Automotive Tire Pressure Monitor System Market: Current Analysis and Forecast (2021-2027)

Report Description

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Global Automotive Tire Pressure Monitor System is anticipated to display a CAGR of around ~10% over the forecast period (2021-2027). According to research conducted by the National Highway Traffic Safety Administration (NHTSA), underinflated tires waste more fuel than properly inflated tires, with a 2-psi reduction in all four tires resulting in a 1-2 percent reduction in vehicle fuel economy. Tire pressure monitoring devices, according to the same source, improve fuel economy by US$ 19.07-US$ 23.08 per vehicle during its lifetime. Furthermore, TPMS has the potential to reduce property damage caused by traffic accidents, which is likely to promote market growth throughout the projection period. Tire pressure monitoring sensors are mounted on car tires and measure the pressure in real-time. These sensors send signals to a receiver, which interprets the data and illuminates a warning light when low tire pressure is detected. Each TPMS emits a distinct signal that can be detected from a distance by a directional antenna. As a result, market growth is likely to be hampered over the projection period.

Insights Presented in the Report

“Amongst Type, Direct TPMS segment dominated the market in 2020”

Based on type, the market is segmented into Direct TPMS and Indirect TPMS. The Direct TPMS segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. The direct tire pressure monitoring system has several advantages over the indirect system, including the ability to deliver accurate pressure for each tire, no loss of tire pressure information due to tire rotation or replacement, sensor batteries that typically last the life of the vehicle, and the ability to monitor spare tires. As a result, direct tire pressure monitoring systems are anticipated to become a market leaders. However, the segment’s high price is projected to be a major stumbling block

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“Amongst Sales Channel, OEM segment dominated the market in 2020.”

Based on the sales channel, the market is segmented into OEM and Aftermarket. OEM segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. In 2020, the OEMs sector dominated the tire pressure monitoring system market. Various standards have been enacted by major organizations to improve car safety systems. Because of these obligatory standards for all OEMs, the OEMs segment will hold the majority of the market share in 2020. TPMS batteries typically have a lifespan of 6 to 10 years. Furthermore, if the battery dies, the complete TPMS must be replaced, creating an opportunity for the aftermarket section

“Amongst Vehicle Type, Passenger segment dominated the market in 2020.”

Based on vehicle type, the market is segmented into Passenger Cars and Commercial Vehicles. The Passenger Cars segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. TPMS is most commonly used in passenger vehicles, where tire pressure management is seen as a key safety feature. The automotive industry has been stepping up its efforts to introduce features that lessen accident impact, reduce fatalities, and improve overall vehicle safety, fueling the rise of automotive TPMS in the passenger segment

“Asia Pacific represents as the largest market.”

Based on the estimation, during the projection period of 2021-2027, Asia-Pacific is expected to be the fastest-growing market during the forecast period. The greatest market for automobile TPMS is Asia-Pacific, with Japan and China serving as significant automotive centers. The Indian automotive TPMS market is predicted to be driven by rising customer awareness, aftermarket TPMS installation, and rising demand for luxury vehicles. The demand for transportation has been growing steadily over the last few decades, propelling the automobile sector forward in nations like China, India, Japan, and South Korea. Increased population, which has resulted in an increase in the number of vehicle users, as well as an increase in the standard of living and the availability of jobs with higher wages, which helps boost purchasing power, are all major factors driving the tire pressure monitoring system market for automotive in the Asia Pacific. Some of the major players operating in the market includes Continental AG, Robert Bosch GmbH, Huf Hülsbeck & Fürst Co., Aptiv PLC, Denso Corporation, Valeo, ZF Friedrichshafen AG, Hitachi Automotive Ltd, Sensata Technologies Inc., Pacific Industrial Co. etc.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional & country-level analysis of the industry

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Research Methodology

The tire pressure monitoring system is an electronic system that monitors the air pressure and temperature in the vehicle’s tire and displays the information on the screen in real-time. This notifies the driver if there is a risk associated with the vehicle’s tire pressure changing. There are numerous things that influence a vehicle’s pressure reduction. Reduced tire life, vehicle performance, mileage, and safety are all key factors. The introduction of such a system onto the market has significant benefits, including enhanced driver convenience and a reduction in the frequency of accidents caused by the use of such gadgets. Such systems also improved fuel mileage, tire durability, and tire alignment vehicle handling by the driver. As per stats one of the major factors for road accidents globally are the issues related to tires and governments are now taking suitable to tackle the same. Growing legislation requiring the installation of TPMS in developed nations such as North America, Europe, and China are propelling the TPMS industry forward. Furthermore, over the projection period, robust growth in the automotive industry would be a key driver augmenting the TPMS market growth.

Seek More Details About Research Methodology

The Tire Pressure Monitoring System is predicted to expand greatly as a result of several severe government rules and regulations that demand the need to reduce vehicular emissions and improve automobile fuel efficiency. Many characteristics have now become active considerations for automotive manufacturers. Many elements are required in the tire pressure monitoring market presently, with the increase in demand for high-end cars, changing government restrictions, expanding economy, and environmental legislation. Automotive systems have progressed and gotten more efficient over time, and this industry is leaning toward sophisticated technologies, which will eventually play a key part in obtaining a good market share target.

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

The detailed secondary study was conducted to obtain the historical market size of the Automotive Tire Pressure Monitor System through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Automotive Tire Pressure Monitor System, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are type, sales channel, vehicle type. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Automotive Tire Pressure Monitor System in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing government incentives and demand for eco-friendly transportation etc. Historical trends and their year-on-year impact on the market size and share were analyzed. Demand and the supply-side scenario were also thoroughly studied.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the market, and market shares of the segments and company. All the required percentage split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Automotive Tire Pressure Monitor System across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Automotive Tire Pressure Monitor System in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Automotive Tire Pressure Monitor System. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of elevation system, type, product type, structure, and region.

The main objective of the Automotive Tire Pressure Monitor System Study

The current & future market trends of the Automotive Tire Pressure Monitor System were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Automotive Tire Pressure Monitor System in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include sub-system and vehicle type
• Defined analysis of the regulatory framework for the Global Automotive Tire Pressure Monitor System industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Automotive Tire Pressure Monitor System for the major regions & countries
• Major regions studied in the report include North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Spain, Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific), and Rest of World
• Company profiles of the Automotive Tire Pressure Monitor System players and the growth strategies adopted by them to sustain in the fast-growing market
• Deep dive regional & country-level analysis of the industry