Tire Sensors Market : New Research Report Analysis, And Forecast 2030 | TMR

Tire sensors are small programmable electronic devices, located in the pressurized pocket made by a wheel and tire. These are the transducers that convert one form of signal into another. The rising focus on passenger safety and miniaturization leading to an increased range of applications across the industry, and stringent government regulations concerning emissions owing to the increasing number of vehicles are the major factors expected to drive the growth of the global tire sensors market during the forecast period.

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Rise in Demand in Tire Pressure Monitoring Systems (TPMS)

In terms of application, the tire pressure monitoring systems (TPMS) segment is expected to be the fastest growing segment of the global tire sensors market during the forecast period.
Tire pressure monitoring systems (TPMS) utilize pressure monitoring sensors within each tire that monitors specific pressure levels and sends the data to the centralized control module of the vehicles. This system is mandatory in the United States and the European Union, which boosts the demand for tire sensors.

Moreover, the rising adoption of tire pressure monitoring systems (TPMS) as it offers real-time data on vehicle tire pressure and also provides critical information on tire temperature boosts the growth of the global tire sensors market.
In April 2019, DENSO announced an investment of USD 1.6 billion to strengthen the development and production of automotive electrification products and systems which also involves tire sensors.
The increasing focus on passenger safety and security owing to the increasing number of vehicles, the rise in pressure sensor applications such as the use of a barometric pressure sensor to perform altitude corrections when driving at high altitudes, and usage of sensors in automobiles to achieve high accuracy at a low price are the factors responsible for the growth of the global tire sensors market.

However, the lack of standardization in tire sensors is a major restraint of the global tire sensors market.

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Asia Pacific to Lead the Tire Sensors Market

In terms of region, the global tire sensors market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific is expected to witness the fastest growth in the tire sensors market during the forecast period due to the major contribution of manufacturers operating in China, India, Japan, South Korea, and Taiwan who provide sensors.
Moreover, the automotive industry has seen the highest growth rate in the past few years in the APAC region and the increasing production of automotive light vehicles is driving the tire sensors market in Asia Pacific.

The tire sensors market in Europe and North America is expected to expand at a substantial rate during the forecast period since the regions are well known for being sticklers for rules of automobile safety and set the standards for automobile safety, which propels the demand for tire sensors.

On the other hand, the market in Middle East & Africa and South America is estimated to expand at a moderate pace during the forecast period.
Key Players Operating in the Global Tire Sensors Market

The global tire sensors market was highly fragmented in 2019. Major players operating in the global market are focusing on technological advancements and expansion to meet the rising demand for tire sensors. Moreover, manufacturers are undertaking mergers and acquisitions for the development of innovative products.

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Key players operating in the global tire sensors market include:

Schrader Electronics
TRW Automotive Holdings Corporation
AVE technologies
Bartec USA LLC
General Electric.
ZF Friedrichshafen AG
Continental AG
Sensata Technologies, Inc.
Denso Corporation
Pacific Industrial Co., Ltd.
NXP Semiconductors
WABCO

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