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.
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.
- The increasing focus on passenger safety and security owing to the increasing number of vehicles, the rise in pressure sensor applications such as the use of a barometric pressure sensor to perform altitude corrections when driving at high altitudes, and usage of sensors in automobiles to achieve high accuracy at a low price are the factors responsible for the growth of the global tire sensors market.
- However, the lack of standardization in tire sensors is a major restraint of the global tire sensors market.
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Asia Pacific to Lead the Tire Sensors Market
- In terms of region, the global tire sensors market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Asia Pacific is expected to witness the fastest growth in the tire sensors market during the forecast period due to the major contribution of manufacturers operating in China, India, Japan, South Korea, and Taiwan who provide sensors.
- Moreover, the automotive industry has seen the highest growth rate in the past few years in the APAC region and the increasing production of automotive light vehicles is driving the tire sensors market in Asia Pacific.
- The tire sensors market in Europe and North America is expected to expand at a substantial rate during the forecast period since the regions are well known for being sticklers for rules of automobile safety and set the standards for automobile safety, which propels the demand for tire sensors.
- On the other hand, the market in Middle East & Africa and South America is estimated to expand at a moderate pace during the forecast period.
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.
Key players operating in the global tire sensors market include:
- Schrader Electronics
- TRW Automotive Holdings Corporation
- AVE technologies
- Bartec USA LLC
- General Electric.
- ZF Friedrichshafen AG
- Continental AG
- Sensata Technologies, Inc.
- Denso Corporation
- Pacific Industrial Co., Ltd.
- NXP Semiconductors
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Global Tire Sensors Market: Research Scope
Global Tire Sensors Market, by Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Global Tire Sensors Market, by Application
- Tire Pressure Monitoring Systems (TPMS)
- Brake Booster System
- Air Bag System
- Vehicle Dynamic Control
Global Tire Sensors Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South 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
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Below is a snapshot of these quadrants.
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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.
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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?
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