Rockville, MD, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Based on the newly published report by Fact.MR, a market research and competitive intelligence provider, the global tire pressure sensor and airbag sensor market is evaluated to reach US$ 5.56 billion in 2024. The market is further forecasted to advance at a CAGR of 6.7% between 2024 and 2034.
Due to their widespread uses and vital role in vehicle safety, tire pressure and airbag sensors are seeing a sharp increase in demand worldwide. These sensors are now essential parts of contemporary cars because of advancements in automotive technology, which provide real-time monitoring and improve overall safety. Tire pressure sensors contribute to maintaining proper tire inflation, which enhances fuel economy, lowers tire wear, and helps avoid accidents brought on by underinflated tires. Conversely, airbag sensors guarantee accurate deployment during crashes, reducing injuries and perhaps saving lives.
Global government laws and customers' growing attention to car safety are driving the market's expansion. Furthermore, the popularity of electric and driverless cars has opened up new uses for sensors, extending their usefulness beyond conventional applications. The integration of these sensors with advanced driver assistance systems (ADAS) and connected car technologies is going to significantly enhance their demand as the automotive industry continues to expand, making them indispensable components in the future of transportation safety.
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Key Takeaways from Market Study
- The global tire pressure sensor and airbag sensor market is evaluated to make a revenue of around US$ 10.63 billion by 2034.
- The market in Canada is forecasted to advance at a CAGR of 3% between 2024 and 2034, with a projected share of 16.2% of North America by the end of 2034.
- The East Asian market is approximated to reach a valuation of US$ 1.89 billion by 2034.
- South Korea is evaluated to hold 5% share in East Asia in 2024.
- Among all the different sensor types available in the market, tire pressure sensor sales are projected to expand at a CAGR of 1% between 2024 and 2034.
“Insurance companies are giving discounts on cars with advanced safety systems including tire pressure sensors and airbag sensors leading to its popularity around the world,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Tire Pressure Sensor and Airbag Sensor Market
Key players in the tire pressure sensor and airbag sensor market are Infineon Technologies AG, Mitsubishi Electric Co. Ltd., Continental AG, NXP Semiconductors, ZF Friedrichshafen AG, Robert Bosch GmBH, Yanfeng Automotive Safety Systems Co. Ltd, Hella GmbH & Co. KGaA, Denso Corporation, Analog Devices Inc., STMicroelectronics, Texas Instruments Incorporated, Allegro Microsystems, LLC, CTS Corporation, Elmos Semiconductor, Sensata Technologies.
Advent of TPMS allows Enabling Drivers to Know Condition of Vehicles:
Drivers are now remotely checking tire conditions using tire pressure monitoring systems (TPMS), which include wireless technology and smartphone connectivity. Some state-of-the-art systems even use AI and machine learning algorithms to anticipate possible tire breakdowns before they happen.
New advancements in airbag sensors include multi-stage deployment systems that modify inflation according to collision severity and occupant attributes. These days, sensors are positioned outside to identify impending crashes and trigger safety systems moments before they happen. Furthermore, new safety features such as exterior pedestrian airbags and far-side airbags are starting to appear.
These developments support the march toward autonomous driving while simultaneously improving car safety. These sensors play a bigger role in cars now that they are more sophisticated and linked, serving purposes beyond simple safety. This advancement in technology is drawing in manufacturers and customers alike, propelling the market and solidifying these sensors' status as essential elements of contemporary vehicle design.
Tire Pressure Sensor and Airbag Sensor Industry News:
- Autoliv Inc. unveiled their most recent airbag module in June 2023. In order to reduce passenger injuries, this module makes use of fluid dynamic ideas to allow airbag systems to expand their inflated region and embrace a bigger vehicle's interior.
- In November 2022, Melexis debuted a new, incredibly accurate automotive pressure sensor for internal combustion engine cars. The company revealed a new range of integrated pressure sensors. After calculating the absolute pressure, these pressure sensors provide a digital output signal to its networked goods.
- Honda Motors was granted an Indian patent in September 2022 for their inventive scooter airbag system. According to the patented design, the lone frontal airbag is located near the handlebar.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the tire pressure sensor and airbag sensor market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (airbag, tire pressure), vehicle (passenger cars, commercial vehicles), by sales channel (OEMs, aftermarket), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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