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The tire pressure monitoring system market has been forecast to increase at a compound annual growth rate (CAGR) of 6.69% through to 2015, with the industry set to reach a projected value of $3 billion by 2017.
Key market drivers include the increasing number of passenger safety initiatives introduced by governments across the globe, and the increasing adoption of direct tire pressure monitoring systems.
Given the rise in automobile accidents both as a result of errors in judgment made by the driver and by mechanical failures caused by poor maintenance, automotive safety technologies are rising in popularity.
Numerous accidents occur annually as a result of unevenly inflated tires, which compromise the stability and balance of the vehicle, thereby increasing the risk of car crashes.
A tire pressure monitoring system (TPMS) is an electronic system designed to monitor the air pressure inside the pneumatic tires on various types of vehicles. TPMS report real-time tire-pressure information to the driver of the vehicle, either via a gauge, a pictogram display, or a simple low-pressure warning light. TPMS can be divided into two different types -- direct (dTPMS) and indirect (iTPMS).
Direct TPMS employ pressure sensors on each tire, either internal or external. The sensors physically measure the tire pressure in each tire and report it to the vehicle's instrument cluster or a corresponding monitor, sometimes also the temperature inside the tire. These systems can identify under-inflation in any combination, be it one tire or all four, simultaneously.
Indirect TPMS do not use physical pressure sensors but measure air pressures by monitoring individual wheel rotational speeds and other signals available outside of the tire itself. First generation iTPMS systems utilise the effect that an under-inflated tire has a slightly smaller diameter (and hence higher angular velocity) than a correctly inflated one.
Governments across the globe are encouraging the use of tire pressure monitoring systems in automobiles. This is mainly because of the increasing need for passenger safety. Several legislations already in place like in the United States and yet to be implemented in Europe and Asia, have and will continue to shape growth patterns in the market.
For more information on the tire pressure monitoring system market, see the latest research: Tire Pressure Monitoring System Market
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