The Europe automotive TPMS market size was valued at USD 2.35 million in 2019 and is projected to expand at a CAGR of 10% during the forecast period 2021-2028. Growth of the market is attributed to increasing demand for advance driving assistance.
Tires are used in automobiles for safe, comfortable, and fuel-efficient driving. TPMS are vital because without them, drivers would have no way of knowing how much air is left in the tyre, which could result in an accident. Various factors, such as developing environmental and economic policies and increased demand for high-end luxury cars, have contributed to the rise of the TPMS market in emerging nations around the world.
The Covid-19 pandemic affected the demand and supply of Europe automotive TPMS market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Consumers’ growing interest in vehicle safety is expected to drive the market during the forecast period.
- It is estimated that the continuous installation and implementation of TPMS in mid- to high-end vehicles, increasing demand for tire monitoring systems in the aviation industry, and rising government attention to road safety is estimated to drive the market.
- Factors such as high cost of TPMS and lack of standardization in TPMS systems is projected to hamper the market growth.
- Inaccurate results are expected to restrict market growth in certain regions.
- Encouragement by new car safety program has provided immense opportunities for several market players.
Scope of the Report
The report on the Europe automotive TPMS market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
The Europe Automotive TPMS Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Direct TPMS and Indirect TPMS) and Applications (Passenger Car and Commercial Vehicle)
Germany, United Kingdom (UK), France, Italy, and Rest of Europe
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Continental AG, Huf Hülsbeck & Fürst GmbH & Co. KG, and ZF Friedrichshafen AG
Market Segment Insights:
The direct TPMS segment is projected to hold a major market share
Based on types, the Europe automotive TPMS market is bifurcated into direct TPMS and indirect TPMS. The direct TPMS segment is anticipated to expand at a high CAGR during the forecast period. Direct TPMS improves the car protection through tracking tire stress with the help of sensors. It additionally consists of automated resetting when the rotation of tyre is done. The indirect system helps to record data and determine the air pressure loss caused by the increase in wheel speed.
The passenger car segment is anticipated to expand during the forecast period
On the basis of applications, the Europe automotive TPMS market is segregated into passenger car and commercial vehicle. The passenger car segment holds the major market share. Growth of the market is attributed to rising sales of passenger cars and development of luxury cars manufacturing industry.
The market in Germany is projected to hold a major market share
In terms of regions, the Europe automotive TPMS market is classified as Germany, United Kingdom (UK), France, Italy, and Rest of Europe. Germany aims to lessen the fuel consumption and focus towards road safety. A large number of relevant air pressure tests in Germany and Europe show that at least 35% of all vehicles used have negative air pressure, which is estimated to save approximately 3.1 million liters of fuel in Europe while reducing emissions of pollutants.
Segments Covered in the Report
The Europe automotive TPMS market is segmented on the basis of
- Direct TPMS
- Indirect TPMS
- Passenger Car
- Commercial Vehicle
- United Kingdom (UK)
- Continental AG
- Huf Hülsbeck & Fürst GmbH & Co. KG
- ZF Friedrichshafen AG
Key players in the Europe automotive TPMS market include Continental AG, Huf Hülsbeck & Fürst GmbH & Co. KG, and ZF Friedrichshafen AG.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.