Tire Sensors Market: Estimated To Experience A Hike In Growth By 2020

Tire sensors are small programmable electronic devices, located in the pressurized pocket made by a wheel and tire. These are the transducers that convert one form of signal into another.
The rising focus on passenger safety and miniaturization leading to an increased range of applications across the industry, and stringent government regulations concerning emissions owing to the increasing number of vehicles are the major factors expected to drive the growth of the global tire sensors market during the forecast period.
The tire sensors market is segmented based on vehicle type (passenger car, light commercial vehicle, heavy commercial vehicle), application (tire pressure monitoring systems (TPMS), brake booster system, airbag system, vehicle dynamic control, and others), and region.

In terms of application, the tire pressure monitoring systems (TPMS) segment is expected to be the fastest growing segment of the global tire sensors market during the forecast period.
Tire pressure monitoring systems (TPMS) utilize pressure monitoring sensors within each tire that monitors specific pressure levels and sends the data to the centralized control module of the vehicles. This system is mandatory in the United States and the European Union, which boosts the demand for tire sensors.
Moreover, the rising adoption of tire pressure monitoring systems (TPMS) as it offers real-time data on vehicle tire pressure and also provides critical information on tire temperature boosts the growth of the global tire sensors market.
In April 2019, DENSO announced an investment of USD 1.6 billion to strengthen the development and production of automotive electrification products and systems which also involves tire sensors.
The increasing focus on passenger safety and security owing to the increasing number of vehicles, the rise in pressure sensor applications such as the use of a barometric pressure sensor to perform altitude corrections when driving at high altitudes, and usage of sensors in automobiles to achieve high accuracy at a low price are the factors responsible for the growth of the global tire sensors market.
However, the lack of standardization in tire sensors is a major restraint of the global tire sensors market.

Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report

In terms of region, the global tire sensors market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific is expected to witness the fastest growth in the tire sensors market during the forecast period due to the major contribution of manufacturers operating in China, India, Japan, South Korea, and Taiwan who provide sensors.
Moreover, the automotive industry has seen the highest growth rate in the past few years in the APAC region and the increasing production of automotive light vehicles is driving the tire sensors market in Asia Pacific.
The tire sensors market in Europe and North America is expected to expand at a substantial rate during the forecast period since the regions are well known for being sticklers for rules of automobile safety and set the standards for automobile safety, which propels the demand for tire sensors.

Technology News & Trends