The global automotive tire pressure monitoring systems market is estimated to grow at a significant CAGR during the forecast period. The safety regulations and norms imposed by governments across the globe is a key factor to promote the adoption of the automotive tire pressure monitoring system in vehicles by automobile manufacturers. This factor is likely to impose a considerable impact on the positive growth of the global automotive tire pressure monitoring system market. 

Nowadays, tire pressure monitoring systems have become a crucial part of all types of vehicles as these systems facilitate the vehicle driver to maintain proper tire pressure. The automotive tire pressure monitoring systems increase the safety of the vehicle driver on the road by improving its vehicle’s handling, decreasing tire wear, reducing braking distance, and bettering fuel economy. The technological advancements in the tire pressure monitoring systems are anticipated to offer considerable opportunities to market growth.

Segmentation

The global automotive tire pressure monitoring systems market is segmented based on technology and type of vehicle. Based on the technology, the market is classified into the indirect tire pressure monitoring system and direct tire pressure monitoring system. The direct tire pressure monitoring system is anticipated to hold considerable market share during the forecast period. In the direct tire pressure management system,a wheel-mounted sensor is used to measure the air pressure in each tire. The capability of this system to offer absolute measurement of air pressure in comparison to the indirect tire pressure monitoring system that offers relative pressure measurement is a key factor attributing to the high market share of this segment in the global market. Based on the type of vehicles, the market is classified into passenger vehicles and commercial vehicles.

Passenger Cars Will be a Considerable Segment Based on the Type of Vehicle 

The demand for automotive tire pressure monitoring systems in passenger vehicles is growing significantly owing to the high production of passenger vehicles. As per the International Organization of Motor Vehicle Manufacturers (OICA), more than 70 million passenger cars were produced in 2018. In addition, the increasing demand for plug-in hybrid electric cars is further contributing to the demand for automotive tire pressure monitoring systems to improve overall vehicle productivity.  As per the International Energy Agency (IEA), in China, the demand for plug-in hybrid electric vehicle (PHEV) has significantly increased from 280,000 in 2017 to 540,000 in 2018.

Regional Outlook 

The global automotive tire pressure monitoring systems market is classified on the basis of geography into North America, Europe, Asia-Pacific, and the Rest of the World. Europe is anticipated to hold considerable market share during the forecast period. The major European countries involved in automobile production include Germany, UK, and France. The existence of major automotive manufacturers in the region such as BMW, Renault, Peugeot, Volvo, Continental AG, and Volkswagon to supports the demand of the automotive tire pressure monitoring systems in the country is anticipated to drive the high market share in the region. The considerable increase in the driving regulations and adoption of ADAS to ensure passenger safety in the region is anticipated to further support market share in the region.

Global Automotive Tire Pressure Monitoring Market Growth, by Region 2020-2026

Asia-Pacific will Augment with the Significant Growth Rate in the Automotive Tire Pressure Monitoring Market 

The increasing use of tire pressure monitoring systems to offer safety to the passengers along with the easy availability of raw components to manufacture such systems is anticipated to be a major factor to drive the growth of the market in the Asia-Pacific region. Furthermore, the presence of improved automotive infrastructure in the major countries of Asia-Pacific such as Japan, China, South Korea, and India, among others is a key factor promoting the growth of the tire pressure monitoring system in the Asia-Pacific region.

Market Players Outlook

Some of the major players operating in the market include Continental AG, DENSO Corp., Delphi Automotive LLP, Valor Inc., ZF Friedrichshafen AG, ALLIGATOR Ventilfabrik GmbH, Advantage PressurePro LLC, Huf Group, NIRA Dynamics AB, Bartec USA LLC, and Advanced Vehicle Electronic Technology Co., Ltd. among others. The major players in the global automotive tire pressure monitoring systems market are focusing on offering advanced products, partnerships, and expanding their geographical presence across the globe. For instance, in July 2018, Huf Group formed a joint venture with automotive supplier Baolong for the establishment of a company that will work on tire pressure monitoring systems (TPMS). With this, the company intends to accelerate growth through joint activities in the areas of development, purchasing, production, and sales of tire pressure monitoring systems. Bridgestone Americas, Inc. announced to expand its portfolio of industry-leading technology solutions with Pressure Stat, a tire pressure monitoring system launched for off-the-road (OTR) tires in the construction, quarry, underground hard rock, and port industries.

The Report Cover

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global automotive tire pressure monitoring system market. Based on the availability of data, information related to developing products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.