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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.
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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:
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.
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.
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