With the development of the global intelligent trend, sensors have been applied in a large number of applications, and the market in various fields has further increased. According to industry forecasts, the automotive smart tire and sensor market will grow at a compound annual growth rate of 7.44%-8.88% between 2019 and 2024.
The smart tire and sensor market is driven by a number of factors, such as the government's push for new energy and smart cars to ensure road safety. Consumers are increasingly expecting intelligence to achieve an easy and safe driving experience. In addition, the detection of vehicles by sensors can be cost effective, such as tire maintenance and other data acquisition requirements, which accelerates the expansion of the tire sensor market.
In the global automotive smart tire and sensor market in 2018, the US market has the largest share of the world at 22.45%. The industry expects that the US automotive smart tire and sensor market will grow at a compound annual growth rate of 1.54% between 2019 and 2024.
It is predicted that by 2024, China will become the world's largest sensor market with a market share of 38.51%. During the period from 2019 to 2024, China's automotive tire smart sensors and market are expected to reach a compound annual growth rate of 15.06%.
China's automotive sensor market is mainly driven by a large number of domestic car sales. Recently, China has mandated the regulation of TPMS sensors for all new cars. In addition, China has a variety of TPMS manufacturers and suppliers, as well as a variety of tire sensor component suppliers, which promote the development of China's TPMS sensors.
The global automotive smart tire and sensor market can be subdivided into sub-models such as passenger cars and commercial vehicles. In 2018, the passenger vehicle market dominated the global automotive smart tire and sensor market, gaining the largest market share and is expected to grow at a steady compound annual growth rate in the next few years.
In terms of distribution channels, original equipment manufacturers dominated the global automotive smart tire and sensor market in 2018 and are expected to maintain their dominant position throughout the forecast period.
Geographically, the US market has the largest share of the global automotive smart tire and sensor market in 2018. However, by 2024, China is expected to gain the largest market share.
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