Automotive Tire Pressure Monitoring System (TPMS) Market is to Reach US$ 8 Bn by 2026
Tire Pressure Monitoring System Market – Snapshot
A tire pressure monitoring system is an electronic system that maintains the air pressure inside the tires on various types of vehicles. The purpose of the tire pressure monitoring system in automobiles is to inform that at least one or more tires are significantly under-inflated, which is likely to create unsafe driving conditions.
Governing bodies and authorities working for the development of vehicles and improvement of driving conditions for drivers and passengers are enacting stringent norms on vehicle manufacturers to improve safety features in their vehicles. The tire pressure monitoring system is a safety feature provided in vehicles to maintain the proper tire pressure, as correct tire pressure can decide how much load the tires can carry safely. Concerns about correct tire pressure and its impact on vehicle safety, carbon emissions, and fuel-efficiency are not specific for any region, hence all regions are making constant improvements toward the adoption of the tire pressure monitoring system. A series of vehicle accidents caused due to bad tires in the early 2000s prompted legislators in the U.S. to include the tire pressure monitoring system as part of its TREAD Act legislation, which was intended to address growing driver safety concerns. Presently, in the U. S., all new vehicles are incorporated with tire pressure monitoring systems. According to United Nations regulation UNECE-R64, countries and sub-regions in Europe adopted a legislation about tire pressure monitoring system for new vehicle models, which began from the end of 2012, and also for all vehicles from November 2014, primarily for environmental reasons. A similar tire pressure monitoring system legislation to that of Europe has been adopted by South Korea. Likewise, major economies in Asia Pacific, such as China, Japan, India, and those in ASEAN, are in the process of implementing a legislation on tire pressure monitoring system.
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In terms of type, direct tire pressure monitoring system (TMPS) is the leading segment of the tire pressure monitoring system market for automotive. The direct tire pressure monitoring system has various advantages over the indirect system, as it delivers accurate pressure for every tire, no leach is caused in the tire pressure information by tire rotation or replacement, sensor batteries generally last as long as the life of vehicle, and they can monitor the spare tires also. This is likely to make direct tire pressure monitoring system a leading segment of the market. However, its high price is a key factor, which is expected to hamper the segment.