Automotive Tire Pressure Monitoring System Market Analysis | Coherent Market Insights

1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

2. AUTOMOTIVE TIRE PRESSURE MONITORING SYSTEM MARKET ANALYSIS • Automotive Tire Pressure Monitoring System (TPMS) Market, by Product Type (Direct TPMS and Indirect TPMS), by Vehicle Type (Passenger Car, LCV and HCV), by Sales Channel (OEM and Aftermarket) and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027 • The global Automotive Tire Pressure Monitoring System (TPMS) Market is estimated to account for US$ 9,335.4 Mn in terms of value by the end of 2019.

3. Market Drivers • Growing integration of automotive safety systems is expected to drive the global Automotive Tire Pressure Monitoring System (TPMS) market growth during the forecast period Governments across various countries have started enforcing stringent safety regulations, which has mandated the integration of advanced vehicle safety systems such as TPMS, anti-lock braking system (ABS), and lane departure warning system. This has become essential to reduce increasing incidence of accidents. According to the National Motor Vehicle Crash Causation Survey (NMVCCS)’s study, tires that are underinflated by 25% are three times likely to be involved in accidents than vehicles with accurate tire pressure. Moreover, TPMS helps to minimize these incidences by notifying driver about the low pressure in the tires. This, in turn, is expected to drive the market growth in the near future. • Improved fuel economy and property damage savings are expected to propel growth of the global automotive tire pressure monitoring system (TPMS) market over the forecast period According to a study conducted by National Highway Traffic Safety Administration (NHTSA), underinflated tires consumer more fuel than properly inflated tires, i.e. 2 psi decrease in all four tire leads to 1-2% decrease in fuel economy of the vehicle. According to the same source, the use of tire pressure monitoring systems provides enhanced fuel economy of US$ 19.07-US$ 23.08 per vehicle over its lifetime. Moreover, TPMS can possibly save property damage associated with road accidents, which in turn, is expected to boost the market growth over the forecast period.

4. North America region dominated the global Automotive Tire Pressure Monitoring System (TPMS) Market in 2019, accounting for 39.9% share in terms of value, followed by Europe and Asia Pacific, respectively

5. Market Restraints • Tracking of vehicle due to TPMS signal is expected to restrain growth of the global automotive tire pressure monitoring system (TPMS) market during the forecast period Tire pressure monitoring sensors are attached to car tires, where they measure real-time pressure in tires. These sensors transmit signals to a receiver, which processes the information and flashes warning light on detecting low tire pressure. Each TPMS sends out a unique signal, which can potentially be detected by a directional antenna from a distance. This, in turn, is expected to hinder the market growth over the forecast period. • Imprecise results of indirect TPMS is expected to hamper the global automotive tire pressure monitoring system (TPMS) market over the forecast period Indirect TPMS computes tire inflation using ABS/ESC sensors and does not employ pressure sensors for pressure monitoring. It basically follows the principal that under-inflated tires have a slightly smaller diameter when compared to properly inflated tires. Moreover, algorithms used in computation of tire inflation in indirect TPMS are sensitive to other external factors such as road condition and driving speed. This, in turn, leads to inaccurate results and thereby hinders the market growth over the forecast period.

6. Market Opportunities • Emerging markets across the globe for TPMS are expected to pose lucrative business opportunities Apart from developed countries such as the U.S., TPMS installation has become mandatory in passenger cars in the EU region and South Korea. Moreover, emerging economies such as China and India are the largest automakers along with Indonesia, Malaysia, Philippines, Turkey, and Russia are expected to enforce similar regulatory policies, mandating integration of TPMS in passenger cars. Automotive production in these countries is expected to increase significantly in the near future, which in turn, is expected to offer lucrative growth opportunities for market players. Currently, TPMS is available in luxury and premium vehicle segment thus, market remains scarcely penetrated, thereby providing market opportunities.

7. Strategic mergers and acquisitions among market players to pose major opportunities Key companies in the market are focused on mergers and acquisitions, in order to enhance their market presence. For instance, in 2015, ZF Friedrichshafen AG acquired TRW Automotive; after acquisition ZF TRW was integrated within the Active & Passive Safety Technology Division that manufactures TPMS, among other products.

8. Segment Information: • In global Automotive Tire Pressure Monitoring System (TPMS) Market, the passenger car sub-segment is estimated to be the largest market in 2019, accounting for 79.9% share in terms of value and is expected to dominate throughout the forecast period.

9. Market Trends • Focus of key players on aftermarket business Key players are focused on expanding their aftermarket business. Growing awareness regarding TPMS as an advanced safety technology and rising integration of automotive safety system are expected to boost the aftermarket TPMS sales during the forecast period. Moreover, TPMS sales through aftermarket sales channel are expected to outperform OEM sales in the near future. Key companies in the market are focused on selling their products through aftermarket distribution channel, in order to capitalize lucrative growth opportunities. For instance, in 2014, Denso Corporation commenced its Tire Pressure Monitoring System (TPMS) sensor program, in order to support aftermarket customers’ demands.

10. Growing focus on technological innovation Key players in the market are involved in product differentiation through innovation in size, design, and battery life and even battery-less TPMS. Micro electro mechanical systems (MEMS) and SAW (surface acoustic wave) sensors are some of the advanced technologies used by key players. Furthermore, key companies in the market are launching new product series with integration of advanced technologies. For instance, in July 2015, Bartec introduced new TPMS tools, Tech400Pro, a wireless TPMS scan tool covers features such as wireless data transfer via Bluetooth, wireless charging, wireless updating via Wi-Fi), and keyless entry testing—and Tech300Pro—an activation tool that works with multi-protocol sensors, OE TPMS sensors and can also be programed to work with aftermarket sensors.

11. Regulations • U.S. • Implementation of the TREAD act in 2000, following various accidents leading to numerous fatalities and the subsequent Firestone Recall, mandates use of TPMS in vehicles of 2004 model year. These include all passenger vehicles and light trucks with GWVR of 10,000 lbs. and less.

12. Competitive Section • Key players operating in the global automotive tire pressure monitoring system (TPMS) market are ZF Friedrichshafen AG, ATEQ, Continental AG, Bartec USA LLC, Sensata Technologies, Inc., HufHülsbeck & Fürst GmbH & Co. KG, AUTOMOTIVE TECHNOLOGY CO., LTD., Rivigo Services, Denso Corporation, DUNLOP TECH GmbH, Pacific Industrial Co., Ltd., Bendix Commercial Vehicles Systems LLC, NXP Semiconductors, NIRA Dynamics AB, WABCO, and HAMATON AUTOMOTIVE TECHNOLOGY CO., LTD.

13. Key Developments • Major companies in the market are involved in participating in events and conferences, in order to enhance their market presence. For instance, in July 2019, ZF Friedrichshafen AG presented next-generation mobility solutions at IAA 2019. • Key players in the market are focused on partnerships and collaborations, in order to gain competitive advantage in the market. For instance, in August 2019, Rivigo Services partnered with JK Tyre to launch TPMS in commercial vehicles in India.

14. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • Reference :https://www.coherentmarketinsights.com/market-insight/automotive-tire-pressure-monitoring-system-market-3272

15. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

16. Contact Us Mr. Shah Coherent Market Insights Pvt.Ltd. Address: 1001 4th Ave, #3200 Seattle, WA 98154, U.S. Phone: +1-206-701-6702 Email: sales@coherentmarketinsights.com

17. Thank You! Kindly follow CMI Social Media Profiles for the latest company updates Facebook Linkedin Twitter https://www.coherentmarketinsights.com/