Automotive Tire Mounted Sensor Market Outlook – 2027
With technological advancements in the automotive sector, customer focus has been shifted toward more advanced safety features in vehicles. Automakers are paying high attention on tires because it has a big influence on driving safety. The sensors mounted on tires provides real-time information of the wheel to the driver. Introduction of IoT has enhanced the importance of tire sensors as it enables that provide useful information like traction, tread wear, temperature, load, pressure, deformation, wheel loading, friction on a device. Moreover, installation of sensors in tires act as a preventive maintenance tool and thereby increases the durability of tires.
COVID-19 scenario analysis:
- The financial market has disrupted totally due to coronavirus pandemic.
- The halt in production of vehicles industries has impacted heavily automated tire mounted sensor industries. Although this won’t affect the aftermarket sales of the automotive tire mounted sensor.
- Further, transportation restrictions and stringent government policies are causing a downturn in the growth scale of the automotive tire mounted sensor market.
- However, the advanced safety offered by various sensors installed in tire will help the automotive tire mounted sensor market even in the pandemic situation.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
The improved fuel efficiency along with enhanced tire life offered by tire mounted sensor is the major driving factor of the market. Additionally, tire mounted sensors efficiently inform driver about real-time condition of tires and consequently aids in improving ride quality and vehicle handling. Besides, with the upsurge in market of connected cars, the utilization of tire mounted sensors will escalate in vehicle. However, high prices of tire mounted sensors will hamper the market growth. Furthermore, technological advancement and growing demand for autonomous vehicles are expected to enhance the market progression.
The Automotive tire mounted sensor market trends are as follows:
Technological developments to nurture the market growth
Automakers are heavily investing in R&D of autonomous vehicles. Moreover, Internet of things has contributed enormously in the automotive sector. With the integration of tire mounted sensors and IoT, the information of tire can be controlled remotely through an application in mobile. Additionally, IoT-based platform has helped the fleet management services significantly. Besides, the manufacturers are focusing on making compact design for sensors. For instance, IntelliSens sensors by Huf Hülsbeck & Fürst GmbH & Co. KG, has designed compact design of sensors which reduces the housing and thus significantly the weight of the sensor, further aiding the sensor in efficient-working.
Surge in usage of tire pressure monitoring system in cars
Industrialization has paved its way for the rise in number of vehicles & income of people. The living standards of people have bettered in developed economies. This has led to increase in sales and production of luxury cars. TPMS being fitted in majority of luxury cars, the demand for its market has also grown simultaneously. Many manufacturers have adopted TPMS system in their cars considering consumer demand. Looking at the aftermarket sales of TPMS, economy car manufacturers would also want to equip this system in near future.
Key benefits of the report:
- This study presents the analytical depiction of the automotive tire mounted sensor industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the automotive tire mounted sensor market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the automotive tire mounted sensor market research report:
- What are the leading market players active in the Automotive tire mounted sensor market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Automotive Tire Mounted Sensor Market Report Highlights
By Sensor type
By Vehicle type
By Sales channel
Key Market Players
Pacific Industrial, Continental, Lear, Schrader, Denso, ZF TRW, TRW, Siemens, Huf., Pacific