Tire Monitoring System Market: Introduction
- Rise in awareness about safety has fueled the demand for advanced monitoring devices that collect information related to working conditions of automotive components and transmit it to the control unit or the driver of vehicle to perform corrective action
- The tire monitoring system consists of a complex network of sensors that collect information related to tires, such as the air pressure, temperature, which proves vital to enhance fuel efficiency, on-road traction, braking, and many other such features.
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Key Drivers of Tire Monitoring System Market
- The number of traffic accidents has increased across the globe. National Highway Traffic Safety Administration (NHTSA) of the U.S. stated that in first nine months of 2024, traffic fatalities rose by 4.6% as compared to the previous year. Approximately 40% of all sudden tire breakdowns are due to underinflated tires. Moreover, automotive emissions are rising rapidly, which has led to climatic changes and hence, attracted attention of regulatory bodies around the world. Transportation regulatory agencies have mandated tire monitoring systems in vehicles to overcome these challenges associated with pollution and vehicle safety, which assist in enhancing vehicle safety and fuel efficiency. For instance, South Korean Ministry of Land, Transport and Maritime Affairs, United States Congress, Indian Ministry of Road Transport and Highways and numerous other such government entities have mandated implementation of tire pressure monitoring systems for passenger cars. Thus, rising awareness about safety and pollution is fueling the global tire monitoring system market.
- Increase in per capita income, lower interest rates on automotive loans, and other such monetary benefits have boosted the sale of vehicles. Demand for premium vehicles is rising. Major automakers such as Daimler AG and Hyundai Motor Corporation have reported a rise in sale of premium vehicles across developing and developed economies including the U.S., India, and China. These vehicles are equipped with a networks of sensors, actuators, and control units that control and monitor the operation of various automobile sub-systems. Tire monitoring system is one such vehicle analytics device that is increasingly being integrated in vehicles. Moreover, commercial vehicles such as trucks, trailers, and buses are being equipped with tire monitoring systems to reduce the down time of these vehicles. For instance, in June 2024, Continental AG and Daimler AG developed a tire pressure monitoring system for trucks and trailers. This widespread application and rise in sale of premium vehicles have boosted the global tire monitoring system market.
Challenges in Tire Monitoring System Market
- The location of tire monitoring systems exposes them to rough operational conditions causing malfunction of these sensors, which leads to transfer of incorrect information to the control unit. Furthermore, the purchase and maintenance cost of these systems fuels the price of vehicle. Thus, these factors are restraining the tire monitoring system market across the globe.
Impact of COVID-19 Pandemic on Tire Monitoring System Market
- The COVID-19 virus has caused a majority of businesses across the globe to crumble owing to the forced shutdown of production and manufacturing activities. This has led the global economy to contract to its lowest growth rate. This disruption has hampered the global tire monitoring system market.
North America and Europe to Hold Significant Share of Tire Monitoring System Market
- Governments in North America and Europe have enacted stringent regulations related to vehicle safety and have mandated tire monitoring systems in all vehicles sold across these regions. These stringent government regulations are propelling the share held by North America and Europe in the global tire monitoring system market.
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Key Players Operating in Tire Monitoring System Market
The global tire monitoring system market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the tire monitoring system market are:
- Aperia Technologies, Inc.
- BorgWarner Inc.
- Bridgestone Corporation
- Continental AG
- DENSO
- Hamaton Ltd
- Hankook Tire & Technology Co., Ltd.
- Hitachi Automotive Ltd
- Huf Hülsbeck & Fürst GmbH & Co. KG
- NXP Semiconductors
- Pacific Industrial Co., Ltd.
- Robert Bosch GmbH
- Sensata Technologies, Inc.
- The Goodyear Tire & Rubber Company
- Valeo
- WABCO
- ZF Friedrichshafen AG
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