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Growing Replacement Volumes Propel Tire Pressure Monitoring Aftermarket in Europe and North America Finds Frost & Sullivan - Manufacturers must raise awareness among technicians and consumers to boost adoption of replacement sensors - Automotive.Frost.com
Growing Replacement Volumes Propel Tire Pressure Monitoring Aftermarket in Europe and North America Finds Frost & Sullivan

 

PRZOOM - /newswire/ - London, United Kingdom, 2012/12/12 - Manufacturers must raise awareness among technicians and consumers to boost adoption of replacement sensors - Automotive.Frost.com.

   
 
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Laws mandating the installation of tire pressure monitoring systems (TPMS) in new vehicles are leading to a swift increase in the installed base of this technology in the European Union (EU) and the United States. With the proliferation of universal sensors and aggressive efforts to raise consumer awareness, the TPMS aftermarket is set for robust revenue growth.

New analysis from Frost & Sullivan (automotive.frost.com), Strategic Analysis of the North American and European Tire Pressure Monitoring Systems Aftermarket, finds that the market earned revenues of over $111.7 million in 2011 and estimates this to reach $386.6 million by 2018.

In 2011, only about 2.3 per cent of vehicles in operation in Europe, or 7.1 million, were equipped with direct TPMS. This installed base is forecast to grow to 36.7 million by 2018.

In the EU, transportation laws require vehicles to have an active TPMS. As sensor batteries typically last for six to 10 years, this mandate will drive breakage replacements in the forecast period and end-of-battery-life replacements beyond 2018.

"By 2014, nearly 38 per cent of vehicles in North America will feature TPMS – a 13 per cent increase from 2011 – thus, increasing the addressable market size," said Frost & Sullivan Industry Analyst Kumar Saha. "In Europe, the TPMS installed base, though much lower, is expected to more than double by 2014 due to supportive legislation."

As more European countries, including Belgium, Poland and Turkey, adopt winter tire legislations, TPMS revenues and unit sales will increase in the short and medium term. On the other hand, TPMS direct sensors installation in the U.S. will spike due to battery replacements, malfunctions, and winter tire replacements. Additionally, if the U.S. government mandates functioning TPMS sensors at all times, and tightens gas mileage policies, the technology will become a key component in vehicles.

High OE installation rates have also provided manufacturers with the economies of scale they need to reduce prices and offer attractive TPMS replacement packages to consumers.

However, low installer awareness and long battery life have curbed TPMS replacement volumes, particularly in North America. High prices and the proliferation of stock-keeping unit (SKU) counts for sensors daunt independent distribution and retail channels, further restraining growth.

To stay competitive, suppliers need to put adequate pricing and product placement strategies in place. Offering universal sensors, already introduced in North America by key manufacturers, will reduce inventory burdens on independent retailers.

"Consumers are more likely to replace their sensors while purchasing new tires. As such, tire retailers and distributors are perfectly positioned to take full advantage of the sensor market," concluded Saha. "They need to ensure that their front-line staff educates consumers, makes the right recommendations, and capitalises on sensor sales opportunities."

If you are interested in more information on this research, please send an email to Katja Feick, Corporate Communications, at katja.feick[.]frost.com, with your full name, company name, job title, telephone number, company email address, company website, city, state and country.

Strategic Analysis of the North American and European Tire Pressure Monitoring Systems Aftermarket (NB7D) is part of the Automotive & Transportation Growth Partnership Services program, which also includes research in the following markets: Future of Mobility - New Business Models, Opportunities, and Market Entrants in Mobility Integration, 360 Degree Outlook of Russian and Commonwealth of Independent States Automotive Industry, Business Models and Opportunities in the North American Traditional and Peer-to-Peer Carsharing Market. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.

Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

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Growing Replacement Volumes Propel Tire Pressure Monitoring Aftermarket in Europe and North America Finds Frost & Sullivan

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