tire pressure monitoring systems, especially in countries such as China, Japan, India, and South Korea.

The market is this region is further expected to be driven by the availability of raw components and improved automotive infrastructure. The industry players in the automotive sector are focusing on encouraging safety and security of the consumers. Europe also contributes significantly to the growth of the global tire pressure monitoring system market. The existence of major automotive manufacturers in the region supports the industry demand. Increasing driving regulations, with the objective to ensure passenger safety is also expected to drive the market demand.
 

Segmentation:
On the basis of vehicle type:
• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicle (HCV)
• Passenger Vehicle

On the basis of technology:
• Direct TPMS
• Indirect TPMS

On the basis of channel type:
• OEM
• Aftermarket

Key players:
The prominent players in the market are 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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