Market Trends of Asia-Pacific Automotive Tire Pressure Management System Industry
This section covers the major market trends shaping the APAC Automotive TPMS Market according to our research experts:
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.
China Remains the Largest Market
Owing to the increasing accidents on highways which are caused by sudden tire punctures in the country, China is remains the largest market for TPMS market in Asia-Pacific region. the demand of commercial and passenger vehicles in the region are very high and China remains the largest market for automobiles in the world in 2019. According to the national auto industry body, total car sales fell 8.2% to just under 25.8 million, around 4.32 million commercial vehicles were sold in the country in 2019.
When the air pressure of the tire is 10% lower than the normal value, its lifespan is reduced by 15% to 20%, and vehicle fuel consumption per kWh increases by 260ml. Based on these figures, China's Standardization Administration has made it mandatory for all vehicles built from January 2020 onwards to incorporate TPMS technology.
There are many major players in the region which are investing heavily on research and development of tire pressure management system and entering into strategic partnerships to produce TPMS with latest technology to meet domestic as well as international demands. For instance, in November 2019, in partnership with X-FAB Silicon Foundries SE, Chinese automotive electronics chip design company AutoChips Inc. announced it has initiated the volume production of an advanced Tire Pressure Monitoring System (TPMS) chipset.
