Tire Sensor Market is Anticipated to Reach a Value of USD 12,531.17 Million by Growing at a CAGR of 9.50% During 2022-2028; Increasing Concerns Regarding Vehicle Safety and Security to Elevate Market Growth
SkyQuest Technology Consulting Pvt. Ltd.
6 min read
SkyQuest Technology Consulting Pvt. Ltd.
SkyQuest's latest research report on the tire sensor market is a comprehensive guide for businesses seeking to expand or enter this industry. The report highlights significant technology developments and case studies of prosperous companies doing business internationally. The main market drivers and challenges are also highlighted in the study, along with competitive dynamics, regional scope, expansion ambitions, and effective growth methods.
Westford, USA, Feb. 19, 2023 (GLOBE NEWSWIRE) -- The tire sensor market in the Asia Pacific region is predicted to lead the market by gaining the biggest market share during the forecast period. The growth of the market can be ascribed to the growing aftermarket installation industry, customer awareness of tire pressure monitoring sensors, and rising interest in luxury automobiles. Furthermore, the rising concerns of people regarding vehicle safety and security and increasing incidences of vehicle accidents across the globe are anticipated to boost market growth.
SkyQuest’s latest insights show that in 2021, 42,910 people have died in motor vehicle traffic accidents in the USA, compared to the 38,820 fatalities reported in 2020, this is an increase of around 10.2%. Also, observed that more than 70% of accidents that happen in India are estimated to be on account of abnormal tire pressure.
The tire sensor, also known as the tire-pressure monitoring system (TPMS), is an electronic device that monitors the tire's temperature and air pressure and displays them on the screen in real-time. This warns the driver in case the vehicle's tires have a different air pressure and present any danger.
Prominent Players in Tire Sensor Market
Nxp Semiconductors
Infineon Technologies
Continental Ag Solutions
Denso
Melexis Solutions
Schrader TPMS solutions
Bosch
Sensata Technologies
Pacific Industrial Co., Ltd.
Delphi Automotive
ZF Friedrichshafen AG
VALEO
NIRA Dynamics AB
Contemporary Amperex Technology Co. Ltd
Britishvolt Ltd.
FIAMM SpA
Johnson Matthey Plc.
Direct Type Segment to Gain Biggest Market Share Owing to Its Increasing Usage
In the Tire Sensor market's product type category, the direct type is estimated to hold the biggest market share. Direct tyre pressure monitoring systems, often known as direct sensor TPMS, use pressure sensors that are directly mounted to a vehicle's wheels or tires. The air data is afterward communicated to the car to warn the driver of under or over-inflating a tire. The air pressure inside the tire is determined using a pressure transducer. In addition to this, increasing adoption of direct sensors by vehicle manufacturers and customers owing as it can improve vehicle handling, lessen tire wear, shorten stopping distances, and improve fuel efficiency while assisting in maintaining optimum tire pressure.
Moreover, the market in Asia Pacific region is predicted to gain the largest market share during the forecast period. Tire sensors are more in demand in emerging automotive markets including Japan, China, and South Korea. Consumer security and safety are the main priorities of the majority of industry competitors. The presence of premium vehicles and emerging technical improvements, as well as the rising implementation of ADAS by key market players, will influence the market growth during the forecast period. SkyQuest found that Continental AG made a strategy to improve the safety solution for the Indian public in February 2022. The largest two-wheeler market in the world is in India, and Continental is dedicated to providing practical and smart safety solutions, such as ADAS, TPMS, and others.
Browse summary of the report and Complete Table of Contents (ToC):
Passenger and Commercial Vehicles Segment to Gain Maximum Market Revenue Thanks to Upsurge in Sales and Manufacturing
The majority of the market share is split between passenger and commercial vehicles depending on the kind of vehicle. The market's largest revenue share is expected to come from passenger vehicles, and this trend is expected to continue during the forecast period. The growing customer preference for cutting-edge driver assistance technology is apparently going to play a significant role in the expansion of the tire sensor industry. Additionally, a rise in the sales of premium vehicles with TPMS as one of their safety features would further propel the development of automotive TPMS during the course of the projection period.
Furthermore, the tire sensor market in Europe region is estimated to gain a significant market share during the forecast period. The need for tire sensors in the area is fuelled by the region's well-known strict automobile safety regulations, which set the bar for vehicle security. SkyQuest observed that more than 52% of vehicles in the region will be having ADAS to boost the security and safety of the vehicle, driver, and passengers. Improved fuel efficiency, increased vehicle safety, and overall lower CO2 emissions are all benefits of TPMS. Additionally, it reduces the rolling resistance and overall tire weight. Hence, all these factors are predicted to boost the market growth during the forecast period.
The recently released research report from SkyQuest on the tire sensor market is a thorough source that offers insightful information on the market's present situation and potential for the future. The report's goal is to keep market participants abreast of the most important changes and new trends in the industry. Additionally, it offers crucial details about the major elements influencing market growth, the difficulties facing the sector, and the regulatory environment.
Key Developments in the Tire SensorMarket
The first AI-driven smart truck tire-pressure monitoring system in India, Fleeca Kawach, was introduced by the Jaipur-based start-up Fleeca India Private Limited in February 2022. The TPMS (Tyre Pressure Monitoring System) is an electronic device fitted on the rim that keeps track of signals coming from the exterior of the tires as well as the rotational speed of the wheel.
For its CombineMaster and CombineMaster VF tyres, Continental announced an enhanced combine-tire monitoring system in May 2022. The system, known as ContiPressureCheck, is made to track tyre temperature and pressure.
The proof-of-concept testing for a new tyre pressure management solution (TPMS) service that tyre manufacturer Sumitomo Rubber claims enable remote monitoring of tyre pressure and temperature started in December 2021. The idea is a component of a project that Tripod Works, Shin-Idemitsu, and Dunlop, a subsidiary of Sumitomo that sells tyres, are working on together.
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