Sensata (ST) Unveils New Tire Mounted Sensor to Tap TPMS Market
Sensata Technologies ST has announced the development of the company’s latest Tire Mounted Sensor, which is expected to launch in 2023 in collaboration with a major tire manufacturer.
The new sensor allows vehicle and tire original equipment manufacturer (OEM) to deliver comprehensive data insights beyond the traditional pressure and temperature data.
The sensor, which includes a TPMS and an accelerometer, is fitted directly to the tire's inner line. The TPMS functionality and accelerometer aid in gauging the force with which the tire hits the ground.
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The vertical load on each tyre can be calculated while the vehicle is moving by combining sensor data with a load computation algorithm. The system will alert the driver if the vehicle is imbalanced or overloaded. Per the company estimates, a vehicle’s tire life and fuel efficiency decline by 16% and 10%, respectively, when it is overloaded by 10%.
Thus, this helps customers to improve tire health and allows OEMs to improve safety and performance. It also recognizes the brand and model of the tire, which helps users track tire warranty effectively.
The vehicle's performance and handling can be modified to match the mounted tire owing to tire information programmed within the sensor. Also, the sensor provides real-time feedback to the battery management system, which allows vehicle and tire OEMs to calculate EV range estimations.
Additionally, detecting changes in the road's surface can help Advanced Driver Assistance Systems alter their braking distances in a more timely and precise manner.
The company wants to leverage this product to tap the growing demand for Tire Pressure Monitoring System (TPMS). Per a report by Mordor Intelligence, the automotive TPMS market, valued at $5.67 billion in 2021, is expected to reach $13.6 billion by 2027, at a CAGR of more than 13%.
In June, the company announced Bluetooth Low Energy TPMS, which provides the necessary data to allow auto manufacturers and their customers to precisely track and take timely action about their tire's health. Drivers can enhance their driving experience and prevent a trip to the shop by downloading tire-related features and software updates via over-the-air updates.
Prior to that, Sensata announced that its TPMS had been selected by leading commercial tractor and trailer manufacturers in Europe, Asia and North America to meet the emerging vehicle safety standards and regulations worldwide.
However, the company is facing increased supply-chain issues and logistics expenses. A highly-leveraged balance sheet and increasing competition from low-cost suppliers are further concerns.
ST currently carries a Zacks Rank #4 (Sell). Shares of the company have lost 21.6% compared with the industry’s decline of 15.4% in the past year.
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