The North America Commercial Vehicle TPMS Market is projected to grow with a CAGR of more than 6 % during the forecast period.
- Because of the ongoing trade tensions between two major economies of the world China and United States, the automobile sector is witnessing a decline in demand across the world, the impact got worst when the world was hit by the pandemic COVID-19. However, the demand for automobiles is expected to gain during the second half of the year 2021, when things are expected to become normal.
- During the period 2015-2019, commercial vehicles sales in United States increased with 4.33 % and in Canada the growth rate is 3.8 %. The demand is majorly driven by the government spending on economic activities and the growth in supply chain by the e-commerce giants in the region.
- The awareness about safety of passengers and reducing accidents are enhancing the demand for tire pressure monitoring systems in the region.
- However, there is lack of regulations that makes TPMS mandatory in commercial vehicles unlike the passenger vehicles market, it is restraining growth in the market.
Key Market Trends
Commercial Vehicle Sales Driving Growth
Owing to the Private and Public sector spending in construction activities and mining activities the demand for commercial vehicles are growing every year in the region. Commercial vehicle sales in Canada in 2019, were 12.7 million which rose from 12.3 million, in 2018. Similarly, in United sales 12.8 million commercial vehicles were sold in 2019.
According to US Census Bureau, the public sector spending in construction action in 2018 is around USD 307 billion and in 2019 around USD 329 billion, while the private sector spending in 2018 was around USD 1000 billion while in 2019 it was around USD 977 billion.
In 2018, US mines produced minerals worth an estimate of USD 82.2 billion of raw minerals, which is an increase of 3% from 2017.
With the growing consumer awareness about safety of vehicles and passengers during travelling is creating demand for the market. The major OEMs are spending heavily in providing safety features to the vehicle owners. For instance,
In November 2018, PSI introduced TireView , a solution of TPMS for commercial vehicles.
United States Captures the Largest Market in 2019
During the year 2019, the Commercial Vehicles sales in the United States witnessed a slight growth in sales numbers from 12.4 million vehicles in 2018 to around 12.8 million vehicles in 2019.
In United States, there is no regulation for TPMS in N1 (Vehicles designed and constructed for the carriage of goods and having a maximum mass not exceeding 3.5 tonnes) and N2 vehicles (Vehicles designed and constructed for the carriage of goods and having a maximum mass exceeding 3.5 tonnes but not exceeding 12 tonnes.), but if they are fitted by the OEMs then it is mandatory to comply all the regulations.
According to National Highway Traffic Safety Association, in 2019, there is a continuous rise in truck fatalities and has reached their highest levels in past 30 years. The federal agency has reported around 885 large truck occupants died in 2018, which is 1% more than the previous year fatalities and highest since 1988. The fatalities involving large trucks are also increasing with 4678 people died in collision with large trucks in 2018 which is 1% more than previous year. And pedestrians killed in crashes involving large trucks increased by 13 percent in 2018.
The OEMs in the region are installing driver assistance features in heavy vehicles segment, even it is not mandatory by the regulators and are spending heavily on developing new and technologically advanced products. For instance,
In October 2019, Continental AG introduced its intelligent steer tires for trucks. The intelligent tires can be monitored for deflation and other signs of trouble. And the tires can come with the sensory equipment, or the sensors can be added later.
The North America Commercial vehicle TPMS Market is fragmented, with many players accounting for a small market share. Some of the prominent companies in North America commercial vehicle TPMS Market are Pacific Industrial Co. Ltd., Pressure Pro, Schrader TPMS Solution, Continental AG, Denso and others. The major players in the country are entering into strategic partnership with global leaders to gain considerable market share.
In May 2019, Giti tire launched its first tire pressure monitoring system for commercial vehicles. Giti Fleet SMART reportedly allows fleet owners and operators to continually monitor and analyse its fleets' tyres. If any loss in tyre pressure is detected, SMART immediately sends notifications to the driver and the fleet’s base.
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