USD 6.06 billion
Tire Sensor Market Size, Share, Growth Analysis, By Product Type(Direct, Indirect), By Sales Channel(OEM, Aftermarket), By Vehicle(Passenger Car, Commercial Vehicle, Construction Vehicle, Agriculture Vehicle), By Region - Industry Forecast 2024-2031
Report ID:
SQSG25A2018 |
Region:
Global |
Published Date: February, 2024
Pages:
220
|Tables:
90
|Figures:
80
Tire Sensor Market Insights
Global Tire Sensor Market size was valued at USD 6.06 billion in 2019 and is poised to grow from USD 6.63 billion in 2023 to USD 13.48 billion by 2031, growing at a CAGR of 9.4% in the forecast period (2024-2031).
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.
US Tire Sensor Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Direct
Fastest Growth
Direct
Growth Rate
9.4% CAGR
Global Tire Sensor Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Tire Sensor Market Segmental Analysis
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.
Tire Sensor Market 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.
Tire Sensor Market 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.
Tire Sensor Market 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.
Global Tire Sensor Market By Type, 2021 (%)
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Tire Sensor Market Regional Insights
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.
Global Tire Sensor Market By Geography, 2022 - 2028
- Largest
- Fastest
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Tire Sensor Market Dynamics
Tire Sensor Market Driver
- The increased concerns and mindsets about the security of the customers is one of the main thrusts that will build the interest for tire sensors in the market. Additionally, the highlights like tire pressure markers, anti-brake mechanisms and electronic sturdiness of the vehicle have regulated the development.
- The progression in technology and the surge in the trade of luxury vehicles with the new and modern safety properties is impelling the tire sensor market.
- Expansion in demand for security and safety features, progress in implementation of electronic systems in vehicles, mechanical advancements connected with tire pressure are expected in the development of the worldwide tire sensor market during the estimated time frame.
- TPMS aids to provide better fuel economy, surges vehicle safety and in total reduces the CO2 emissions. Also, it decreases the overall weight of the tires and its rolling resistance.
Tire Sensor Market Restraint
- The obstruction in the norms that influence the global tire sensors market. Each vehicle involves various tires and has various solutions for the air pressure that should be managed according to the conveying load. Mandate guidelines must be observed and the producer needs to keep up with the air pressure that should not be underneath 25% according to the prescribed limit.
- The changing regulations and guidelines by governing bodies that must be controlled to keep up with the interest and demand of the market. Extensive R&D is necessary for the manufacturer for the proficient production of the system.
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Tire Sensor Market Competitive Landscape
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.
Tire Sensor Market Top Player’s Company Profiles
- Continental AG
- Bridgestone Corporation
- Schrader Electronics
- ZF Friedrichshafen AG
- NXP Semiconductors
- Sensata Technologies
- Dunlop Systems and Components
- Pacific Industrial Co. Ltd.
- Bartec USA LLC
- Bendix Commercial Vehicle Systems
- Transense Technologies plc
- Hamaton Automotive Technology Co. Ltd.
- Huf Hülsbeck & Fürst GmbH & Co. KG
- ATEQ Corp.
- Alligator Ventilfabrik GmbH
- MAXIMA Technologies & Systems GmbH
- Mouser Electronics Inc.
- Orange Electronic Co. Ltd.
- Valveforce Ltd.
- 31 Inc.
Tire Sensor Market Recent Developments
- In February 2022, Continental AG announced its plan to strengthen the safety solution for India. India has been the world's largest two-wheeler market, and Continental is committed to delivering affordable and intelligent safety technologies, including ADAS, TPMS, and others.
- In February 2022, Fleeca India Private Limited, a Jaipur-based start-up, launched Fleeca Kawach, India's first AI-driven smart truck tire-pressure monitoring system. This TPMS (Tyre Pressure Monitoring System) is a rim-mounted electronic system that monitors the wheel's rotational speed and other signals outside the tires.
- In May 2022, Continental unveiled an advanced combine-tire monitoring system for its CombineMaster and CombineMaster VF tires. The system is called ContiPressureCheck, designed to monitor tire pressure and temperature.
- In December 2021, Tire maker Sumitomo Rubber began proof-of-concept testing for a new type of tire pressure management solutions (TPMS) service that it claims allows for remote monitoring of tire pressure and temperature. The concept is part of a joint project undertaken with Shin-Idemitsu, its group subsidiary IDEX Auto Japan, partners at Tripod Works, and Sumitomo's tire sales subsidiary Dunlop.
Tire Sensor Key Market Trends
- 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.
- The increased concerns and mindsets about the security of the customers is one of the main thrusts that will build the interest for tire sensors in the market. Expansion in demand for security and safety features, progress in implementation of electronic systems in vehicles, mechanical advancements connected with tire pressure are expected in the development of the worldwide tire sensor market.
- The direct type is considered to have the largest market share. 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.
- Growing consumer inclination towards advanced driver assistance technologies is likely to act as a major factor in the growth of the 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.
Tire Sensor Market SkyQuest Analysis
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. .
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 6.06 billion |
| Market size value in 2031 | USD 13.48 billion |
| Growth Rate | 9.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
Tire Sensor Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Tire Sensor Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Tire Sensor Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Tire Sensor Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Tire Sensor Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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