Tire Pressure Monitoring System Market Size, Share, Growth, Trends, Production, Consumption, Revenue and Forecast 2020 to 2027

The global tire pressure monitoring system market is expected to grow at a CAGR of around 10.4% from 2020 to 2027 and expected to reach around US$ 24,118 Mn by 2027.

Tire pressure monitoring system refers to an electronic system used for monitoring the air pressure and temperature of vehicle’s tire in real time and alerting the driver using an alarm and displaying the real time pressure and temperature on a LCD. A reduction in the pressure of an automobile tire results in decreased tire life, mileage, safety, and vehicle performance. The major advantages of introducing such systems are that they improve convenience during driving and help reduce the number of accidents. The use of such systems also increases the fuel mileage, durability of tires, and provides proper vehicle handling.

Vehicle tires functioning below the prescribed inflation level place the complete performance of automobile and the safety of passengers at danger. The tire pressure monitoring system of the vehicle assists in increasing safety on the highway by enhancing the vehicle’s motility, decreasing its braking displacement, reducing the wear of tires, and enhancing fuel economy of the vehicle.

The direct tire pressure monitoring system segment accounts for a majority share of more than 75% of the market. The direct tire pressure monitoring system takes help from sensors fitted inside the assembly of tire to transmit information about tire pressure to the vehicle’s computer. It is the simplest and more accurate method used to monitor tire pressure, as compared to that utilized in the indirect method. Consequently, the direct system has significant penetration in the market.

The conventional tire pressure monitoring system segment dominates the market. Easy availability and cost-efficiency are key factors responsible for the higher share held by the conventional tire pressure monitoring system segment, as compared to the intelligent tire pressure monitoring system segment, of the market.

The passenger vehicles segment held more than 70% share of the global market in 2017. Tire pressure monitoring system is an additional safety feature provided in the vehicle. Majority of OEMs provide this feature as optional in passenger vehicles. The U. S. is home to a significant number of with commercial vehicles, and the tire pressure monitoring system is mandatory in all vehicles in the U. S. Therefore, the commercial vehicles segment held a relatively higher share of the tire pressure monitoring system as compared to the vehicle production ratio of commercial vehicles and passenger vehicles.

In terms of volume, the OEMs segment is likely to lead the market, as most OEMs, such as GMC and Ford, provide the vehicle with safety features, such as tire pressure monitoring system. The segment accounted for more than 60% share of the market, in terms of volume, in 2017. The tire pressure monitoring system has a lifespan that is almost one-third to that of the vehicle, i.e., three to four years. The tire pressure monitoring system can only be replaced when there is fault in the technology, or the tires are replaced, as per consumer’s choice. Consequently, the replacement of tire pressure monitoring system is rare.

In terms of region, the global tire pressure monitoring system market for automotive can be segregated into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. The global tire pressure monitoring system market was dominated by Asia Pacific, and held more than 33% share, in 2017. The penetration of tire pressure monitoring system is low in Asia Pacific; however, the region dominates the global market due to large production of vehicles.

Development in the dimensions of tire pressure monitoring system, advancement in the materials and use of such materials to fabricate the components of tire pressure monitoring system, improvements in procedures utilized in the production of tire pressure monitoring system, and usage of highly developed designs of tire pressure monitoring system are powering the technological development of the tire pressure monitoring system for automotive.

The players profiled in the report include ATEQ, Bartec USA LLC, Bendix Commercial Vehicles Systems LLC, Continental AG, Denso Corporation, Dunlop Tech GmbH, Hamaton Automotive Technology Co., Ltd., Huf Hülsbeck & Fürst GmbH & Co. KG, NIRA Dynamics AB, NXP Semiconductors, Pacific Industrial Co., Ltd., Sensata Technologies, Inc., WABCO, ZF Friedrichshafen AG.

Market Segmentation

Market By Technology

• Direct TPMS
• Indirect TPMS

Market By Vehicle Type

• Passenger Vehicle
• Light Commercial Vehicle
• Heavy Commercial Vehicle

Market By Sales Channel

• OEMs
• Aftermarket

Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

Report Scope

The Tire Pressure Monitoring System market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Tire Pressure Monitoring System market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Tire Pressure Monitoring System market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Tire Pressure Monitoring System market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Tire Pressure Monitoring System market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Tire Pressure Monitoring System capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Tire Pressure Monitoring System by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Tire Pressure Monitoring System market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Tire Pressure Monitoring System market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Tire Pressure Monitoring System market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Tire Pressure Monitoring System industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Tire Pressure Monitoring System market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Tire Pressure Monitoring System market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Tire Pressure Monitoring System market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Tire Pressure Monitoring System market. These factors have benefited the growth of the global market for Tire Pressure Monitoring System. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Tire Pressure Monitoring System. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Tire Pressure Monitoring System are as follows:

• History Year: 2016-2019
• Base Year: 2019
• Estimated Year: 2020
• Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.