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The commercial vehicle tire pressure management system (TPMS) market share is expected to increase by USD 207.23 mn from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 6.77%.
This commercial vehicle tire pressure management system (TPMS) market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers commercial vehicle tire pressure management system (TPMS) market segmentations by end-user (OEMs and aftermarket), type (LCVs and HCVs), and geography (North America, Europe, APAC, South America, and MEA). The commercial vehicle tire pressure management system (tpms) market report also offers information on several market vendors, including AB SKF, Bendix Commercial Vehicle Systems LLC, Continental AG, Dana Inc., Doran Manufacturing LLC, FAHRZEUGWERK BERNARD KRONE GMBH & CO. KG, NXP Semiconductors NV, SENSATA TECHNOLOGIES HOLDING PLC, The Goodyear Tire & Rubber Company, and ZF Friedrichshafen AG among others.
What will the Commercial Vehicle Tire Pressure Management System (TPMS) Market Size be During the Forecast Period?
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Commercial Vehicle Tire Pressure Management System (TPMS) Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The discount in insurance premiums for the adoption of vehicle safety systems like tpms is notably driving the commercial vehicle tire pressure management system (TPMS) market growth, although factors such as high cost associated with direct items may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the commercial vehicle tire pressure management system (TPMS) market industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Commercial Vehicle Tire Pressure Management System (TPMS) Market Driver
Discounts in insurance premiums for the adoption of vehicle safety systems like TPMS are one of the key factors driving the growth of the global commercial vehicle tire pressure management system (TPMS) market. This trend of insurance discounts is positive for the TPMS market as it is a win-win situation for both the parties involved. For instance, a CV with TPMS will reduce the total number of accidents significantly due to underinflated tires across the world. This lowers the possibility of a claim pay-out for accidents by insurance companies. This allows insurance providers to pass the benefit to the drivers having safety systems like TPMS to push adoption of the TPMS in the market, which eventually helps insurance providers by fewer claims. Additionally, this discount also allows the driver to reduce the overall cost of TPMS. This trend will benefit customers who see cost as an important barrier to the adoption of the system over the safety benefits. Therefore, this trend is expected to allow an increase in TPMS adoption among outreach customers, particularly in emerging markets like India.
Key Commercial Vehicle Tire Pressure Management System (TPMS) Market Trend
The development of Bluetooth-enabled TPMS will fuel the global commercial vehicle tire pressure management system (TPMS) market growth. TPMS is undergoing many developments that are mostly focused on increasing the efficiency of the system. The development of battery-powered sensors allowed wireless transmission of the readings from the sensors to the ECU. The recent development of the Bluetooth-enabled TPMS is the latest addition to the TPMS market, which is gaining popularity among customers. FOBO developed the world’s first all Bluetooth smart TPMS that works directly with Android and iOS devices of the user. Additionally, it is in a DIY format, which makes its installation easier for the user. FOBO offers three variants, FOBO Tire Plus, FOBO Tire, and FOBO Bike, priced at $229, $179, and $79, respectively. FOBO Tire comes with intelligent in-car monitoring units that work simultaneously with the user's smartphone. Additionally, FOBO Tire works round-the-clock to ensure that the vehicle tires stay properly inflated even when the vehicle ignition is switched off. FOBO Tire depends on external batteries that last for 2 years and are easily replaceable.
Key Commercial Vehicle Tire Pressure Management System (TPMS) Market Challenge
The high cost associated with direct TPMS is a major challenge for the global commercial vehicle tire pressure management system (TPMS) market growth. TPMS is a crucial component for preventing unexpected vehicle breakdowns due to underinflating tires. The CV market is witnessing the adoption of both direct and indirect TPMS, and indirect is most preferred by the OEMs as it allows them to save cost by complementing it with ABS. However, the efficiency and reliability of direct TPMS make it preferable to indirect TPMS. Hence, the aftermarket and some prominent vendors invest in direct TPMS technology. However, direct TPMS is a costly affair for the stakeholders, and this is a challenge for its adoption across maximum customers. Additionally, OEMs use proprietary technology for these highly skilled direct TPMS, which requires a highly skilled technician while replacing the system in the event of non-functioning of TPMS. Hence, aftermarket cost is very high for the direct TPMS. These sensors have a unique serial number, and this distinguishes them from the sensors and systems on other vehicles, raising the complexity and cost for the users. Such factors will hinder the market growth during the forecast period.
