Automotive Tire Pressure Monitor System Market: Current Analysis and Forecast (2021-2027)

Automotive Tire Pressure Monitor System Market: Current Analysis and Forecast (2021-2027)

Global Automotive Tire Pressure Monitor System is anticipated to display a CAGR of around ~10% over the forecast period (2021-2027). According to research conducted by the National Highway Traffic Safety Administration (NHTSA), underinflated tires waste more fuel than properly inflated tires, with a 2-psi reduction in all four tires resulting in a 1-2 percent reduction in vehicle fuel economy. Tire pressure monitoring devices, according to the same source, improve fuel economy by US$ 19.07-US$ 23.08 per vehicle during its lifetime. Furthermore, TPMS has the potential to reduce property damage caused by traffic accidents, which is likely to promote market growth throughout the projection period. Tire pressure monitoring sensors are mounted on car tires and measure the pressure in real-time. These sensors send signals to a receiver, which interprets the data and illuminates a warning light when low tire pressure is detected. Each TPMS emits a distinct signal that can be detected from a distance by a directional antenna. As a result, market growth is likely to be hampered over the projection period.

Insights Presented in the Report

“Amongst Type, Direct TPMS segment dominated the market in 2020”

Based on type, the market is segmented into Direct TPMS and Indirect TPMS. The Direct TPMS segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. The direct tire pressure monitoring system has several advantages over the indirect system, including the ability to deliver accurate pressure for each tire, no loss of tire pressure information due to tire rotation or replacement, sensor batteries that typically last the life of the vehicle, and the ability to monitor spare tires. As a result, direct tire pressure monitoring systems are anticipated to become a market leaders. However, the segment's high price is projected to be a major stumbling block

“Amongst Sales Channel, OEM segment dominated the market in 2020.”

Based on the sales channel, the market is segmented into OEM and Aftermarket. OEM segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. In 2020, the OEMs sector dominated the tire pressure monitoring system market. Various standards have been enacted by major organizations to improve car safety systems. Because of these obligatory standards for all OEMs, the OEMs segment will hold the majority of the market share in 2020. TPMS batteries typically have a lifespan of 6 to 10 years. Furthermore, if the battery dies, the complete TPMS must be replaced, creating an opportunity for the aftermarket section

“Amongst Vehicle Type, Passenger segment dominated the market in 2020.”

Based on vehicle type, the market is segmented into Passenger Cars and Commercial Vehicles. The Passenger Cars segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. TPMS is most commonly used in passenger vehicles, where tire pressure management is seen as a key safety feature. The automotive industry has been stepping up its efforts to introduce features that lessen accident impact, reduce fatalities, and improve overall vehicle safety, fueling the rise of automotive TPMS in the passenger segment

“Asia Pacific represents as the largest market.”

Based on the estimation, during the projection period of 2021-2027, Asia-Pacific is expected to be the fastest-growing market during the forecast period. The greatest market for automobile TPMS is Asia-Pacific, with Japan and China serving as significant automotive centers. The Indian automotive TPMS market is predicted to be driven by rising customer awareness, aftermarket TPMS installation, and rising demand for luxury vehicles. The demand for transportation has been growing steadily over the last few decades, propelling the automobile sector forward in nations like China, India, Japan, and South Korea. Increased population, which has resulted in an increase in the number of vehicle users, as well as an increase in the standard of living and the availability of jobs with higher wages, which helps boost purchasing power, are all major factors driving the tire pressure monitoring system market for automotive in the Asia Pacific. Some of the major players operating in the market includes Continental AG, Robert Bosch GmbH, Huf Hülsbeck & Fürst Co., Aptiv PLC, Denso Corporation, Valeo, ZF Friedrichshafen AG, Hitachi Automotive Ltd, Sensata Technologies Inc., Pacific Industrial Co. etc.

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• Deep dive regional & country-level analysis of the industry

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