Tire Sensors Market Historical, Current, And Projected Size Of The Market 2024-2030

Tire Sensors: Introduction
  • Tire sensors are small programmable electronic devices, located in the pressurized pocket made by a wheel and tire. These are the transducers that convert one form of signal into another.
  • The rising focus on passenger safety and miniaturization leading to an increased range of applications across the industry, and stringent government regulations concerning emissions owing to the increasing number of vehicles are the major factors expected to drive the growth of the global tire sensors market during the forecast period.
  • The tire sensors market is segmented based on vehicle type (passenger car, light commercial vehicle, heavy commercial vehicle), application (tire pressure monitoring systems (TPMS), brake booster system, airbag system, vehicle dynamic control, and others), and region.

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Rise in Demand in Tire Pressure Monitoring Systems (TPMS)
  • In terms of application, the tire pressure monitoring systems (TPMS) segment is expected to be the fastest growing segment of the global tire sensors market during the forecast period.
  • Tire pressure monitoring systems (TPMS) utilize pressure monitoring sensors within each tire that monitors specific pressure levels and sends the data to the centralized control module of the vehicles. This system is mandatory in the United States and the European Union, which boosts the demand for tire sensors.
  • Moreover, the rising adoption of tire pressure monitoring systems (TPMS) as it offers real-time data on vehicle tire pressure and also provides critical information on tire temperature boosts the growth of the global tire sensors market.
  • In April 2019, DENSO announced an investment of USD 1.6 billion to strengthen the development and production of automotive electrification products and systems which also involves tire sensors.

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Key Players Operating in the Global Tire Sensors Market

The global tire sensors market was highly fragmented in 2019. Major players operating in the global market are focusing on technological advancements and expansion to meet the rising demand for tire sensors. Moreover, manufacturers are undertaking mergers and acquisitions for the development of innovative products.

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