The global TPMS market is expected to grow at a CAGR of 15.23% during the forecast period. North America was the largest market in 2016, 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 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.
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).
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.
Some of the key players in the market are:
ALLIGATOR Ventilfabrik GmbH Continental Denso Pacific Industrial Schrader Electronics What the Report Offers
Market definition along with identification of key drivers and restraints for the market. Market analysis with region specific assessment and competition analysis on a global and regional scale. Identification of factors instrumental in changing the market scenario and rising prospective opportunities along with the identification of key companies that can influence the market on a global and regional scale. Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market share. Identification and analysis of the macro and micro factors that affect the industry on both global and regional scale.