Global Tire
Pressure Monitoring System Market Overview
Global tire pressure monitoring
system market is projected to grow from $ 4.78 billion in 2018 to $ 13.13
billion by 2024, exhibiting a double-digit CAGR of over 21% during the forecast
period, backed by safety regulations and norms imposed by governments across
the globe. Automotive Tire Pressure Monitoring Systems (TPMS) are active safety
systems that help to monitor vehicle pressure by using pressure sensors.
Moreover, the system provides crucial information related to the number of
tires that are underinflated. Additionally, properly inflated tires help in
reducing the number of accidents which are caused by poor condition of tires.
The system displays the real time information to the driver in the form of pictogram.
Global Tire Pressure Monitoring System Market Segments
In terms of technology, the market
for tire pressure monitoring system has been bifurcated into Direct Tire
Pressure Monitoring System (TPMS) and Indirect Tire Pressure Monitoring System
(TPMS). Direct TPMS captured the dominant share in 2018 and is expected to
continue its market dominance during the forecast period, as indirect TPMS does
not use pressure sensors to measure the tire inflation which results in
inaccurate monitoring of the tire pressure. Based on the vehicle type, global tire
pressure monitoring system market has been categorized into passenger car and commercial
vehicle (CV). Passenger car accounted for the major market share in 2018 and
the trend is expected to continue during the forecast period. In terms of sales
channel, tire pressure monitoring system market can be bifurcated into original
equipment manufacturers and aftermarket. The traction of the aftermarket is increasing,
and the segment is expected to grow over the next few years, as the new
government norms mandate the use of these TPMS and increasing awareness of the
TPMS as advanced safety technology.
Global Tire Pressure Monitoring System Market Regional
Insights
Europe is the leading region in global
tire pressure monitoring system market, owing to government regulations in the
developed economies. Asia-Pacific tire pressure monitoring system market is
expected to grow at the highest rate during the forecast period, on account of
increasing demand for automobiles in developing economies such as China, Japan and
South Korea.
Global Tire Pressure Monitoring System Market Competitive
Landscape
Some of the major players
operating in global tire pressure monitoring system market are Sensata
Technologies Inc., Continental AG, Pacific Industrial Co. Ltd, NIRA Dynamics, Denso
Corporation and NXP Semiconductors. Major companies are developing advanced
technologies and launching new products in order to stay competitive in the
market. Other competitive strategies include mergers & acquisitions and new
product developments. In 2017, Continental AG launched new range of TPMS, which
makes use of high-frequency signal to send information to the receiver.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the
Study:
- To analyze and forecast global tire pressure
monitoring system market size.
- To classify and forecast global tire pressure
monitoring system market based on technology, vehicle type, sales
channel and regional distribution.
- To identify drivers and challenges for global tire
pressure monitoring system market.
- To examine competitive developments such as
expansions, new product launches, mergers & acquisitions, etc., in global
tire pressure monitoring system market.
- To conduct the pricing analysis for global
tire pressure monitoring system market.
- To identify and analyze the profile of leading
players operating in global tire pressure monitoring system market.
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Some of the leading players in global tire pressure
monitoring system market are Sensata
Technologies Inc., Continental AG, Pacific Industrial Co. Ltd, NIRA Dynamics, Denso
Corporation and NXP Semiconductors.
TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research
sourced a list of manufacturers across the globe. Subsequently, TechSci
Research conducted primary research surveys with the identified companies.
While interviewing, the respondents were also enquired about their competitors.
Through this technique, TechSci Research could include the manufacturers which
could not be identified due to the limitations of secondary research. TechSci
Research analyzed the product offerings, distribution channels and presence of all
major manufacturers across the globe.
TechSci Research calculated global tire pressure monitoring system market
size using a bottom-up approach, where
data for various end-user segments was recorded and forecast for the future
years. TechSci Research sourced these values from the industry experts and
company representatives and externally validated through analyzing historical
data of these product types and applications for getting an appropriate,
overall market size. Various secondary sources such as company websites, news
articles, press releases, company annual reports, investor presentations and
financial reports were also studied by TechSci Research.
Key Target Audience:
- Tire pressure monitoring
system manufacturers and other stakeholders
- Government bodies such as
regulating authorities and policy makers
- Organizations, forums and
alliances related to tire pressure monitoring system market
- Market research and
consulting firms
The study is useful in providing answers
to several critical questions that are important for industry stakeholders such
as manufacturers and partners, end users, etc., besides allowing them in
strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, global tire pressure
monitoring system market has been segmented into following categories, in
addition to the industry trends which have also been detailed below:
- Market, by Technology:
- Direct Tire Pressure Monitoring System (TPMS)
- Indirect Tire Pressure Monitoring System (TPMS)
- Market, by Vehicle Type:
- Commercial Vehicle (CV)
- Passenger Vehicle
- Market, by Sales Channel:
- Market, by Region:
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Europe & CIS
- Russia
- Germany
- United Kingdom
- France
- Italy
- Poland
- Spain
- North America
- United States
- Mexico
- Canada
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- South America
Competitive Landscape
Company Profiles: Detailed analysis of the major
companies present in global tire pressure monitoring system market.
Available
Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players
(up to five).
In case you don’t find what
you are looking for, please get in touch with our custom research team at sales@techsciresearch.com