Publish Date: 2021-02-15
The Automotive Tire Pressure Monitoring System Market - Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The automotive industry has witnessed rapid advancement in onboard technology to enhance safety and convenience of occupants. Automotive tire pressure monitoring system help in continuous monitoring of tire pressure and alerts the driver when the pressure is critically low. Tire pressure sensors and monitoring systems are mandated by government authorities to ensure safety of vehicle and occupant. This has contributed towards rapid adoption of tire pressure monitoring systems across the commercial and passenger automobiles. Integration of advanced technologies into automobiles such as advanced driver assistance system (ADAS) has led the adoption of auxiliary technologies to ensure reliability and efficiency of vehicles. The automotive industry has witness strong growth during past decade owing to increased demand from emerging markets fueled by rising disposable income globally. This has triggered competition in the automotive electronic component market. Rising demand for safe automobiles and stringent regulations across the globe to ensure passenger and vehicle safety is anticipated to drive the growth of the global automotive tire pressure monitoring system market. However, the automotive industry is witnessing marginal growth in year-on-year sales of vehicles, which is anticipated to hinder the growth of global automotive tire pressure monitoring system market in coming years.
High reliability and ease of integration are expected to drive the growth of direct tire pressure monitoring systems
The global automotive tire pressure monitoring system market is segmented on the basis of technology, vehicle type, sales channel, and geography. Based on technology, the global automotive tire pressure monitoring system market is segmented into direct and indirect tire pressure monitoring system. The direct tire pressure monitoring segment contributed the largest share to the global market in 2019 and is expected to be a dominating segment throughout the forecast period. The direct tire pressure monitoring system employs dedicated pressure monitoring sensor for all the tires and measures tire pressure directly. On the other hand, the indirect measurement is integrated with the Antilock Braking System’s wheel speed sensor, it monitors change in wheel speed and converts the signal to indicate pressure difference. The direct tire pressure monitoring systems are fast and reliable compared to their indirect counterparts, thus are being adopted across several vehicle types. The indirect tire pressure monitoring segment is expected to gain traction during the forecast period owing to increasing integration of advanced antilock braking system (ABS) across commercial and passenger vehicles.
Increased demand for passenger vehicles to drive the growth of automotive tire pressure monitoring system market
Based on vehicle type, the global automotive tire pressure monitoring system market is segmented into passenger vehicle and commercial vehicle. The commercial vehicles are further sub-segmented into light commercial vehicles and heavy commercial vehicles. The passenger vehicles contributed for the largest share to the global automotive tire pressure monitoring system market owing to increased passenger vehicle sales across the globe. Rising sophistication in automotive electronic systems across passenger vehicles is estimated to contribute towards the growth of market during the forecast period. Amongst the commercial vehicle segment, the light commercial vehicle segment is anticipated to witness prominent growth during the forecast period.
Based on geography, the global automotive tire pressure monitoring system market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific contributed the largest share to the global automotive tire pressure monitoring system market in 2019 in terms of revenue owing to strong demand from expanding automotive manufacturing and rising investment in development of advanced automotive electronic systems across major countries. North America contributed a prominent share to eh global automotive tire pressure monitoring system market and is projected to grow steadily during the forecast period.
Major players active in the global automotive tire pressure monitoring system market include Alligator Ventilfabrik GmbH, Aptiv PLC, ATEQ TPMS, Bartec USA LLC, Bendix Commercial Vehicles Systems LLC, Continental AG, DENSO Corporation, Dunlop Tech GmbH, Hamaton Automotive Technology Co., Ltd., Hella KGaA Hueck & Co., Huf Hülsbeck & Fürst GmbH & Co. KG, NIRA Dynamics AB, NXP Semiconductors, Pacific Industrial Co.,Ltd., Schrader Electronics Ltd., Sensata Technologies, Valeo, WABCO, and ZF Friedrichshafen AG.
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