Asia-Pacific Automotive Tire Pressure Management System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Asia-Pacific Automotive Tire Pressure Management System Market is projected to grow with a CAGR of more than 8 % during the forecast period.

• The demand for automotive vehicles in the region in spite of the ongoing slowdown in automotive industry is higher than the other parts of the world and still the region is the largest consumer of the automobiles in the world. the ongoing slowdown is the result of the trade war between two major economies United States and China, and the situation became worst when the world was hit by the ongoing pandemic i.e. COVID-19. The situations are expected to come to normalcy by the end of second half of 2021 and the demand is expected to boom again.
• TPMS provide safety for the vehicle from sudden explosion of tires which can occur because of either over or under inflated tires and avoid sudden road accidents. With introduction of high-speed internet and cloud-based services in the automobile industry, real time analysis and predictive maintenance are enhancing service industry in automotive world.
• The rising concerns for safety in passenger and commercial vehicles, and regulation introduced by governments in China and South Korea with Japan, India, Malaysia, the Philippines and Indonesia also moving towards legislation for the implementation of mandatory TPMS, will drive the growth in the market.

Scope of the report

The Asia-Pacific Automotive Tire Pressure Management System Market is Segmented by Vehicle Type (Commercial Vehicles and Passenger Vehicles), Sales Channel (OEM and Aftermarket), by Type (Direct TPMS and Indirect TPMS) and Country. Along with a detailed study on major players, their strategies, technological advancements, innovations and financials are also covered in the report.

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Key Market Trends

Direct TPMS Dominates the Market

By type, direct TPMS segment is expected to dominate the Asia-Pacific Market. This is because of inherent functional advantages provided by the direct sensors as compared to indirect segment. By using direct sensors, data can be recorded with more accuracy and precision during real time whereas indirect system responds when the pressure is either too high or too low resulting in a change of wheel speed. Premium and Mid-economy vehicles are expected to drive demand for the market.

Many major players in the region are launching range of smart tires which are equipped with pre-installed direct TPMS sensors to increase the safety of vehicle driver and passengers.

For instance, in February 2020, JK Tyre & Industries Ltd has launched its new SMART TYRE range. Through its cloud-based monitoring system; Smart Tires warrants maintenance of tires through timely diagnostics by using sensors integrated with a Tyre Pressure Monitoring Systems (TPMS). The Smart Tyre technology allows for early detection of issues and deployment of timely preventive measures to avoid them and also delivers higher fuel efficiency up to 4-5% leading to a reduction in carbon emission and reduce operational cost of the vehicle.

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