MOUNTAIN VIEW, Calif. (May 28, 2015) — Tire pressure sensors are becoming the fastest-growing product in the automotive aftermarket, according to a Frost & Sullivan Inc. report.
Demand for tire pressure monitoring system (TPMS) sensors is expected to triple by 2018-20, Frost & Sullivan's Oindrila Bhar said, as TPMS sensors installed since the 2007 U.S. TREAD Act start failing and European legislation mandating TPMS on new vehicles sold in the EU27 region takes effect. Ms. Bhar is a research analyst for Frost & Sullivan's automotive and transportation global aftermarket sector.
The research firm expects the total market to grow to $365.5 million in 2020 from $121.1 million in 2013, a compound annual growth rate of 17 percent.
Expired sensor batteries are expected to be the key demand driver in North America, while winter tire sales will have the largest impact in Europe. In 2014, unit shipments increased to about 7.8 million for North America and 1.4 million for Europe, Frost reported.