Market Trends of Automotive Pressure Sensors Industry
This section covers the major market trends shaping the Automobile Pressure Sensors market according to our research experts:
Tire Pressure Monitoring Systems (TPMS) Expected to Play Key Role in the Market
TPMS utilizes pressure monitoring sensors within each tire that monitor specific pressure levels and send the data to the centralized control module. TPMS usually finds major applications in the passenger vehicle segment, where tire pressure management is considered to be a critical safety system. The automotive industry has been stepping up on introducing features that aid in minimizing the impact of collisions, reduce fatalities, and improve overall vehicle safety. This, in turn, is fueling the growth of the automotive TPMS market during the forecast period.
Several manufacturers are manufacturing TPMS sensors for capturing the growing market share and are focused on designing various growth strategies to stablize their position in the market. For instance,
- In July 2021, Goodyear launched the DrivePoint-Tyre Pressure Monitoring System for trucks and trailers. This new solution does not require demounting of the tyre as the sensors can be quickly installed on the valves reducing installation complexity and associated downtime
- In 2019, JK Tyre & Industries launched sensors for monitoring and maintenance of tyres. Treel sensors (from the recently-acquired Treel Mobility Solutions) for strengthening the company's position in the domestic market. The company has introduced tyre pressure monitoring systems (TPMS) via Treel sensors that help in monitoring the tyres' vital statistics, including pressure and temperature.
Furthermore, TPMS is getting smart with the advent of connected cars or autonomous vehicles technology. The technology is increasing the adoption of TPMS, as it provides real-time data on vehicle tire pressure and also offers critical information on tire temperature. Hence, safety awareness among individuals is another factor driving the increased adoption of TPMS.
Asia-Pacific Expected to Hold the Largest Market Share in the Market
The Asia-Pacific region has been home to the manufacturers that provide sensors, with China, India, Japan, and Taiwan being the major contributors. The growth in Asia-Pacific is attributed to the development of the automotive industry in countries, such as China and India. The growing economy and advancements in the regulatory framework in the region have also helped the passenger car sensors market boom in the region.
The major trend driving the Asia-Pacific automotive sensor market is miniaturization and improved communication capabilities, which, in turn, enable their integration into vehicles without interfering with the basic functionalities of the vehicle. Increasing automotive light vehicle production is also driving the pressure sensor market in Asia-Pacific. Other factors, such as low cost, compact size, ecofriendly nature, and bulk manufacturing capability, are the key factors helping the automotive sensors market grow.
Recently, with the advent of connected cars and automated driverless vehicles, the demand for technologically-advanced sensors, which have better efficiency and reliability in terms of functioning, has increased substantially. Also, rise in government grants to improve industrial infrastructure, along with the availability of cheap labor and raw materials, has been an additional key factor to substantially increase the production of automotive sensors.
Increased research and development in the sensor industry is creating opportunities for technological advancements that open up new prospects for sensor applications. On basis of aforementioned factors, the Asia-Pacific region expected to hold significant share in the market.
