The global tyre pressure monitoring system (TPMS) market is driven by the technological advancements and increased safety awareness among consumers. The increase in vehicle sales as a result of growth in per capita income of consumers is another factor, which is driving the growth of the global tyre pressure monitoring system industry. The reduced fuel consumption, real time pressure & temperature monitoring, and increased lifespan of tyre are some of the advantages of tyre pressure monitoring system.
The automotive safety systems have become more sophisticated, advanced, and efficient. The augmented adoption rate of automotive safety systems by the automotive industry has resulted in the reduced number of accidents and minimizes the impact of accidents on people. Tyre pressure monitoring systems (TPMS) is a device to control real time tyre pressure and temperature. It is used to monitor the air pressure inside the inflated tyres on several types of vehicles. Wireless TPMS consists of a display unit and sensors. The display unit consists of a built in lithium ion battery in the display unit, so that there is no need to connect a power cable with it. When the car’s tyre hits on a nail or any sharp object, air starts to leak out from the tyre, which remains unnoticed by the drivers. This can be dangerous, if the tyre turns out to be flat. A flat tyre can disturb the balance of the car and may lead to accidents. A flat tyre can be dangerous, as it can completely destroy the tyre and eventually the rim. The tyre pressure monitoring systems alarm the driver of the vehicle in this kind of situations, so that preventive action can be taken before any mishappening takes place.
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North America dominated the global tyre pressure monitoring systems market in 2014. Europe is expected to dominate the global market and witness high growth in the future. The vehicles equipped with original equipment manufacturing accessories are more reliable, as compared to the after-market tyre pressure monitoring systems. The installation of safety systems, such as tyre pressure monitoring system have been made compulsory in developed countries, while the legislation in developing countries are creating higher growth opportunities. However, the high prices of TPMS are a major factor obstructing the growth of the global tyre pressure monitoring systems market.
The increasing demand for luxury vehicles in the regions, such as Europe and Asia- Pacific, mainly in developing economies such as India and China, is driving the growth of the global tyre pressure monitoring system market. ZF TRW Automotive Holdings Corp., AVE Technologies, Schrader International Inc., General Electric Company, BARTEC US Corp. are some of the major competitors in the global tyre pressure monitoring systems market.
