Automotive Tire Information System Market: Clear Understanding of The Competitive Landscape and Key Product Segments
Rapid increase in demand for driving safety and driving comfort related to tire conditions of the vehicle is a key factor that is anticipated to boost the automotive tire information system market during the forecast period. Increase in rate of adoption and stringent standards enacted by regulatory bodies toward active safety systems such as advance driver assistance system are prominent factors that are projected to propel the automotive tire information system market during the forecast period.
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Reduction in the number of accidents and improved vehicle handling, owing to the adoption of the system, are expected to boost the automotive tire information system market. Malfunction of electronic components such as sensors is likely to lead to incorrect tire information, which in turn is anticipated to be a major restraint of the automotive tire information system market during the forecast period.
The automotive tire information system can segmented based on component, vehicle type, components sales channel, and region. Based on component, the automotive tire information system market can be segregated into four segments. Among them, the sensors segment accounts for a major share of market. Sensors monitor and measure the vehicle tire pressure and report it to corresponding monitor or the vehicle's instrument cluster.
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In terms of vehicle type, the automotive tire information system market can be divided into passenger vehicles and commercial vehicles. The passenger vehicles segment holds a prominent share of the market, as compared to the commercial vehicle segment, owing to higher rate of adoption of the safety system. Additional benefits such as reduction in direct wear of the tire, better vehicle handling, and improvement in fuel efficiency are major factors that are likely to drive the passenger vehicle segment of the automotive tire information system market during the forecast period.
Based on components sales channel, the automotive tire information system market can be segregated into original equipment manufacturers (OEMs) and aftermarket. The OEMs segment accounts for a significant share of the market, as compared to the aftermarket segment. Rising demand for automotive advance safety systems in modern vehicles and increasing adoption of safety systems owing to their benefits are boosting the OEMs segment of the automotive tire information system market.
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In terms of geography, the global automotive tire information system market can be segmented into Asia Pacific, Europe, North America, Latin America, Middle East & Africa, and Rest of the World. Europe accounts for a major share of the global automotive tire information system market due to the significant rate of adoption of advance driver assistance systems, leading to increased production in vehicles incorporated with automotive tire information systems, especially in Germany, the U.K., France, and Spain. Stringent safety norms passed by state regulation bodies are anticipated to fuel the automotive tire information system market in this region. Europe is expected to remain a prominent market for automotive tire information system, owing to the presence of major OEMs of the automotive industry in the region.
Key players operating in the global automotive tire information system market include Continental AG, Robert Bosch GmbH, Valeo, Delphi, ZF Friedrichshafen AG, Denso Corporation, Pacific Industrial Co. Ltd., Huf Hülsbeck & Fürst GmbH & Co. KG, Wabco, Sensata Technologies, Inc., NXP Semiconductors, and AVE technologies S.r.l.
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