Global Tire Sensor Market

Tire Sensor Market Size, Share, Growth Analysis, By Product Type(Direct, Indirect), By Sales Channel(OEM, Aftermarket), By Vehicle(Passenger Car, Commercial Vehicle) - Industry Forecast 2024-2031


Report ID: SQSG25A2018 | Region: Global | Published Date: February, 2024
Pages: 220 | Tables: 90 | Figures: 80

Tire Sensor Market Dynamics

Tire Sensor Market Driver

  • The increased concerns and mindsets about the security of the customers is one of the main thrusts that will build the interest for tire sensors in the market. Additionally, the highlights like tire pressure markers, anti-brake mechanisms and electronic sturdiness of the vehicle have regulated the development.
  • The progression in technology and the surge in the trade of luxury vehicles with the new and modern safety properties is impelling the tire sensor market.
  • Expansion in demand for security and safety features, progress in implementation of electronic systems in vehicles, mechanical advancements connected with tire pressure are expected in the development of the worldwide tire sensor market during the estimated time frame.
  • TPMS aids to provide better fuel economy, surges vehicle safety and in total reduces the CO2 emissions. Also, it decreases the overall weight of the tires and its rolling resistance.

Tire Sensor Market Restraint

  • The obstruction in the norms that influence the global tire sensors market. Each vehicle involves various tires and has various solutions for the air pressure that should be managed according to the conveying load. Mandate guidelines must be observed and the producer needs to keep up with the air pressure that should not be underneath 25% according to the prescribed limit.
  • The changing regulations and guidelines by governing bodies that must be controlled to keep up with the interest and demand of the market. Extensive R&D is necessary for the manufacturer for the proficient production of the system.
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Tire Sensor Market size was valued at USD 6.06 billion in 2019 and is poised to grow from USD 6.63 billion in 2023 to USD 13.48 billion by 2031, growing at a CAGR of 9.4% in the forecast period (2024-2031).

The Tire Sensor Market is highly competitive, with the existence of numerous major firms operating in both domestic and international markets. The industry's top players are embracing strategic collaboration initiatives to improve market share and profitability. Some of the major players in the market are ZF Friedrichshafen AG, Continental AG, Sensata Technologies, Inc., Denso Corporation, Pacific Industrial Co., among several others who are driving the market. 'Continental AG', 'Bridgestone Corporation', 'Schrader Electronics', 'ZF Friedrichshafen AG', 'NXP Semiconductors', 'Sensata Technologies', 'Dunlop Systems and Components', 'Pacific Industrial Co. Ltd.', 'Bartec USA LLC', 'Bendix Commercial Vehicle Systems', 'Transense Technologies plc', 'Hamaton Automotive Technology Co. Ltd.', 'Huf Hülsbeck & Fürst GmbH & Co. KG', 'ATEQ Corp.', 'Alligator Ventilfabrik GmbH', 'MAXIMA Technologies & Systems GmbH', 'Mouser Electronics Inc.', 'Orange Electronic Co. Ltd.', 'Valveforce Ltd.', '31 Inc.', 'In February 2022, Continental AG announced its plan to strengthen the safety solution for India. India has been the world's largest two-wheeler market, and Continental is committed to delivering affordable and intelligent safety technologies, including ADAS, TPMS, and others.', 'In February 2022, Fleeca India Private Limited, a Jaipur-based start-up, launched Fleeca Kawach, India's first AI-driven smart truck tire-pressure monitoring system. This TPMS (Tyre Pressure Monitoring System) is a rim-mounted electronic system that monitors the wheel's rotational speed and other signals outside the tires.', 'In May 2022, Continental unveiled an advanced combine-tire monitoring system for its CombineMaster and CombineMaster VF tires. The system is called ContiPressureCheck, designed to monitor tire pressure and temperature.', 'In December 2021, Tire maker Sumitomo Rubber began proof-of-concept testing for a new type of tire pressure management solutions (TPMS) service that it claims allows for remote monitoring of tire pressure and temperature. The concept is part of a joint project undertaken with Shin-Idemitsu, its group subsidiary IDEX Auto Japan, partners at Tripod Works, and Sumitomo's tire sales subsidiary Dunlop.'

The increased concerns and mindsets about the security of the customers is one of the main thrusts that will build the interest for tire sensors in the market. Additionally, the highlights like tire pressure markers, anti-brake mechanisms and electronic sturdiness of the vehicle have regulated the development.

Sensor sytem in the market enjoys significant benefits that improves the driver's comfort and aids in diminishing the quantity of accidents. This sensor system additionally prolongs the fuel efficiency, better strength of tires, and improved driving quality.

Asia-Pacific is supposed to remain as the biggest market for auto TPMS, with Japan and China as the major manufacturers. The developing aftermarket installation establishment, customer awareness of TPMS and expanding interest for luxury vehicles are supposed to drive the Indian tire sensor market. There is an increased demand for the tire sensors in automobile developing economies such as Japan, China and South Korea. Most of the industry competitors are majorly focusing on the security and safety of the consumer. During this projected timeframe, the developing technological advancements and luxury vehicle presence will help the demand across major automobile regions such as Europe and North America.

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Global Tire Sensor Market

Product ID: SQSG25A2018

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