Tire air pressure is monitored by an electronic device known as a tire pressure monitoring system (TPMS). The driver is informed of high or low tire pressure via the TPMS's light-illuminating feature. The market for tires that enhance fuel efficiency has grown in recent years. As a result, tire manufacturers have focused on improving existing technologies to boost traction, safety, and mileage. Tire pressure needs to be maintained for safe driving, maximum tire life, and best fuel efficiency. TPMS helps reduce CO2 emissions overall, increase vehicle safety, and improve fuel economy. It also reduces the overall weight and rolling resistance of the tire.
Global Tire Pressure Monitoring System Market Driving Factors and Challenges
Drivers: Government spending on active safety systems and vehicle automation, together with changes to road and highway regulations, will all have a major impact on the growth of the tire pressure monitoring system market. Car tire pressure monitoring system sales are predicted to rise as a result of the growing usage of sensor technology in vehicles and the quick development of integrated sensor systems. Sales of automotive tire pressure monitoring systems are also anticipated to rise due to the growing usage of sensor technology in vehicles and the quick development of integrated sensor systems.
The market for tire pressure monitoring systems is being driven by technological advancements as well as an increase in the sales of high-end cars with updated safety features.
Challenges: The high cost of TPMS sensors and the high expense of replacing them could prevent the market from growing. The three other sensors on the tire are also likely to die when the battery on one tire dies; as a result, customers would have to replace all four sensors, which could be difficult and impede market expansion. Costs and functions that are added to the consumer's bill, such as installation fees and tire balancing, might cause delays in sensor installation or discourage sensor reinstallation, which could pose a safety risk and place restrictions on the business. The high cost of TPMS sensors and the high expense of replacing them could prevent the market from growing.
Impact of COVID-19 on Global Tire Pressure Monitoring System Market
The COVID-19 epidemic forced governments worldwide to implement stringent lockdowns and forbid the import or export of products required for raw materials for the bulk of 2020 and a few months of 2021. As a result, the supply of vital raw materials for auto parts dropped precipitously. The COVID-19 pandemic severely interfered with manufacturing schedules and supply chains, which hurt auto sales and output. As a result, tire pressure monitoring systems saw a decline in market share in 2020.
Tire Pressure Monitoring System Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Huf Hülsbeck & Fürst GmbH & Co. KG, Pacific Industrial Co. Ltd., ROBERT BOSCH GMBH, Hitachi Automotive Ltd, Renesas Electronics Corporation, HAMATON, Delphi Automotive LLP, Hampton Automotive Technology Co. Ltd, CONTINENTAL AG, ZF Friedrichshafen AG, InnoTechRV, The Goodyear Tire & Rubber Company, Orange Electronic Co., Ltd., Sensata Technologies Inc., DENSO CORPORATION, VALEO, NIRA Dynamics AB.
Global Tire Pressure Monitoring System Market Segmentation:
By Type: Based on the Type, Global Tire Pressure Monitoring System Market is segmented as; Direct Tire Pressure Monitoring System, Indirect Tire Pressure Monitoring System.
By Sales Channel: Based on the Sales Channel, Global Tire Pressure Monitoring System Market is segmented as; Aftermarket, OEM.
By Vehicle Type: Based on the Vehicle Type, Global Tire Pressure Monitoring System Market is segmented as; Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Vehicles.
By Propulsion: Based on the Propulsion, Global Tire Pressure Monitoring System Market is segmented as; Alternate fuel Vehicle, Electric and Hybrid, ICE.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.