Global Commercial Vehicle Tire Pressure Management System (TPMS) Market 2017-2021
About Commercial Vehicle Tire Pressure Management System (TPMS)
TPMS is an electronic system, which provides real-time information about tire pressure by monitoring the air pressure inside the tires. The system basically comprises a potted tire pressure monitor sensor, which consists of a sensor chip. The sensor chip comes with integrated µ-controller and a transmitter that is designed to send signals to alert the driver of low pressure. These sensors are usually powered by lithium-ion battery and help in increasing fuel efficiency by continously monitoring the tire pressure, which plays a key role in vehicle efficiency.
Technavio’s analysts forecast the global commercial vehicle tire pressure management system (TPMS) market to grow at a CAGR of 10.38% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global commercial vehicle tire pressure management system (TPMS) market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Commercial Vehicle Tire Pressure Management System (TPMS) Market 2017-2021
Technavio recognizes the following companies as the key players in the global commercial vehicle tire pressure management system (TPMS) market: Continental, ZF, NXP Semiconductors, DENSO, Sensata Technologies, and WABCO.
Other Prominent Vendors in the market are: Bendix Commercial Vehicles Systems, Datanet, Pacific Industrial, Ryder Fleet Products, and Schrader-Bridgeport International.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is development of Bluetooth-enabled TPMS. TPMS is undergoing many developments that are mostly focused on increasing the efficiency of the system. The development of battery-powered sensors allowed wireless transmission of the readings from the sensors to the ECU. The recent development of the Bluetooth-enabled TPMS is the latest addition to the TPMS market, which is gaining popularity among customers.”
According to the report, one driver in the market is discount in insurance premium for adoption of vehicle safety system like TPMS. The active safety systems are the preferred device to increase safety quotient of the vehicles. However, their adoption is not limited to the customers preferring safety. Other factors like legislation and discounts are pushing the demand for the same. For instance, insurance providers are offering discounts on the automobile insurance if the vehicle is equipped with safety systems like ABS, TPMS, etc. These discounts range from 5% to 10% depending on the provider and region.
Further, the report states that one challenge in the market is high cost associated with direct TPMS. TPMS is a crucial component for preventing unexpected vehicle breakdown due to underinflating tires. The CV market is witnessing the adoption of both direct and indirect TPMS, and indirect is most preferred by the OEMs as it allows them to save cost by complementing it with ABS. However, efficiency and reliability of the direct TPMS make it more adoptable than indirect TPMS. Hence, the aftermarket and some prominent vendors invest in the direct TPMS technology. However, direct TPMS is a costly affair for the stakeholders, and this is a challenge for its adoption across maximum customers.
Continental, ZF, NXP Semiconductors, DENSO, Sensata Technologies, WABCO, Bendix Commercial Vehicles Systems, Datanet, Pacific Industrial, Ryder Fleet Products, and Schrader-Bridgeport International.
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