With the increasing demand for safety and fuel economy, the automotive industry is now focusing more on vehicle-related technology such as Tyre Pressure Monitoring System (TPMS). In this article, you'll learn more about TPMS and its applications in both OEM and aftermarket sectors.
Drivers of the Tyre Pressure Monitoring System (TPMS) Market
1. Increasing safety concerns among vehicle owners: As the number of road accidents increases due to tyre-related issues, the demand for TPMS solutions is increasing. This is because TPMS systems can provide real-time information on a vehicle’s tyre pressure and alert drivers of any irregularities that could lead to unsafe driving conditions.
2. Growing demand for luxury vehicles: There is an increasing demand for luxury vehicles, which come equipped with advanced features such as TPMS systems. This is driving the market growth of TPMS solutions as new luxury car owners require these solutions in order to maintain their vehicle’s performance and safety standards.
3. Increasing government mandates and regulations: Several countries have passed laws mandating the installation of TPMS systems in new cars in order to increase safety on roads and reduce emissions. This has increased the demand for TPMS solutions and propelled the growth of this market segment.
Advantages of the Tyre Pressure Monitoring System (TPMS) Market
1. It helps to improve the overall road safety by keeping track of the tyre pressure of vehicles.
2. It increases vehicle handling and reduces the chances of aquaplaning or skidding on wet roads.
3. It ensures that all tyres are properly inflated and maintained at optimum levels which improves fuel efficiency, reduces wear and tear and extends the life of tyres.
4. TPMS provides real-time monitoring which can alert drivers in case there is a change in tyre pressure, ensuring timely intervention if required.
5. It is also beneficial for fleet management as it provides data related to each individual vehicle’s performance and maintenance requirements in real-time which reduces time spent on manual inspections and makes maintenance more efficient.
Market Value and CAGR of the Market
The market Value and CAGR of the Tyre Pressure Monitoring System (TPMS) Market is expected to reach XX by 2030, from XX in 2020, growing at a CAGR of XX during the forecast period (2020-2030).
With increasing safety regulations and rising concerns about fuel efficiency, TPMS is gaining traction among OEMs as well as aftermarket players globally. The growing demand for improved vehicle safety and comfort features along with increasing government regulations are the major driving factors behind the growth of the Tyre Pressure Monitoring System (TPMS) Market. Furthermore, rapid technological advancements such as wireless connectivity, integration of TPMS sensors with OBD systems and multiple aftermarket services are expected to facilitate market growth during the forecast period.
Challenges of the Market
1. High Cost: The cost of Tyre Pressure Monitoring System (TPMS) is one of the major challenges for its adoption in the market. The cost of the system includes hardware, installation, and maintenance costs.
2. Lack of Awareness: There is a lack of awareness about the benefits of TPMS among consumers which has led to low adoption in certain regions. This is because they are unaware of the advantages that such a system can offer in terms of better safety and fuel efficiency.
3. Technical Complexity: The technical complexity associated with the installation and functioning of TPMS is also one factor that hampers its adoption to some extent. It requires specialized skills to install and operate these systems, which may not be available with all vehicle owners or mechanics.
The key players in the Tyre Pressure Monitoring System (TPMS) Market are Denso Corporation (Japan), Continental AG (Germany), Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Michelin (France), Bridgestone Corporation (Japan), ALMEXA S.A. de C.V. (Mexico), WABCO Vehicle Control Systems (Belgium) among others.
The most demanded product of the Tyre Pressure Monitoring System (TPMS) Market is expected to be the direct system. Direct TPMS systems are fitted with a pressure sensor in each wheel, which transmits real-time tire pressure data to the vehicle's onboard computer. This system can give the driver a warning in case of under or over inflated tires. This demand for this product is attributed to the strict regulatory standards for advanced driver assistance system (ADAS).
The automotive industry is expected to be the major application of the Tyre Pressure Monitoring System (TPMS) Market during the forecast period. This is due to stringent government regulations and technological advancements in passenger cars and commercial vehicles, as well as rising safety concerns among consumers. Moreover, increasing production of electric vehicles across the world has increased demand for advanced TPMS systems.
OEMs are expected to be the major end user of Tyre Pressure Monitoring System (TPMS) Market during the forecast period. This is attributed to increasing competition between OEMs, leading them to provide better features and services in their vehicles such as TPMS systems. In addition, OEMs are increasingly investing in research and development activities related to TPMS systems.
Asia-Pacificist expected to be the largest regional market for Tyre Pressure Monitoring System (TPMS) Marketduringthe forecast period.
Impact of Covid-19
The outbreak of the pandemic has led to a decrease in vehicle production, which in turn has affected the demand for TPMS. In addition, the global economic slowdown has resulted in a decrease in aftermarket sales of TPMS. However, the market is expected to recover from these effects in the coming years.
The direct TPMS segment is expected to be the most affected by Covid-19, due to the decrease in vehicle production. This segment is expected to decline at a CAGR of 5.6% during the forecast period.
In January 2021, Continental AG announced the launch of its new generation of Tyre Pressure Monitoring System (TPMS), which is capable of detecting tyre pressure levels in real-time. The system is equipped with sensors that measure the exact pressure inside the tyre and sends an alert to the driver in case of any irregularities. This system also has a built-in Bluetooth technology, which allows it to connect to smartphones and other devices.
In December 2020, Autex Robotics launched its latest TPMS solution, the Autex Maxims TS501K. This system is designed to monitor all four-wheel tyres simultaneously, giving accurate readings on tyre pressure and temperature. It can also detect punctures and flat tyres as well as warn drivers when low tyre pressures are detected.
Tyre Pressure Monitoring System Market Scope
|Revenue forecast in 2030
|CAGR of XX during 2020-2030
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Denso Corporation (Japan), Continental AG (Germany), Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Michelin (France), Bridgestone Corporation (Japan), ALMEXA S.A. de C.V. (Mexico), WABCO Vehicle Control Systems (Belgium) among others.
Key Segment of Tyre Pressure Monitoring System (TPMS) Market
By Type Overview
• Direct TPMS
• Indirect TPMS
By Application Overview
By Region Overview
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa