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Automotive TPMS Market to Grow at the Fastest CAGR of 6.7% by 2024 : PMR Research

Press Release   •   Feb 03, 2017 01:53 EST

Global automotive TPMS market has witnessed a steady growth in the recent past, with total revenues estimated to reach US$ 7,593.7 Mn by 2016 end. The global automotive TPMS market is expected to register a CAGR of 6.7% in terms of value during the forecast period (2016-2024).

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According to WHO, in 2015 the road traffic fatality rate per 100,000 population was 17.4. This shows increasing need of automobile safety & security technologies to reduce increasing incidence of road accidents. Innovative technologies such as electronic stability control (ESC), anti-lock braking systems (ABS), lane departure warning system (LDWS), and tire pressure monitoring system (TPMS) are gaining traction due to increasing safety concerns worldwide. TPMS gained traction following implementation of the TREAD (Transportation Recall Enhancement, Accountability, and Documentation) act in the U.S. in 2007. Following the U.S., various other regions such as Europe, South Korea, and Taiwan implemented TPMS mandating regulations. North America is estimated to account for highest share in terms of value by 2016 end. As per the study, countries such as Russia, China, Japan, and India are expected to mandate TPMS legislation in the near future. In automotive TPMS market, direct TPMS is the dominant segment. This is mainly attributed to its technological edge as compared to indirect TPMS. Indirect TPMS is estimated to witness steady growth in countries of Asia Pacific and the Middle East & Africa, due to its low cost as compared to direct TPMS.

The increase in adoption of automotive safety systems in the recent past has engendered increased demand for TPMS. Regulations mandating installation of TPMS in passenger cars is another major factor anticipated to fuel demand for TPMS in the U.S., Europe, South Korea and Taiwan over the forecast period. Use of tire pressure monitoring system provides improved fuel economy and helps save damage to property such as damage to vehicles, roadside shops, and others due to accidents related to tire related issues. Potential savings in fuel economy and property damage has further enhanced demand for tire pressure monitoring systems across the globe. However, the potential threat of vehicle being tracked using TPMS sensors is anticipated to be a major restraint for growth of the market. Moreover, inaccurate results of indirect TPMS can affect demand for indirect TPMS in some regions. Major players in the TPMS market are focusing on strategic mergers and acquisitions with another player in the market in order to enhance their product offerings and increase global reach. Also, major players in the global TPMS market are focusing on expanding their aftermarket business to cater to increasing demand for replacement of aging TPMS in countries such as the U.S.

Market Taxonomy

Global Automotive TPMS market is segmented as follows:

  • By Product Type
  • By Vehicle Type
  • By Sales Channel
  • By Region

By product type, global automotive TPMS market is segmented into direct TPMS and indirect TPMS. In terms of value, direct TPMS segment is expected to expand at a significant CAGR over the forecast period.

By vehicle type, global automotive TPMS market is segmented into a passenger car, light commercial vehicle (LCV) and heavy commercial vehicle (HCV). Passenger car segment is projected to dominate global automotive TPMS market during the forecast period.

By sales channel, global automotive TPMS market is segmented into original equipment manufacturer (OEM) and Aftermarket. Aftermarket segment is expected to dominate the global automotive TPMS market over the forecast period.

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On the basis of region, global automotive TPMS market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific and the Middle East & Africa are projected to witness fastest growth rate over the forecast period, registering CAGRs of 16% and 15%, respectively, in terms of value, during 2016–2024.

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Key Players

Key players covered in this study on global automotive TPMS market include Sensata Technologies Inc., Continental AG, Pacific Industrial Co. Ltd, Huf Hülsbeck & Fürst GmbH & Co. KG, and ZF Friedrichshafen AG, with Sensata Technologies, Inc. expected to remain the dominant player in global automotive TPMS market by 2024.

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