Automotive Tire Pressure Monitoring System Is Estimated To Witness...

Automotive Tire Pressure Monitoring System Is Estimated To Witness High Growth Owing To Increasing Road Safety Concerns

Postado 2023-11-21 13:26:21

Market Overview:
An automotive tire pressure monitoring system (TPMS) is an electronic system designed to monitor the air pressure inside the pneumatic tires on various types of vehicles. It serves two main functions - to provide the driver with a warning indicating low tire inflation pressure and to provide the necessary signals to other on-board vehicle systems, such as Anti-lock braking system. It helps reduce fuel costs, reduce CO2 emissions, and improves vehicle handling and safety.

Market Dynamics:
The automotive Tire Pressure Monitoring System market is predominantly driven by growing road safety concerns. According to a study by National Highway Traffic Safety Administration (NHTSA), under-inflated tires are a major contributing factor to traffic accidents accounting for over 92000 traffic fatalities annually in the U.S. TPMS plays a vital role in increasing vehicle handling and stability by receiving real-time updates on low tire inflation pressures. Additionally, the market is witnessing high growth owing to stringent government regulations mandating TPMS installation. For instance, the European Union has mandated TPMS installation on all passenger cars since 2012 and in the U.S., the NHTSA made TPMS mandatory for all passenger cars starting from 2007 requiring direct and indirect tire pressure monitoring systems on all new vehicles under 10,000 lbs. The growing demand for luxury and premium vehicles globally is also fueling the market growth.

The global Automotive Tire Pressure Monitoring System Market Size is estimated to be valued at US$ 7.17 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis
Strength: The automotive tire pressure monitoring system provides enhanced vehicle safety, reduces risks of tire failure and accidents. It alerts drivers in real-time about underinflated tires allowing timely corrections. Modern TPMS systems are accurate and easy to use.
Weakness: High initial costs of procurement and installation of TPMS increase overall vehicle costs. Some drivers may ignore or not take recommended actions based on TPMS alerts.
Opportunity: Growing sales of luxury and premium vehicles will drive the demand as these vehicles mostly have TPMS as a standard fitting. Stringent regulations worldwide on tire safety will boost adoption of TPMS across vehicle segments.
Threats: Availability of inexpensive aftermarket or non-compliant alternatives can hamper sales of branded TPMS. Economic slowdowns can negatively impact overall vehicle production and sales thereby affecting demand for TPMS.

Key Takeaways
The global automotive tire pressure monitoring system market is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing vehicle production and stringent government regulations for vehicle safety across major markets.

Regional analysis:
Asia Pacific dominates the global automotive tire pressure monitoring system market and is estimated to reach US$ 3.82 Bn by 2030, growing at a CAGR of 14.5% during the forecast period. China, India, and Japan are major contributors to the region's growth due to large vehicle production in these countries. Europe is the second largest market for automotive tire pressure monitoring systems owing to stringent safety norms by EMV.

Key players:
Key players operating in the automotive tire pressure monitoring system market are ZF Friedrichshafen AG, ATEQ, Continental AG, Bartec USA LLC, Sensata Technologie, Inc., Huf HÃ1⁄4lsbeck & FÃ1⁄4rst GmbH & Co. KG, AUTOMOTIVE TECHNOLOGY CO., LTD., Rivigo Services, Denso Corporation, DUNLOP TECH GmbH, Pacific Industrial Co., Ltd., Bendix Commercial Vehicles Systems LLC, NXP Semiconductors, NIRA Dynamics AB, WABCO, and Hamaton Automotive Technology CO., LTD. The major players are focusing on new product launches and partnerships to gain a competitive edge in the market.