Automotive Tire Pressure Monitoring Systems (TPMS) are active safety systems that help monitor the tire pressure of vehicles by using pressure sensors or through the wheel speed sensors of ABS/ESC systems. Batteries used in TPMS generally have a lifespan of 6 to 10 years. Moreover, the entire TPMS has to be replaced if the battery dies.
The global TPMS market is estimated to be valued at US$ 11,651.2 Mn by the end of 2018 and reach US$ 23,620.5 Mn by the end of 2026, at a CAGR of 9.2% over the forecast period. The global TPMS market is anticipated to represent an incremental opportunity of US$ 11,969.3 Mn between 2018 and 2026.
Factors Influencing the Growth of the Global TPMS Market
Growing regulations to mandate the installation of TPMS in developed regions such as North America, Europe and China act as a catalyst in the overall growth of the TPMS market. Moreover, healthy growth in the automotive industry will also be a prime factor supplementing the TPMS market growth over the forecast period. Furthermore, increase in the adoption of automotive safety systems is among the key factors responsible for driving the TPMS market.
The global TPMS market is estimated to be driven by an increase in the production of vehicles across the globe. Lucrative growth in the automotive industry is also expected to be a prime factor supplementing market growth.
Global TPMS Market Segmentation and Forecast
The global TPMS market can be segmented on the basis of type, vehicle type, sales channel and region. On the basis of type, the global TPMS market can be segmented into direct and indirect. On the basis of vehicle type, the market can be segmented into passenger car, light commercial vehicle (LCV), heavy commercial vehicle (HCV). Based on sales channel, the market can be segmented into Original Equipment Manufacturer (OEM) and aftermarket. Significant regions covered in the report include North America, Latin America, Europe, SEA & Pacific, China and the Middle East & Africa.
Global TPMS Market Analysis by Type
The direct type segment is projected to account for an 89.2% volume share in the global TPMS market by the end of 2026, increasing at a CAGR of 9.0% over the forecast period.
Global TPMS Market Analysis by Vehicle Type
Among the vehicle type segments, the passenger car segment is projected to dominate the global TPMS market in 2018. The passenger car segment is projected to account for an 83.1% market value share by the end of 2026.
Global TPMS Market Analysis by Sales Channel
The OEM segment is estimated to dominate the global TPMS market with a volume share of 60.7% by the end of 2026 end with a CAGR of 9.1%. The aftermarket segment is anticipated to gain traction in the coming years.
Global TPMS Market Analysis by Region
From a regional perspective, North America is estimated to represent 37.0% of the market volume share in 2018. The market is expected to increase at a volume CAGR of 8.3% over the forecast period. The sales revenue of TPMS batteries in North America is expected to reach US$ 9,461.4 Mn by the end of 2026 with a CAGR of 8.5% over the forecast period. Market growth in China and SEA & Pacific is expected to remain high as compared to the global average. The regions are expected to register respective CAGRs of 10.3% & 10.0% over the forecast period.
Key Players Dominating the Global TPMS Market
Some of the key market participants reported in this study of the global TPMS market include ZF Friedrichshafen AG, Continental AG, Sensata Technologies, Inc., Denso Corporation, Pacific Industrial Co., Ltd., NXP Semiconductors, WABCO, Huf Hülsbeck & Fürst GmbH & Co. KG, NIRA Dynamics AB, Bendix Commercial Vehicles Systems LLC, Dunlop Tech GmbH, Hamaton Automotive Technology Co., Ltd., Bartec USA LLC and ATEQ.
Persistence Market Research (PMR) analyzes the TPMS market in its new publication titled “TPMS Market Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026”. This study provides data for 2017 along with the forecast for the period (2018 – 2026). The main objective of the report is to identify the dynamics of the market and provide recent updates and insights that affect various segments of the global TPMS market. To provide a better understanding of the TPMS market, the report also includes the analysis of global drivers, restraints and trends, which influence the current market scenario and future status of the global TPMS market over the forecast period.
To understand and assess market opportunities and trends, the global TPMS market report is categorically split into different sections based on market segmentation – by type, by vehicle type, by sales channel and by region. The report starts with an overview of the TPMS market and provides market definition & taxonomy, along with the value chain, pricing analysis, drivers, restraints, and trends in the market. The sections that follow include the global TPMS market analysis by type, by vehicle type, by sales channel and by region. All the above sections evaluate the TPMS market on the basis of various factors affecting the market. Each section discusses the qualitative and quantitative aspects of the global TPMS market. To give a brief idea about revenue opportunities from the type, vehicle type, sales channel and regional segments, the report also provides the value of the TPMS market, absolute $ opportunity, and total incremental opportunity for each segment over the forecast period (2018 – 2026).
In the final section of the report, we have provided the global TPMS market structure and a detailed competition landscape with company market share and performance to provide a dashboard view of key players operating in the global market along with their business strategies to report audiences. This is expected to enable clients to assess strategies deployed by market leaders and help them develop effective strategies accordingly.
For market data analysis, we have considered 2017 as the base year, with market numbers estimated for 2018 and forecasts for 2018 – 2026. To calculate the market size, the report considers the weighted average price of TPMS based on the type, such as direct TPMS and indirect TPMS, across key geographies on a country basis. The forecast assesses the total revenue (US$ Mn) and volume (‘000 Units) of the global TPMS market. To deduce the market value, the cost of each type has been considered. In order to provide an accurate forecast, we have started by sizing up the current market, which forms the basis of how the global TPMS market is expected to develop in the future. Critical market data, including the base number and segment splits, has been devised through in-depth secondary and primary research. This data is then triangulated on the basis of different verticals by considering supply side as well as demand side drivers and other dynamics of various regional markets, along with primary interviews of manufacturers and industry experts operating in the global TPMS market. The forecast presented in the report evaluates the actual cost of the different types of TPMS and the cost as per brands in the global TPMS market over the forecast period.
We have also analyzed the different segments of the global TPMS market in terms of Basis Point Share (BPS) to understand the relative contribution of individual segments to market growth. This detailed level of information is important for identifying various key trends governing the global TPMS market. The report also analyzes the global TPMS market based on the absolute dollar opportunity. This is usually overlooked while estimating the market forecast. However, from a sales perspective, it is essential to identify the absolute dollar opportunity to identify potential resources in the TPMS market.
PMR has developed a market attractiveness index to understand the key segments in terms of their performance and growth in the global TPMS market. This market attractiveness index is expected to help clients identify real market opportunities in the global TPMS market.