This commercial vehicle tire pressure management system (TPMS) market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Parent Market Analysis
Technavio categorizes the global commercial vehicle TPMS market as a part of the global automotive components and accessories market within the global auto components market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the commercial vehicle tire pressure management system (TPMS) market during the forecast period.
Who are the Major Commercial Vehicle Tire Pressure Management System (TPMS) Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- AB SKF
- Bendix Commercial Vehicle Systems LLC
- Continental AG
- Dana Inc.
- Doran Manufacturing LLC
- FAHRZEUGWERK BERNARD KRONE GMBH & CO. KG
- NXP Semiconductors NV
- SENSATA TECHNOLOGIES HOLDING PLC
- The Goodyear Tire & Rubber Company
- ZF Friedrichshafen AG
This statistical study of the commercial vehicle tire pressure management system (TPMS) market encompasses successful business strategies deployed by the key vendors. The commercial vehicle tire pressure management system (TPMS) market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
- AB SKF - The company offers real-time checking of tires, enhances the life of tires, and increases fuel efficiency.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The commercial vehicle tire pressure management system (tpms) market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the leading companies' production, sustainability, and prospects.
Commercial Vehicle Tire Pressure Management System (TPMS) Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the commercial vehicle tire pressure management system (tpms) market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global auto components market includes the following core components:
- Inputs
- Inbound logistics
- Operations
- Outbound logistics
- Marketing and sales
- Service
- Support activities
- Innovation
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Which are the Key Regions for Commercial Vehicle Tire Pressure Management System (TPMS) Market?
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32% of the market’s growth will originate from North America during the forecast period. The US is the key market for the commercial vehicle tire pressure management systems (TPMS) market in North America. Market growth in this region will be slower than the growth of the market in regions.
Discounts in insurance premiums for the adoption of vehicle safety systems like TPMS will facilitate the commercial vehicle tire pressure management system (TPMS) market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 resulted in temporary lockdowns and the shutdown of several automotive component manufacturing plants in the region in 2020. However, in North American countries, especially in the US and Canada, automotive component manufacturing and repair services are considered essential services. This allowed automotive component manufacturers to operate their facilities but with a minimal workforce. The demand for automotive components such as TPMS from domestic markets is expected to increase, owing to trade restrictions on importing automotive components from other regions, which will drive the regional market in focus during the forecast period.
What are the Revenue-generating End-user Segments in the Commercial Vehicle Tire Pressure Management System (TPMS) Market?
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The commercial vehicle tire pressure management system (TPMS) market share growth by the OEM segment will be significant during the forecast period. In 2020, LCVs contributed the highest to the adoption of TPMS through OEMs. It is expected that the growth of the LCVs market in the developed regions during the forecast period will be the main driver for the TPMS adoption through OEMs.
This report provides an accurate prediction of the contribution of all the segments to the growth of the commercial vehicle tire pressure management system (TPMS) market size and actionable market insights on post COVID-19 impact on each segment.
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Commercial Vehicle Tire Pressure Management System (TPMS) Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.77% |
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Market growth 2021-2025 |
$ 207.23 million |
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Market structure |
Fragmented |
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YoY growth (%) |
3.54 |
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Regional analysis |
North America, Europe, APAC, South America, and MEA |
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Performing market contribution |
North America at 32% |
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Key consumer countries |
US, Germany, China, Japan, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AB SKF, Bendix Commercial Vehicle Systems LLC, Continental AG, Dana Inc., Doran Manufacturing LLC, FAHRZEUGWERK BERNARD KRONE GMBH & CO. KG, NXP Semiconductors NV, SENSATA TECHNOLOGIES HOLDING PLC, The Goodyear Tire & Rubber Company, and ZF Friedrichshafen AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Commercial Vehicle Tire Pressure Management System (TPMS) Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive commercial vehicle tire pressure management system (TPMS) market growth during the next five years
- Precise estimation of the commercial vehicle tire pressure management system (TPMS) market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the commercial vehicle tire pressure management system (TPMS) industry across North America, Europe, APAC, South America, and MEA
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of commercial vehicle tire pressure management system (TPMS) market vendors
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