Tire Pressure Monitoring Systems Market Overview
forecast period of 2020 to 2030. This double-digit growth rate will be propelled by changing safety standards globally. As car manufacturers and automotive authorities in various nations are prioritizing safety, it is likely to create a significant demand for tire pressure monitoring systems (TPMS). These systems are used to track air pressure in tires to make driving a safer activity.
Fuel Efficiency and Safety Norms to Accelerate Sale of TPMS
The main factors driving the demand for automotive TPMS are strict safety norms, increasing health and safety awareness among consumers, technological advancements that enable real-time updates, and high disposable income. Agencies such as New Car Assessment Program (NCAP) are also encouraging manufacturers by awarding safety ratings to cars based on improved performance. Rise in sales of TPMS is also attributable to installation of various advanced driver assistance systems (ADAS). The primary function of ADAS is to minimize accidents by ensuring safety. Stringent laws supporting automotive safety, especially in developed economies, are expected to help TPMS market pick up pace.
Although the overall automotive active safety systems market is growing significantly, challenges such as lack of standardization and high prices of TPMS could hinder growth. Tests conducted by one of the leading tire and rubber company have shown that almost 15% under-inflation tires can result an 8% drop in expected tire life and 2.5% decrease in fuel efficiency. The ability of TPMS to facilitate enhanced fuel efficiency with improved tire condition is expected create excellent opportunities.
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Advanced Features of Direct TPMS to Promote its Sales for Passenger Cars
Direct TPMS (Tire-Pressure Monitoring System) and Indirect TPMS (Tire-Pressure Monitoring System) are the two types of systems available in the market. Out of these, the direct TPMS segment would most likely take the lead as it detects absolute pressure measurement. In addition, it also features a warning light, unique identifier for recording data of speed and wheel rotation, and diagnostics and wake up system. However, the cost could act as an impediment, predict analysts.
Research also indicates that out of passenger cars, light commercial vehicles, and heavy commercial vehicles, the highest uptake of TPMS will be amongst passenger cars. However, changing manufacturing standards could see an introduction of TPMS in heavy commercial vehicles. TPMS will be available through OEMs and aftermarket. With Asia Pacific being the topmost region, it goes to indicate the automotive companies such as Nissan and Hyundai will focus on improving revenue by incorporating these in upcoming vehicles.
In terms of geography, Asia Pacific is the undoubtedly the leader in the global TPMS market. With a huge score companies and an ever-sprawling automotive hub, the region is expected to make a share in the market by the end of 2030. Cheap labor, support from governments to automotive sector for jobs, and tax benefits are expected to keep the region in the lead in the coming years. Europe will follow suit as the region is well known for being stickler for rules of automobile safety. In the next decade, Europe will set the standard for automobile safety as it has been making serious effort to reduce CO2 emissions, making manufacturers consider the need for TPMS.
Global Tire Pressure Monitoring Systems Market: Key Players
Some of the key players operating in the global TPMS market are Schrader Electronics, TRW Automotive, AVE technologies, Bartec USA LLC, and General Electric.
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On the basis of Type, Tire Pressure Monitoring Systems Market is segmented into:
- Direct
- Indirect
On the basis of Vehicle Type, Tire Pressure Monitoring Systems Market segmented into:
- Passenger Car
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
On the basis of Sales Channel, Tire Pressure Monitoring Systems Market segmented into:
- OEM (Original Equipment Manufacturer)
- Aftermarket
On the basis of Region, Tire Pressure Monitoring Systems Market segmented into:
- North America
- Latin America
- Europe
- South East Asia & Pacific
- China
- Middle East & Africa (MEA)
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