Automotive Tire Tread Sensors Market Size, Share, Growth, and Industry Analysis, By Type (Tire Integrated Sensor and Tire Tread Sensor), By Application (Passenger Cars and Commercial Vehicles), Regional Forecast To 2031

Updated On: 08 April 2024

Automotive Tire Tread Sensors Market REPORT OVERVIEW

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global automotive tire tread sensors market size was USD  16 million in 2022 and market is projected to touch 1982.58 million by 2031, exhibiting a CAGR of 71% during the forecast period.

Automotive tire tread sensors offer a number of advantages for both drivers and vehicle owners. These sensors can help to improve safety, fuel efficiency, tire life, maintenance costs, and driving comfort. In addition, tire tread sensors can help drivers comply with safety regulations in many countries. The public is also becoming increasingly aware of the benefits of tire tread sensors, which is leading to increased demand for these sensors. Advances in technology are also leading to the development of more accurate and reliable tire tread sensors. This is helping to drive the growth of the automotive tire tread sensors market. Overall, the automotive tire tread sensors market is a rapidly growing market with a number of advantages for both drivers and vehicle owners.

COVID-19 Impact: Imposed Restrictions in the Economy which led to a decline in demand for Market

Reduced production and sales of new vehicles: The COVID-19 pandemic led to a decline in economic activity, which in turn led to a decline in the production and sales of new vehicles. This had a negative impact on the demand for automotive tire tread sensors, as these sensors are typically installed in new vehicles. For example, in the United States, the production of new vehicles declined by 40% in the first quarter of 2020.Reduced driving due to restrictions: In many countries, governments-imposed restrictions on travel and movement during the COVID-19 pandemic. This led to a reduction in the amount of driving that people did, which in turn led to a decline in the demand for automotive tire tread sensors. For example, in the United States, the average daily miles driven per vehicle declined by 20% in April 2020.Delayed maintenance and tire replacement: Due to the economic uncertainty caused by the COVID-19 pandemic, many people delayed maintenance and tire replacement. This also had a negative impact on the demand for automotive tire tread sensors. For example, in the United States, the number of tire replacements declined by 15% in the first quarter of 2020.

LATEST TRENDS

"Higher Standards of Performance by Increase in Infrastructure Spending to Grow Market Potentially"

Increasing adoption of connected cars: Connected cars are equipped with a variety of sensors, including tire tread sensors. The increasing adoption of connected cars is expected to drive the demand for automotive tire tread sensors. Advances in sensor technology: The technology used in tire tread sensors is constantly evolving. This is leading to the development of more accurate and reliable sensors. For example, laser-based sensors are becoming increasingly popular as they are more accurate than other types of sensors. Development of new applications: Tire tread sensors are not only used to monitor tire tread depth, but they are also being used for other applications, such as monitoring tire pressure and temperature. For example, tire pressure monitoring systems (TPMS) are becoming increasingly popular as they can help to improve fuel efficiency and prevent accidents. Growth in the aftermarket: The aftermarket for automotive tire tread sensors is growing rapidly. This is due to the increasing awareness of the benefits of these sensors among consumers. For example, the global aftermarket for TPMS is expected to reach $1.5 billion by 2025.

Automotive Tire Tread Sensors Market SEGMENTATION

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• By Type

Based on type the automotive tire tread sensors market is classified as tire integrated sensor and tire tread sensor.

• By Application

Based on application the automotive tire tread sensors market is classified as passenger cars and commercial vehicles.

DRIVING FACTORS

"Increasing safety regulations"

Governments around the world are increasing safety regulations for vehicles. This is leading to an increase in the demand for automotive tire tread sensors, as these sensors can help to prevent accidents. For example, the European Union has recently proposed a new regulation that would require all new cars to be equipped with tire pressure monitoring systems (TPMS).

"Increased adoption of connected cars"

Connected cars are equipped with a variety of sensors, including tire tread sensors. The increasing adoption of connected cars is expected to drive the demand for automotive tire tread sensors. For example, the number of connected cars is expected to reach 1.5 billion by 2025.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market"

The automotive tire tread sensors market is growing rapidly, but there are a number of restraining factors that could limit its growth in the coming years. These factors include the high cost of tire tread sensors, the complexity of installation and maintenance, lack of awareness of the benefits of tire tread sensors, regulations in some countries, technological challenges, competition from other technologies, trade wars, and economic downturn. The high cost of tire tread sensors is a major barrier to adoption for some consumers. The complexity of installation and maintenance can also be a challenge for some consumers. Additionally, some consumers are not aware of the benefits of tire tread sensors, which can be a barrier to adoption. In some countries, there are regulations that restrict the use of tire tread sensors. This can be a barrier to adoption in these countries.

Automotive Tire Tread Sensors Market REGIONAL INSIGHTS

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"North America Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

The automotive tire tread sensors market is segmented into five major regions: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is the largest market for automotive tire tread sensors, accounting for the largest share of the global market. This is due to the increasing safety regulations in the region, the increasing adoption of connected cars, and the growth in the aftermarket. Europe is the second-largest market for automotive tire tread sensors. This is due to the similar factors as in North America, as well as the increasing awareness of the benefits of tire tread sensors in the region.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The automotive tire tread sensors market is dominated by a few key players, including Continental, Tyrata, Sensata Technologies, ZF Friedrichshafen, and Schrader Electronics. These companies are investing heavily in research and development to develop new and innovative tire tread sensors. They are also expanding their product portfolios to meet the growing demand for tire tread sensors in different applications.

List of Market Players Profiled

• Continental (Germany)
• Tyrata (U.S)
• Revvo Technologies, Inc. (U.S)
• Rösler (Germany)
• Cerebrum Sensor Technologies (U.S)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.