Tire Monitoring System Market 2024 to Showing Impressive Growth by 2026 | Industry Trends, Share, Size, Top Key Players Analysis and Forecast Research- TMR

Global Tire Monitoring System Market – Introduction

  • Tire monitoring systems, such as tire pressure monitoring system (TPMS) and Anti-Lock Brake System (ABS), are designed to warn a vehicle owner/driver if the pressure in the tire falls below a certain pre-defined value and help maintain stability of the vehicle under various driving situations.
  • Stringent vehicle norms enacted by organizations, such as U.S. department of Transportation and National Highway Traffic Safety Administration (NHTSA), have compelled automakers to adopt various safety systems in their vehicles in order to curb road accident fatalities. This, in turn, is fueling research and development in vehicle safety systems such as TPMS and ABS.

Key drivers of global tire monitoring system market

  • A TPMS sensor mounted on the outer line of a tire monitors tire pressure. This sensor sends signals to the vehicle’s control box and warns the driver when the air pressure in any single tire or multiple tires reaches below a standard value of 25%, which is defined either as per manufacturers’ guidelines or as per predefined standard value. For instance, Goodyear and Continental AG have launched Goodyear Proactive Solutions TPMS (Tire Pressure Monitoring System) Heavy Duty and ContiConnect: Fleet solution, respectively, to monitor tire pressure effectively.
  • Often, low tire pressure is responsible for loss of vehicle control, which lead to skidding, tripping or rollover of a vehicle
  • An ABS system works in conjunction with speed sensors, pressure release valves, a control unit, and hydraulic actuator. After applying the brake to slow or stop vehicle, brake pads start pressing against the rotors. In case the sensor feeds information that one wheel in slowing down at a faster pace than the other, the control unit directs the ABS module to activate the pressure release valve through the hydraulic system. The pressure release valve releases pressure partially, which prevents locking of tires or skidding and later enables further pressure to be applied on the brake pedal.
  • Preference for advanced safety features in vehicles and luxury vehicles among consumers globally is rising due to rise in disposable income owing to economic growth. Government and regulatory authorities are enacting stringent rules and regulations to ensure safety of vehicle passengers and drivers. For instance, Transportation Recall Enhancement, Accountability, and Documentation (TREAD) Act of 2000, NHTSA, U.S. Department of Transport mandates installation of tire pressure monitoring systems in passenger vehicles and commercial vehicles under Federal Motor Vehicle Safety Standard.
  • These factors are fueling the demand for tire monitoring system and consequently, boosting the market

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Passenger vehicle segment to expand significantly

  • The tire monitoring system in passenger vehicles is necessary, as maintaining optimum tire pressure is essential for safe driving. Passenger vehicles carry commuters irrespective of driving situations, which includes rain, snow, or icefall.
  • Vehicle safety, fuel-efficiency, and carbon emissions are major concerns that are addressed by various rules and regulations enacted by governments across the globe, which in turn drive the demand for effective tire monitoring systems
  • The factors mentioned above, fuel the high rate of adoption of tire monitoring systems in passenger vehicle segment, thereby driving the market for tire monitoring systems.

Lack of standards hamper global tire monitoring system market

  • Different vehicle segments use different tires and have different prescribed or suggested air pressures as per load carrying capacity. For instance, tires of a passenger vehicle have been prescribed an air pressure of 35 psi, while the tires on a light truck need to be inflated with 80 psi air pressure.
  • Regulations mandate the use of TPMS system in vehicles, and subsequently, the driver of a vehicle is warned if the air pressure falls below 25% of the manufacturers prescribe tire pressure limit. This means a light truck driver won’t be warned until the air pressure reaches 60 psi, which in turn compromises the load carrying capacity of the vehicle, thereby decreasing fuel-efficiency of the vehicle.
  • Lack of set of standards catering to different types of vehicles and varying air pressure among vehicles and load carrying capacity creates disparity between available mandatory regulations and reality.

Asia Pacific, followed by Europe, to dominate global tire monitoring system market

  • Increase in demand for transportation owing to economic development and urbanization in countries such as China, India, Japan, and Malaysia is rapidly driving the automotive industry in Asia Pacific. Increasing population, standard of living, and purchasing power has boosted the number of vehicle owners in the region; consequently, driving the global tire monitoring system market.
  • Enactment of safety rules owing to safety requirements by consumers and government regulatory bodies has prompted automakers to install tire monitoring systems in vehicles. For instance, TREAD Act by the U.S. Department of Transport and UN regulation UNECE-R64 in Europe mandate all new vehicles sold to be pre-equipped with TPMS. These factors are likely to drive the tire monitoring system market in Europe.

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Key players operating in global tire monitoring system market:

The global tire monitoring system market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global tire monitoring system market are:

  • Denso Corporation
  • Continental AG
  • The Goodyear Tire & Rubber Company
  • Hamaton Automotive Technology Co., Ltd
  • ZF Friedrichshafen AG
  • VALEO
  • NIRA Dynamics AB
  • Sensata Technologies Inc.
  • Pacific Industrial Co., Ltd.
  • Robert Bosch GmbH
  • Hitachi Automotive Ltd
  • LG Innotek

Global Tire Monitoring System Market: Research Scope

Global Tire Monitoring System Market, by Vehicle Type

  • Two-wheeler
  • Three-wheeler
  • Passenger
  • Commercial
  • Heavy Duty

Global Tire Monitoring System Market, by Product Type

  • TPSM
    • Direct TPMS
    • Indirect TPMS
  • ABS
    • Three Channel System
    • Four Channel System

Global Tire Monitoring System Market, by End-use Industry

  • Automotive
  • Aviation
  • Construction
  • Defense
  • e-commerce
  • Healthcare
  • Manufacturing
  • Other

Global Tire Monitoring System Market, by Sales Channel

  • OEMs
  • Aftermarket

Global Tire Monitoring System Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

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