The market is expected to grow at a CAGR of 15.23% during the forecast period. North America was the largest market in 2017, accounting for a share of over 39%, followed by the European countries and Asia-Pacific countries. TPMS is an electronic system designed to provide real-time information about tire pressure by monitoring the air pressure inside the tires. In addition, TPMS warns the driver about the number of tires that are underinflated. The increasing demand from emerging markets such as India and China as a result of the rising demand for automobiles (especially luxury vehicles) and new TPMS regulations in China and South Korea will also positively affect the growth of the market.
In terms of technology, TPMS is classified into two categories: direct TPMS and indirect TPMS. Direct TPMS provides real-time information on the tire pressure by using pressure monitoring sensors in the tires. As a result, automobile manufacturers are shifting their focus to the use of direct TPMS sensors to improve safety of consumers. The demand for and adoption of direct TPMS is constantly increasing among consumers because of the ease provided by these systems; i.e., automatically resetting as and when tires are inflated or rotated (with the presence of pressure sensors). Indirect TPMS do not use any physical pressure sensors unlike direct TPMS but measure air pressure by monitoring individual wheel rotational speeds and other signals available outside the tire.
Rising safety concerns to promote growth
Tire blowouts because of underinflated and overinflated tires result in accidents and human fatalities. The rising concern for passenger and automobile safety has compelled governments across the world to implement safety regulations such as TPMS (for instance, the TREAD Act by the US Congress). In addition, the high number of accidents occurring worldwide because of tire failures has increased the need for advanced safety systems such as TPMS in automobiles. Appropriately inflated tires also improve the fuel efficiency of the vehicle. Governments across the world are taking initiatives to introduce TPMS in as many applications as possible to increase fuel efficiency (and hence, reduce carbon emissions).
Technical restrictions still holding the market
However, functional errors as a result of the failure of electronic sensors, use of defective sensors and battery failure result in the failure of TPMS, resulting in accidents. For instance, unexpected turning off of the ignition disables the engine and thus the TPMS system. These functionality errors deter consumers from placing faith in such types of new technology. Awareness of TPMS among consumers has been low in the past, and the only installations have been in OEM-fitted vehicles. This is the reason why the TPMS aftermarket has not seen much growth in the past years. However, with the growing safety concerns among consumers in the emerging markets, the demand for entry-level vehicles equipped with safety features is increasing, thereby boosting the demand for electronic TPMS and TPMS sensors.
The market is segmented by type, end-user segment, vehicle type, and geography.
Key Developments in the Market:
• January 2018: Garmin launched its GTP400KIT as an aftermarket TPMS fitment.
• November 2017: Continental Automotive showcased its latest range of TPMS which uses high-frequency signal to send coded information to the receiver.
Major players: ALLIGATOR GMBH, CONTINENTAL, DENSO, PACIFIC INDUSTRIAL, SCHRADER ELECTRONICS amongst others.
Reasons to Purchase this Report:
• The report analyses how the increasing government regulations will drive the global automotive tire pressure monitoring system market.
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
• Study on the product type that is expected to dominate the market.
• Study on the regions that are expected to witness fastest growth during the forecast period.
• Identify the latest developments, market shares and strategies employed by the major market players.
• 3 months analyst support along with the Market Estimate sheet (in excel).
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1.1 Study Deliverables
1.2 General Study Assumptions
2. Research Methodology
2.2 Analysis Methodology
2.3 Study Phases
2.4 Econometric Modelling
3. Executive Summary
4. Market Overview and Trends
4.2 Market Trends
4.3 Porter’s Five Force Framework
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products and Services
4.3.5 Competitive Rivalry within the Industry
5. Market Dynamics
5.1.1 Government Regulations
5.1.2 Increasing Preference for Electronics in Automobiles
5.1.3 Innovations in TPMS Technology
5.2.1 Less Known Reliability and Operation Failure
5.2.2 High Costs for Replacement
5.3.1 Growing Demand in Developing Nations
5.3.2 Awareness of Aftermarket TPMS
6. Automotive TPMS Market, Segmentation by Type
6.1 Direct TPMS
6.2 Indirect TPMS
7. Automotive TPMS Market, Segmentation by End-User
8. Automotive TPMS Market, Segmentation by Geography
8.1 North America
8.1.1 United States
8.2 South America
8.4.1 United Kingdom
8.5 Africa and Middle East
8.5.2 South Africa
8.5.3 Saudi Arabia
9. Competitive Landscape
9.2 Market Share Analysis
9.3 Developments of Key Players
10. Key Vendor Analysis (Overview, Products & Services, Strategies)
10.1 Dill Air Control Products
10.2 Freescale Semiconductor
10.3 Doran Manufacturing Llc
10.5 Huf Electronics Bretten Gmbh
10.6 Omron Corporation
10.7 ZF Trw
10.8 Valor TPMS
10.9 Schrader Electronic
10.11 Pacific Industrial
10.13 Alligator Ventilfabrik Gmbh
10.14 Alps Electric
11. Future Outlook of the Market