Smart Tire Safety Monitor Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The global smart tire safety monitor market is anticipated to grow at a CAGR of 8.2% during the forecast period (2022-2028). A smart tire safety monitor is an electronic device that warns the driver when one or more than one tires are significantly inflated. The monitor also detects the slow leak of air from the tire and provides real-time tire pressure as well as they are easy to install. The system consists of three elements namely, a small onboard receiver (that is present in the vehicle), 4 sensors modules (each of one tire), and the smart phone application. A sensor module is small in size and is mounted on the valve of a tire. With the increase in safety concerns, people use this system in automobiles for safety vehicles and to monitor the air pressure inside the tire. This is the driving factor for the growth of the smart tire safety monitor market.

Adding of smart tire safety monitor improves the safety technologies in automobiles as this system provides real-time tire pressure data to increase the tire life and fuel economy. With the use of this safety monitor, it has the benefit of reducing the probability of accidents on roads, as smart safety monitor systems send an immediate message to smart phones connected to the receiver about the decrease in air pressure in a tire or about the increase in temperature of the tire due to friction between the road and tire. These are some driving factors for the growth of the market. However, the global smart tire safety monitor system consists of a replaceable lithium-ion battery, which offers only 3 hours of driving per day, which is the major restraining factor for the growth of the market.

Some major players in the market include Schrader TPMS Solutions, Continental AG, and Denso Corp., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in June 2021, in January 2020, Bridgestone Corp. showcased its sensor-equipped connected tire at the Consumer Electronics Show (CES). The tire can be integrated with advanced driver assistance systems for crash avoidance.

Market Coverage                                             

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Schrader TPMS Solutions, Continental AG, and Denso Corp., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Smart Tire Safety Monitor Market Report by Segment

By Type

• Interior Monitor
• External Monitor

By Application

• Passenger Vehicle
• Commercial Vehicle