North America Heavy Commercial Vehicle (HCV) TPMS Market 2021 Insights and Precise Outlook - Bendix Commercial Vehicle Systems, Omron Corporation, Hella KGaA Hueck & Co., Schrader Electronic

North America Heavy Commercial Vehicle (HCV) TPMS Market - Growth, Trends, And Forecast (2019 - 2024)

The North America Heavy Commercial Vehicle (HCV) TPMS Market covers important aspects of this market concerning fundamental parameters. The report explains outline of the business range, concentrating on the overall industry, development possibilities, types and application. It brief North America Heavy Commercial Vehicle (HCV) TPMS summary of the market considering the current and future scenarios. It also provides information in terms of development and its capacities.

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The North American heavy commercial vehicle (HCV) tire pressure monitoring system (TPMS) market is expected to witness a CAGR of over 8%, during the forecast period, 2019-2024.  

The North America Heavy Commercial Vehicle (HCV) TPMS market is highly competitive and consists of a number of major players. Top Companies like Bendix Commercial Vehicle Systems, Omron Corporation, Hella KGaA Hueck & Co., Schrader Electronic, Pacific Industrial, Alligator Ventilfabrik GmbH, and Advantage Pressurepro Enterprises Inc. among others

Scope of the Report

The tire pressure monitoring system (TPMS) is a system in a vehicle, which warns the driver and the passengers that at least one or more tires are significantly under-inflated, possibly creating unsafe driving conditions. The TPMS low tire pressure indicator is a yellow symbol that illuminates on the dashboard instrument panel, in the shape of a tire cross-section (resembling a horseshoe) with an exclamation point.

Key Market Trends

Passenger Safety and Increased Fuel Efficiency

One of the major factors that a consumer considers while purchasing a vehicle is their safety while riding. Even though one takes extreme precautions, the number of road accidents taking place is on the rise. According to the World Health Organization, the annual casualty due to road accidents amounts to about 1.25 million.

Among all the accidents occurring on the road, nearly 40% can be attributed to under-inflated tires. Research by the National Highway Traffic Safety Administration determined that vehicles with tires that are underinflated by more than 25% are thrice as likely to be involved in an accident, as compared to a vehicle with adequately inflated tires.

In addition, the tires that are up to 25% underinflated are also prone to overheating, due to which the handling gets affected, eventually leading to tire failure. This scenario is frequently observed in heavy commercial vehicles. According to the statistics based on the tire pressure monitoring inflatable restraint systems, nearly 70% of the national highway accidents, in the United States, is due to tire blowouts, and the possibility of mortality is nearly 100% if the vehicle is speeding at over 70 mph.

However, gradually, from mid-2015, the end users of commercial vehicles started installing TPMS through the aftermarket channel. As per the consumer survey, more than 28% of the commercial fleets in North America is anticipated to adopt TPMS systems. In addition to passenger safety, there are additional benefits of TPMS, such as prolonged tire span, enhanced fuel efficiency, and reduction in the emission of greenhouse gases, among others. According to a report by the Department of Energy, there could be a drop in mileage, by 0.3%, for every one psi pressure drop in all the tires. 3.56 million gallons of gasoline are wasted every day, due to under-inflated tires.

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United States  Dominated the Market

In the North American region, the US is expected to dominate the regional heavy commercial vehicle TPMS market.

The demand for HCV TPMS is expected to increase considerably over the next five years. In addition, stringent regulations mandated by the government, due to the increasing number of accidents in North America, are expected to propel the growth of the segment

In 2013, National High safety association of America revealed that at least 50% of the heavy commercial trucks run under-inflated on roads. As per the Freight council of North America, Currently, 40% of all new trailers come equipped with TPMS.

The US segment is undergoing rapid development, and Commercial Vehicle manufacturers are installing various driver-assistant features, even in heavy segment vehicles, to make the driving and the operating mechanism swift, safe, and efficient.

Under-inflated tires, as estimated by the Department of Transportation, release over 26 billion kg (57.5 billion lbs.) of unnecessary carbon monoxide pollutants into the atmosphere each year, in the United States alone. These factors are expected to propel the demand for TPMS in the United States significantly, over the forecast period.

Post-mid-2016, the aftermarket channel of TPMS have almost tripled in North American Market due to the deployment of pressure sensors in Cars and LCVs. Compared to the European Market, North American region is mature enough in utilizing TPMS in cars. A similar trend is anticipated in Heavy commercial Vehicles with factory fitted TPM systems over the coming 5-8 years.

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What are the market factors that are explained in the report?

–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

–Analytical Tools: North America Heavy Commercial Vehicle (HCV) TPMS Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market. 

The research includes historic data from 2015 to 2020 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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