Automobile TPMS Market Analysis and Latest Trends
Automobile TPMS, also known as Tire Pressure Monitoring System, is an electronic system that monitors the air pressure of tires in vehicles. It provides real-time information to the driver, alerting them in case of any under or over-inflation, thus ensuring optimal tire performance, fuel efficiency, and safety on the road.
The global Automobile TPMS market is witnessing significant growth due to several factors. Firstly, the increasing focus on road safety regulations and initiatives by governments across the globe is driving the demand for TPMS systems. Additionally, the rising consumer awareness about the importance of tire maintenance and the benefits of TPMS is also contributing to the market growth. Moreover, the growing automotive industry and the increasing adoption of advanced technologies in vehicles are further fueling the demand for TPMS systems.
In terms of market trends, the integration of TPMS with advanced driver assistance systems (ADAS) is gaining traction. The combination of TPMS with ADAS enhances vehicle safety by providing an integrated approach towards tire maintenance and overall vehicle control. Furthermore, the development of wireless TPMS technology is also a growing trend in the market. Wireless TPMS eliminates the need for physical connections between sensors and the central monitoring unit, simplifying installation and reducing costs.
Overall, the Automobile TPMS market is expected to continue its growth trajectory. According to the provided information, the market is projected to grow at a CAGR of 14.2% during the forecast period. The market growth is driven by factors such as increasing safety regulations, growing consumer awareness, expanding automotive industry, and technological advancements in the TPMS sector. Additionally, the integration of TPMS with ADAS and the development of wireless TPMS technology are considered the latest trends in the market.
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Automobile TPMS Major Market Players
The automobile TPMS (Tire Pressure Monitoring System) market is highly competitive and comprises several key players. Here, we will provide detailed information about a few prominent companies, their market growth and future prospects, and their sales revenue.
Schrader (Sensata): Schrader, a subsidiary of Sensata Technologies, is one of the leading players in the TPMS market. It offers a wide range of TPMS solutions for both original equipment manufacturers (OEMs) and aftermarket customers. The company has a strong global presence and a robust distribution network. In 2019, Schrader's sales revenue was approximately $400 million. In terms of market growth, the company is focusing on expanding its product portfolio and innovating new technologies to cater to the increasing demand for TPMS in emerging economies.
Continental: Continental is a renowned automotive technology company that provides various solutions, including TPMS. The company's TPMS products are known for their accuracy and reliability. Continental has a vast market share globally and serves both OEMs and aftermarket customers. In 2019, Continental's sales revenue from tire division, which includes TPMS, was around $13.3 billion. The company's strong market position and continuous investments in research and development contribute to its future growth prospects.
ZF TRW: ZF TRW, a division of ZF Friedrichshafen AG, is a leading global supplier of automotive safety systems, including TPMS. The company's TPMS solutions offer advanced features like advanced warning systems and integrated tire temperature monitoring. ZF TRW has a diverse customer base and serves multiple regions globally. In 2019, ZF's total sales revenue was approximately $36 billion. The company's future growth lies in its commitment to innovation and expanding its presence in emerging markets.
Huf: Huf is an international automotive supplier specializing in security and safety systems, including TPMS. The company provides both direct TPMS and indirect TPMS solutions. Huf has a strong market presence in Europe, North America, and Asia. In 2019, the company's sales revenue was around $1.6 billion. Huf aims to expand its product portfolio and invest in new technologies to cater to the changing market demands and strengthen its position in the TPMS market.
The global TPMS market is estimated to witness significant growth in the coming years, driven by stringent regulations regarding vehicle safety, increasing consumer awareness about tire maintenance, and the rising adoption of advanced automotive technologies. As per a report by Market Research Future, the TPMS market is projected to reach a market size of over $23 billion by 2025, growing at a CAGR of around 12% from 2019 to 2025.
What Are The Key Opportunities For Automobile TPMS Manufacturers?
The Automobile TPMS market is experiencing significant growth and is expected to continue its upward trajectory in the future. The market is driven by factors such as increasing vehicle production and rising safety concerns among consumers. Data shows that the market is witnessing a steady growth rate, with a CAGR of around 6% projected over the next few years. One of the key trends in the market is the adoption of advanced technology, such as wireless TPMS solutions, which offer better accuracy and convenience. Additionally, the demand for passenger cars is increasing, further propelling the growth of the Automobile TPMS market.
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Market Segmentation
The Automobile TPMS Market Analysis by types is segmented into: