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
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
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.
Looking for Regional Analysis or Competitive Landscape in Tire Monitoring Market, ask for a customized report
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
- 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
- Heavy Duty
Global Tire Monitoring System Market, by Product Type
- Direct TPMS
- Indirect TPMS
- Three Channel System
- Four Channel System
Global Tire Monitoring System Market, by End-use Industry
Global Tire Monitoring System Market, by Sales Channel
Global Tire Monitoring System Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.