Intelligent Tire and Sensor Systems Can Help Prevent Several Road Accidents
The transportation recall, enhancement, accountability and documentation (TREAD) regulation passed by governments insists that all vehicles, both passenger and commercial, must be installed with tire pressure monitoring systems (TPMS). This system is highly beneficial and can prevent several road incidents. For reference, it has been observed that around 9% of the road accidents occur due to under-inflated tires in France. Thus, the regulation to install TPMS system in all new vehicles to be manufactured was directed by the government.
The TPMS system is majorly of two types, i.e. direct and indirect. The direct TPS system is equipped with sensors in each tire to determine the pressure. However, the indirect system monitors the level of inflation by monitoring the tire revolution.
Based on the market intelligence report published by BIS Research, titled “Global Automotive Intelligent Tire and Sensor Market — Analysis & Forecast, 2019–2024”, the automotive tire and sensor market generated a revenue of $46.592 billion in 2018 and is projected to reach $77.51 billion by 2024. The market is anticipated to witness a compound annual growth of 7.44% during the forecast period from 2019 to 2024.
The growth of the market is aided by the factors driving the growth of the market, including rapid increase in vehicle sales, increasing need for data in case of connected vehicles, requirement for better cost and fuel efficiency, the increasing need to preserve environment, and the increasing requirement for safety features in the vehicles along with the stringent regulations by the governments of different countries. In addition, there are multiple instances which are creating opportunities for the market to grow further. These include use of intelligent tires in platooning systems, rise of autonomous and electric vehicles, and piezoelectric energy harvesting with smart tires.
The U.S. lead the market in terms of revenue in 2018, however, it is expected that China is going to lead the market by 2024 with a market share of 38.51%. Further, based on sales channel, the original equipment manufacturers (OEMs) account for 65% of the market share in 2018 and are projected to maintain that lead by 2024.
Moreover, some of the leading players present in the automotive industry are actively taking steps to commercialize smart tires by finding ways to decrease their cost. Although the market possesses huge growth potential, it remains in the development phase, thus is expected to undergo strategic changes in the near future.