LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global motorcycle tire pressure management system (MTPMS) market to grow at a stupendous CAGR of more than 29% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global MTPMS market for 2017-2021. Technavio analysts have presented the various facets of the market with a focus on identifying the key industry influencers.
The global MTPMS market is expected to grow at a considerable rate owing to the high proportion of under or over inflated tire pressure related accidents that are leading to growing popularity of such TPMSs among the motorcycle enthusiasts. In addition to this, advantages of the system such as longer tire life, high fuel efficiency, and reduced carbon emissions from vehicles are also fueling the growth of such systems in the market.
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Technavio automotive analysts highlight the following three factors that are contributing to the growth of the global MTPMS market:
TPMS reduces maintenance cost of motorcycle
TPMS continuously monitors tire pressure and constantly notifies the rider. It has been found that a TPMS-fitted tire can result in fuel efficiency of 1.4% on an average depending upon the duration of travel and vehicle type. Considering current fuel costs of USD 3 to USD 10 per gallon in countries like the US, Europe, and China, a minimum of USD 900 is saved for a 100,000-mile drive.
Siddharth Jaiswal, a lead automotive electronics research analyst at Technavio, says, “MTPMS can be easily purchased in the aftermarket and has an average initial cost of around USD 150 to USD 250, which should not be a concern considering the benefits and savings it offers.”
Growing touring motorcycle market
The global sales of the touring segment motorcycles are on the rise. This is due to the increased preference for people to use motorcycles for long commutes mainly in North America and Europe. The increasing focus of consumers toward heavy weight motorcycles is attributed to the comfort and the safety level given by these motorcycles for long distance traveling.
“The customers also see comfort in the form of freedom and self-expression offered by heavy weight touring motorcycles. Therefore, motorcycle manufacturers engage with customers on a regular basis to avail feedback and design innovation,” adds Siddharth.
TPMS helps in reducing fuel consumption, carbon emissions, and tire wear
Advanced technologies are aimed at making motorcycle riding a safer, comfortable, and convenient experience in addition to making them eco-friendly in nature. Rolling resistance from tires plays an important role in delivering the optimum fuel efficiency and level of exhaust emission from the vehicle. It has been found out that lower pressure in the tire leads to high rolling resistance in the tire.
Therefore, a device that can monitor the tire pressure continuously becomes crucial for optimum fuel efficiency and lower emissions. TPMS is one of those systems that continuously monitor tire pressure to increase fuel efficiency by alerting the driver in case of underinflated tires.
- Schrader International
- Salutica Bernad (FOBO)
- Orange Electronic
- Doran Manufacturing
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