- Tires play a vital role in safety and performance of vehicles and hence, monitoring of tire information is critical for optimal operation of vehicles
- The tire information system uses a sensory network to collect information related to tires, such as the air pressure and tread wear, which is subsequently, transmitted to the control unit for corrective action or for displaying to the vehicle operator/owner. Hence, these systems assist in maintaining the tires in optimal working condition.
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Key Drivers of Automotive Tire Information System Market
- Fatality rate per vehicle mile driven is increasing. National Highway Traffic Safety Administration (NHTSA) of the U.S. stated that in first nine months of 2024, traffic fatalities rose 4.6% as compared to the last year even though the miles driven per vehicle were less by 14.5%. These factors have raised concerns about vehicle safety. Condition of tires has a significant impact on driving safety and driving comfort. Approximately 40% of all sudden tire breakdowns are due to underinflated tires. Tire information systems are being developed and integrated into vehicles to overcome these safety challenges. The tire information system developed by Continental AG monitors inflation pressure of the tires and reliably alerts the driver in case of a loss of pressure. This system eliminates a frequent cause of accidents to enhance driving safety. Thus, rise in safety concerns is fueling the global automotive tire information system market.
- Automotive emissions are rapidly rising, which has led to climatic changes and thus, attracted attention of regulatory bodies around the world. Transportation regulatory agencies have enacted stringent emission norms, prompting vehicle owners and manufacturers to minimize their tail pipe emissions. Tires play a vital role in controlling the fuel consumption of a vehicle. If a car’s tires are underinflated by 0.3 bar, the vehicle is likely to consume 1.5% more fuel and consequently, release a correspondingly higher amount of carbon dioxide emissions. Hence, maintaining tire pressure to optimal levels assists in reduction of fuel consumption and vehicle emissions. Thus, an increase in need for emission reduction is boosting the global automotive tire information system market.
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Challenges in Automotive Tire Information System Market
- Sensors of the automotive tire information system are fitted inside the tires, which exposes them to continuous shocks and vibrations that can cause failure of these sensors. Malfunction of these sensors leads to transfer of incorrect information to the control unit. Thus, the vulnerability of these systems is restraining the automotive tire information system market.
Impact of COVID-19 pandemic on Automotive Tire Information System Market
- Recent outbreak of COVID-19 pandemic disrupted automotive supply chains, thus creating a shortage of raw materials and components. Several nations across the globe are currently facing the second wave of this pandemic, which is further hampering the automotive industry and in turn the global economy. This disruption has negatively impacted the global automotive tire information system market.
North America and Europe to hold significant share of global automotive tire information system market
- Governments in North America and Europe have strengthened their regulations related to safety of drivers and mandated some levels of advance driver assistance system (ADAS) in vehicles. This increase in rate of adoption and stringent standards enacted by regulatory bodies toward active safety systems such as ADAS are prominent factors that are projected to propel the share held by North America and Europe in the global automotive tire information system market during the forecast period.
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Key Players Operating in Automotive Tire Information System Market
The global automotive tire information system market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the automotive tire information system market are:
- Aperia Technologies, Inc.
- BorgWarner Inc.
- Bridgestone Corporation
- Continental AG
- DENSO
- Hankook Tire & Technology Co., 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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