The report examines the Global Automotive Tire Pressure Monitoring System Market for the forecast period 2016-2024. The primary objective of the report is to identify trends & opportunities in the global market and present updates about various segments of global automotive TPMS market.
This report covers the global automotive TPMS market performance in terms of value and volume contribution. The report includes key trends, drivers, restraints and opportunities influencing the growth of the global automotive TPMS market. Impact analysis of key growth drivers and restraints, based on the weighted average model is included in this report to better equip clients with crystal clear decision-making insights.
Growing consumer awareness about vehicular safety subsequently leading to rising adoption of automotive safety technologies, improved fuel economy, and implementation of TPMS mandating legislation across key geographies are driving the market for automotive TPMS worldwide. The global automotive TPMS market is expected to expand at a CAGR of 6.7% over the forecast period.
To understand and assess opportunities in the global automotive TPMS market, the report is categorically divided into four segments namely, by product type, vehicle type, sales channel, and region. Each product type has been studied in detail to arrive at the market size, both in terms of market value (US$ Mn) and market volume (‘000 units). The report also includes PMR’s analysis of drivers and restraints witnessed in the market. Key trends scenario in the global market is also included in the report to equip the client with key decisive insights.
The subsequent sections analyze the global automotive TPMS market on the basis of product type, vehicle type, sales channel and region, and presents a forecast for the period 2016-2024.
The automotive TPMS market is segmented as follows:
By Product Type
By Vehicle Type
By Sales Channel
To deduce market size, the report considers various aspects based on secondary research. Furthermore, data points such as region-wise split and market split by product type, vehicle type, and sales channel have also been considered. Qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated and expected revenue contribution by various segments of the global market.
When developing market forecast, the report begins with sizing the current market, which forms the basis for forecasting about how the market is anticipated to take shape in the near future. Given the characteristics of the market, PMR triangulates the data via a different analysis based on the supply side, demand side, and dynamics of the automotive TPMS market. However, quantifying the market across the above-mentioned segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the forecast has been completed.
It is imperative to note that in an ever-fluctuating economy, we not only provide forecasts in terms of CAGR but also analyze on the basis of key parameters, such as year-on-year (Y-o-Y) growth, to understand predictability of the market and identify right opportunities.
Another key feature of this report is the analysis of automotive TPMS market and the corresponding revenue forecast in terms of absolute dollar opportunity. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective of the automotive TPMS market.
To understand key segments in terms of their growth and performance in the automotive TPMS market, Persistence Market Research has developed a market attractiveness index. The resulting index should help providers identify existing market opportunities in the automotive TPMS market.
In the final section of the report, a detailed competitive landscape is included to provide a dashboard view of global automotive TPMS manufacturers. The report includes company profile of some of the major players.
Global automotive TPMS market has witnessed a steady growth in the recent past, with total revenues estimated to reach US$ 7,593.7 Mn by 2016 end. The global automotive TPMS market is expected to register a CAGR of 6.7% in terms of value during the forecast period (2016-2024).
According to WHO, in 2015 the road traffic fatality rate per 100,000 population was 17.4. This shows increasing need of automobile safety & security technologies to reduce increasing incidence of road accidents. Innovative technologies such as electronic stability control (ESC), anti-lock braking systems (ABS), lane departure warning system (LDWS), and tire pressure monitoring system (TPMS) are gaining traction due to increasing safety concerns worldwide. TPMS gained traction following implementation of the TREAD (Transportation Recall Enhancement, Accountability, and Documentation) act in the U.S. in 2007. Following the U.S., various other regions such as Europe, South Korea, and Taiwan implemented TPMS mandating regulations. North America is estimated to account for highest share in terms of value by 2016 end. As per the study, countries such as Russia, China, Japan, and India are expected to mandate TPMS legislation in the near future. In automotive TPMS market, direct TPMS is the dominant segment. This is mainly attributed to its technological edge as compared to indirect TPMS. Indirect TPMS is estimated to witness steady growth in countries of Asia Pacific and the Middle East & Africa, due to its low cost as compared to direct TPMS.
The increase in adoption of automotive safety systems in the recent past has engendered increased demand for TPMS. Regulations mandating installation of TPMS in passenger cars is another major factor anticipated to fuel demand for TPMS in the U.S., Europe, South Korea and Taiwan over the forecast period. Use of tire pressure monitoring system provides improved fuel economy and helps save damage to property such as damage to vehicles, roadside shops, and others due to accidents related to tire related issues. Potential savings in fuel economy and property damage has further enhanced demand for tire pressure monitoring systems across the globe. However, the potential threat of vehicle being tracked using TPMS sensors is anticipated to be a major restraint for growth of the market. Moreover, inaccurate results of indirect TPMS can affect demand for indirect TPMS in some regions. Major players in the TPMS market are focusing on strategic mergers and acquisitions with another player in the market in order to enhance their product offerings and increase global reach. Also, major players in the global TPMS market are focusing on expanding their aftermarket business to cater to increasing demand for replacement of aging TPMS in countries such as the U.S.
Global Automotive TPMS market is segmented as follows:
By product type, global automotive TPMS market is segmented into direct TPMS and indirect TPMS. In terms of value, direct TPMS segment is expected to expand at a significant CAGR over the forecast period.
By vehicle type, global automotive TPMS market is segmented into a passenger car, light commercial vehicle (LCV) and heavy commercial vehicle (HCV). Passenger car segment is projected to dominate global automotive TPMS market during the forecast period.
By sales channel, global automotive TPMS market is segmented into original equipment manufacturer (OEM) and Aftermarket. Aftermarket segment is expected to dominate the global automotive TPMS market over the forecast period.
On the basis of region, global automotive TPMS market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific and the Middle East & Africa are projected to witness fastest growth rate over the forecast period, registering CAGRs of 16% and 15%, respectively, in terms of value, during 2016–2024.
Key players covered in this study on global automotive TPMS market include Sensata Technologies Inc., Continental AG, Pacific Industrial Co. Ltd, Huf Hülsbeck & Fürst GmbH & Co. KG, and ZF Friedrichshafen AG, with Sensata Technologies, Inc. expected to remain the dominant player in global automotive TPMS market by 2024.