Latin America Automotive TPMS Market – Forecasts and Trends (2015 – 2020)
The Latin America Automotive TPMS market is expected to reach a market size of US $X.XX billion till 2020 at a CAGR of 13.61% over the forecasted period. TPMS is an electronic system intended to note the air pressure inside the tires of every type of vehicles. TPMS gives the real time information to the driver of the vehicle through a pictogram display. The multifunction display in the instrument cluster gives a quick and convenient way to check the tyre pressures. In recent scenario, automotive safety systems in Latin America have become advanced, sophisticated and efficient. Increasing adoption rate for automotive safety systems such as TPMS has reduces the number of accidents and lowers the impact of accidents on people. The TPMS has its extensive application in the heavy commercial vehicles like that of trucks and other heavy vehicles to avoid heavy collision and accidental damages. High incidences of accidents and growing awareness among customers about the safety systems in automotive would help to drive the demand for automotive TPMS in the region. The TPMS market in this region is at its nascent stage and is highly driven by the manufacturers looking for consolidation and strategic acquisitions to attain the economies of scale in production. TPMS as an electronic system, is designed to provide real-time information about tire pressure by monitoring the air pressure inside the tires. Their usage and acceptability is more frequently applicable for off-the-road vehicles served for industrial purposes. Bailac, the Chilean giant specialising in rendering complete tire maintenance launched UMAN (Unidad de Monitoreo Activo de Neumáticos) in 2009, which is the active tire monitoring unit and is useful for communication via Wi-Fi, Ethernet or RS232, enabling it to be implemented in several applications above and below ground. The unit was primarily produced to be implemented for mine-haul tracks. The latest crash test results released by the Latin America- NCAP reveal that the safety levels of the popular vehicles sold in the region are way behind the industrialised countries and below Latin-America standards. However, there has been some progress with more cars achieving a four star safety rating and some international OEMs making safety systems like air bags and TPMS standard in the models tested. The lack of UN based vehicle safety standards across Latin America and the absence of vehicle testing laboratories make it hard for governments to be sure that all OEMs maintain the quality of the vehicles being sold in their markets. But the OEMs have started to focus on implementing more of safety features due to the means of attaining product differentiation from the other mid-segment vehicles. The awareness of TPMS systems among consumers has also been low in the region affecting the growth of the market in the region. However, with the growing safety concerns among consumers, and with the development of easily configurable TPMS systems, the demand for entry-level vehicles equipped with safety features is expected to increase during the forecast period. The market is expected to be driven by the increase in demand from the passenger and commercial vehicles from countries like Mexico, and Brazil. In addition, the overall growth of the automotive component industry in Mexico, would also help to provide significant boost to the growth of the market. Prominent vendors in the TPMS market in the region, include Schrader, Hawkshead Systems, are some of the dominant players in this region. What the Report Offers Market Definition along with identification of key drivers and restraints for the market. Market analysis with country specific assessments and competition analysis in the Latin America TPMS market. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies, which can influence the market on the regional scale and at the country level. Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares. Identification and analysis of the Macro and Micro factors that affect the industry on both Latin-America and country wise.