USD 6,638.85 Million
Report ID: SQSG25A2018 | Region: Global | Published Date: September, 2022 | Pages: 165
The Global Tire Sensor Market is valued at USD 6,638.85 Million in 2021, and it is anticipated to attain a value of USD 12,531.17 Million by 2028, at a CAGR of 9.50% over the forecast period(2022-2028).
The tire sensors or tire-pressure monitoring system (TPMS) is an electronic system that is utilized to screen the temperature and air pressure for the vehicle's tire and show the real-time temperature and tire pressure on the screen. This cautions the driver in the event that there is any hazard with the difference in air pressure on the tire of the vehicle. There are many elements connected with the decrease of air pressure in a vehicle. The foremost factors for a diminished tire life, mileage, vehicle performance, comfort and security. The presence of such a sensor sytem in the market enjoys significant benefits that improves the driver's comfort and aids in diminishing the quantity of accidents. This sensor system additionally prolongs the fuel efficiency, better strength of tires, and improved driving quality.
Global Market Size
USD 6,638.85 Million
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The Global Tire Sensor Market is segmented based on product type, sales channel, vehicle, and region. Based on Product type it is categorized into direct and indirect. The sales channel segment is bifurcated into OEM and aftermarket. By vehicle, the market study is segmented into passenger car, commercial vehicle, construction vehicle, agriculture vehicle and other vehicles. Based on the region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product type
The direct type is considered to have the largest market share in the product type segment of the Tire Sensor market. Direct TPMS, or direct tire pressure monitoring systems (direct sensor TPMS) refers to the utilization of a pressure sensor directly mounted on the wheels or tires of a vehicle. The air pressure inside the tire is calculated utilizing a pressure transducer with the air data being consequently sent to the vehicle to caution the driver of under or over filling of a tire. The air pressure data is normally communicated to the vehicle utilizing radio frequency (RF) technology, although sensors using mechanical, electrical or magnetic procedures have been used over the recent years.
Analysis by Sales channel
Based on the sales channel, the TPMS market is segmented into original equipment manufacturers and aftermarkets. The aftermarkets has been continuously expanding their market share in this section and is estimated that it will provide high profits to the overall industry in the coming years. In addition, owing to the new government standards that are directed with the increased advancement and awareness in the safety technologies.
Analysis by Vehicle
Based on the vehicle type, the major market share is distributed into passenger and commercial vehicles. Passenger vehicle is projected to contribute the maximum revenue share in the market and the trend will remain during the forecast timeperiod. Growing consumer inclination towards advanced driver assistance technologies is likely to act as a major factor in the growth of the tire sensor market. Further, an upsurge in the sale of luxury automobiles with TPMS in their safety features to additionaly push the growth of automotive TPMS within the forecast timeframe.
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Asia-Pacific is supposed to remain as the biggest market for auto TPMS, with Japan and China as the major manufacturers. The developing aftermarket installation establishment, customer awareness of TPMS and expanding interest for luxury vehicles are supposed to drive the Indian tire sensor market. There is an increased demand for the tire sensors in automobile developing economies such as Japan, China and South Korea. Most of the industry competitors are majorly focusing on the security and safety of the consumer. During this projected timeframe, the developing technological advancements and luxury vehicle presence will help the demand across major automobile regions such as Europe and North America.
Europe is also one of the foremost regions in the Tire sensor market due to the government guidelines in the developed economies. This region is well known for being stringent for safety rules in automobiles that sets the standard for automobile safety, which drives the demand for tire sensors in the region.
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The Tire Sensor Market is highly competitive, with the existence of numerous major firms operating in both domestic and international markets. The industry's top players are embracing strategic collaboration initiatives to improve market share and profitability. Some of the major players in the market are ZF Friedrichshafen AG, Continental AG, Sensata Technologies, Inc., Denso Corporation, Pacific Industrial Co., among several others who are driving the market.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the increasing prevalence of vehicle safety and security technologies, increased demand of automotive electronics, growing awareness for air-pressure and temperature detection are driving the Global Tire Sensor Market. However, the ever changing regulations and environmental guidelines for automobiles is the primary impediment to market growth. .
|Market size value in 2021||USD 6,638.85 Million|
|Market size value in 2028||USD 12,531.17 Million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Tire Sensor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Tire Sensor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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