Tires provide the basis for comfortable, safe and fuel efficient driving, if they are maintained properly. It seems simple but without a tire pressure monitoring systems (TPMS), drivers take tires for granted which results into damages and accidents. It is estimated that properly maintained air pressure in the tires can reduce the number of accidents caused by the speed and poor condition of tyres by almost 20%.
With demonstrated technology to successfully monitor tire pressure and caution drivers of problems, regulations have emerged in basically every region to require carmakers to have TPMS in almost every type of vehicle. TPMS is an electronic system intended to note the air pressure inside the tires of every type of vehicles. TPMS gives the real time information to the driver of the vehicle through a pictogram display. In recent scenario, automotive safety systems have become advanced, sophisticated and efficient. Increasing adoption rate for automotive safety systems such as TPMS has reduced the number of accidents and lowers the impact of accidents on people.
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Tire Pressure Monitoring Systems Market: Drivers & Restraints
The main factors driving the demand for automotive TPMS are strict safety norms, increasing health and safety awareness among consumers, technology advancement and high disposable income. Agencies such as New Car Assessment Program (NCAP) are also encouraging manufacturers by awarding safety ratings to cars based on safety performance. Growth in automotive safety systems market such as TPMS is largely driven by strict legislation and norms related to safety. Safety systems such as TPMS is obligatory in developed countries, while legislation in developing countries are creating higher growth opportunities.Although the overall automotive active safety systems market is growing significantly, challenges such as lack of standardization and high prices of TPMS is hindering the growth for TPMS market.Test conducted by one of the leading tire and rubber company have shown that almost 15% under-inflation tires can result an 8% drop in expected tire life and 2.5% decrease in fuel efficiency.
Tire Pressure Monitoring Systems Market: Segmentation
On the basis of vehicle type, the global automotive tire pressure monitoring systems market is segmented into,
On the basis of technology, the global automotive tire pressure monitoring systems market is segmented into
On the basis of channel type, the global tire pressure systems market is segmented into
Global Tire Pressure Monitoring Systems Market: Region-wise Outlook
In terms of geography, the global tire pressure monitoring system market has been divided in to seven key regions including North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Middle East & Africa and Japan.The global TPMS market is expected to register healthy CAGR during the forecast period. North America is the largest market for TPMS followed by Europe and Asia Pacific. Increasing demand for luxury vehicles in regions like Europe and Asia Pacific, mainly in developing economies such as China and India is driving the TPMS market. Factors such as adoption of safety regulations by government agencies along with an increase in vehicle sales and safety installations per vehicle, are fuelling the demand for automotive TPMS globally.
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Tire Pressure Monitoring Systems Market: Key Players
Some of the market participants in the global TPMS systems market are Schrader Electronics, TRW Automotive, AVE technologies, Bartec USA LLC and General Electric.