Market Research Report
Global Automotive TPMS Market - 2019-2026
|Published by||DataM Intelligence||Product code||753072|
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|Global Automotive TPMS Market - 2019-2026|
|Published: October 1, 2019||Content info:||
Tire pressure monitoring systems (TPMS) may warn you if your tires are under- or over-inflated, helping increase your fuel economy and even potentially preventing a tire blowout.
There are two main types of TPMS sensors. Direct sensors are small, wireless devices inside each tire, which report the tire's pressure reading to your dashboard. Indirect sensors work by measuring wheel spin and can only tell if a tire's pressure is low.
The United States Department of Transportation (DOT) National Highway Traffic Safety Administration (NHTSA) has developed a Federal Motor Vehicle Safety Standard that requires the installation of tire pressure monitoring systems (TPMS). The standard applies to passenger cars, trucks, multi-purpose passenger vehicles and buses with a gross vehicle weight rating of 10,000 pounds or less, except those vehicles with dual wheels on an axle. The NHTSA estimates that TPMS saves 660 lives per year, as well as preventing 3300 injuries and saving USD 511 million worth of gas.
Global automotive TPMS market is expected to grow at a CAGR of XX% to reach market value of USD XXXX million by 2025.
Tire pressure maintenance is an important safety issue throughout the automotive industry and caused the U.S. government to pass legislation mandating tire pressure monitoring systems.
TPMS can increase your safety on the road by improving your vehicle's handling, decreasing tire wear, reducing braking distance and bettering fuel economy.
The high number of accidents occurring worldwide due to tire failures has increased the need for advanced safety systems, such as TPMS in automobiles.
The sensors used in TPMS have huge replacement cost, which is restraining the growth of global TPMS market.
For instance, OEM sensors are still dealer-only items that can cost USD 80-USD 140 per piece. While aftermarket replacements are beginning to enter the market, for now replacing a sensor can be an expensive proposition.
By Product type
Direct tire pressure monitoring systems measure, identify and warn the driver of low pressure. Because direct systems have a sensor in each wheel, they generate accurate warnings and can alert the driver instantly if the pressure in any one tire falls below a predetermined level due to rapid air loss caused by a puncture. It can also detect gradual air loss over time.
Indirect systems use the vehicle's anti-lock braking system's wheel speed sensors to compare the rotational speed of one tire to that in another position on the vehicle. If one tire is low on pressure, its circumference changes enough to roll at a slightly different number of revolutions per mile than the other three tires, thus providing the tire pressure information to the driver.
North America is accounted for the largest market share for the global TPMS market in 2017, followed by Europe and Asia Pacific. The increasing demand from emerging markets, such as India and China, as a result of the rising demand for automobiles (especially luxury vehicles).
Many regions are making continued progress toward TPMS adoption. Primarily for environmental reasons, European countries (via United Nations regulation UNECE-R64) have adopted legislation for new models beginning in November 2012, and for all vehicles beginning in November 2014. South Korea has adopted similar TPMS legislation to that of Europe. Likewise, countries such as Japan, China and India are in the process of investigating TPMS technology as well.
Companies are undergoing new product launches in TPMS is driving the market competitiveness. For instance, In January 2018, Garmin has launched its GTP400KIT as an aftermarket TPMS fitment.
In November 2017, Continental Automotive showcased its latest range of TPMS, which uses high-frequency signal to send coded information to the receiver.
On 2016, Pacific industrial Co. Ltd., has introduced a new plant in China, which was founded in anticipation of legislation mandating the installation of Tire Pressure Monitoring Systems (TPMS) in vehicles; and a new aluminum die cast plant in Korea, which has been expanded in order to meet increasing market demand.
In July 2018, TireStamp announced TireVigil Cloud 2.0, a tire pressure monitoring system that checks each hardware component's health and detects problems with tire sensors, external TPMS receivers, and in-cab electronic equipment.
In July 2018 Xiaomi has launched 'Smart Tire Pressure Monitoring System,' it is a Mi ecosystem device.
Key market segments covered
BY PRODUCT TYPE
BY VEHICLE TYPE
BY SALES CHANNEL