Automotive Tire Pressure Monitoring System (TPMS) Market Analysis and Forecast 2020: By Keyplayers ZF Friedrichshafen AG, ATEQ, Continental AG, Bartec USA LLC, Sensata Technologies, Inc., Huf Hülsbeck & Fürst GmbH & Co. KG, AUTOMOTIVE TECHNOLOGY CO., LT

Market Definition

Automotive tire pressure monitoring system (TPMS) is an electronic system that is used to observe tire pressure of vehicle by employing sensors through the wheel speed sensors of ABS/ESC systems. TPMS system is battery-operated with lifespan of 6-10 years. On the basis of product type, the market is segmented into direct TMPS and indirect TMPS. On the basis of vehicle type, the market is segmented into passenger cars, LCV, and HCV. Furthermore, on the basis of sales channel, the market is segmented into OEM and aftermarket. The market is expected to witness significant growth in the near future, owing to growing number of commercial as well as passenger vehicles.
The global Automotive Tire Pressure Monitoring System (TPMS) Market is estimated to account for US$ 9,335.4 Mn in terms of value by the end of 2019.

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Competitive Section

Key players operating in the global automotive tire pressure monitoring system (TPMS) market are ZF Friedrichshafen AG, ATEQ, Continental AG, Bartec USA LLC, Sensata Technologies, Inc., Huf Hülsbeck & Fürst GmbH & Co. KG, AUTOMOTIVE TECHNOLOGY CO., LTD., Rivigo Services, Denso Corporation, DUNLOP TECH GmbH, Pacific Industrial Co., Ltd., Bendix Commercial Vehicles Systems LLC, NXP Semiconductors, NIRA Dynamics AB, WABCO, and HAMATON AUTOMOTIVE TECHNOLOGY CO., LTD.

Market Dynamics- Drivers

1. Growing integration of automotive safety systems is expected to drive the global automotive tire pressure monitoring system (TPMS) market growth during the forecast period
Governments across various countries have started enforcing stringent safety regulations, which has mandated the integration of advanced vehicle safety systems such as TPMS, anti-lock braking system (ABS), and lane departure warning system. This has become essential to reduce increasing incidence of accidents. According to the National Motor Vehicle Crash Causation Survey (NMVCCS)’s study, tires that are underinflated by 25% are three times likely to be involved in accidents than vehicles with accurate tire pressure. Moreover, TPMS helps to minimize these incidences by notifying driver about the low pressure in the tires. This, in turn, is expected to drive the market growth in the near future.

2. Improved fuel economy and property damage savings are expected to propel growth of the global automotive tire pressure monitoring system (TPMS) market over the forecast period

According to a study conducted by National Highway Traffic Safety Administration (NHTSA), underinflated tires consumer more fuel than properly inflated tires, i.e. 2 psi decrease in all four tire leads to 1-2% decrease in fuel economy of the vehicle. According to the same source, the use of tire pressure monitoring systems provides enhanced fuel economy of US$ 19.07-US$ 23.08 per vehicle over its lifetime. Moreover, TPMS can possibly save property damage associated with road accidents, which in turn, is expected to boost the market growth over the forecast period.

Market Opportunities

1. Emerging markets across the globe for TPMS are expected to pose lucrative business opportunities

Apart from developed countries such as the U.S., TPMS installation has become mandatory in passenger cars in the EU region and South Korea. Moreover, emerging economies such as China and India are the largest automakers along with Indonesia, Malaysia, Philippines, Turkey, and Russia are expected to enforce similar regulatory policies, mandating integration of TPMS in passenger cars. Automotive production in these countries is expected to increase significantly in the near future, which in turn, is expected to offer lucrative growth opportunities for market players. Currently, TPMS is available in luxury and premium vehicle segment thus, market remains scarcely penetrated, thereby providing market
opportunities.

2. Strategic mergers and acquisitions among market players to pose major opportunities
Key companies in the market are focused on mergers and acquisitions, in order to enhance their market presence. For instance, in 2015, ZF Friedrichshafen AG acquired TRW Automotive; after acquisition ZF TRW was integrated within the Active & Passive Safety Technology Division that manufactures TPMS, among other products.

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Market Trends

1. Focus of key players on aftermarket business
Key players are focused on expanding their aftermarket business. Growing awareness regarding TPMS as an advanced safety technology and rising integration of automotive safety system are expected to boost the aftermarket TPMS sales during the forecast period. Moreover, TPMS sales through aftermarket sales channel are expected to outperform OEM sales in the near future. Key companies in the market are focused on selling their products through aftermarket distribution channel, in order to capitalize lucrative growth opportunities. For instance, in 2014, Denso Corporation commenced its Tire Pressure Monitoring System (TPMS) sensor program, in order to support aftermarket customers’ demands.

2. Growing focus on technological innovation
Key players in the market are involved in product differentiation through innovation in size, design, and battery life and even battery-less TPMS. Micro electro mechanical systems (MEMS) and SAW (surface acoustic wave) sensors are some of the advanced technologies used by key players. Furthermore, key companies in the market are launching new product series with integration of advanced technologies. For instance, in July 2015, Bartec introduced new TPMS tools, Tech400Pro, a wireless TPMS scan tool covers features such as wireless data transfer via Bluetooth, wireless charging, wireless updating via Wi-Fi), and keyless entry testing—and Tech300Pro—an activation tool that works with multi-protocol sensors, OE TPMS sensors and can also be programed to work with aftermarket sensors.

Regulations

U.S.
• Implementation of the TREAD act in 2000, following various accidents leading to numerous fatalities and the subsequent Firestone Recall, mandates use of TPMS in vehicles of 2004 model year. These include all passenger vehicles and light trucks with GWVR of 10,000 lbs. and less.

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