Tyre pressure monitoring systems are already compulsory on safety grounds in the United States, where Schrader controls 40% of the market.

Similar technology is expected to become mandatory in the European Union as legislators seek to slash emissions of greenhouse gases from transport - and could lead to a doubling of the company’s workforce.

Nigel Dodds, the Enterprise Minister, explained: “The contribution tyre pressure monitoring can make to reducing CO2 emissions is quite dramatic. As legislation comes into force, it will lead to significant growth.”

Schrader managing director Stephen McClelland predicted strong growth: “The mandate in North America has given us tremendous growth, selling two million parts a month. Our first contract in 1996 was for 10,000 parts a month; before that, we had only built 200 in five years!

“European vehicles have five years to achieve a 25% reduction in CO2 emissions. If you measure tyre pressure accurately, you can save three per cent, which is one eighth of the requirement. This is a tremendous opportunity to double our business.”

Even without new legislation, tyre pressure monitoring is taken up as an option by three to four per cent of car buyers in Europe, while Asian markets - particularly China and India - are expanding rapidly as car ownership booms.

Mr McClelland is hopeful that such growth will mean new jobs for Carrick - although the local factory is currently operating at capacity. He told the TIMES the company is already investigating the possibility of expanding onto neighbouring sites “in the next few years”.

“Staying as market leader, ahead of very large competitors, is all about investing in research and development and in people, bringing in graduates, training them, making sure we develop the best products.

“We have always reinvested in research and development and training, but the Invest NI assistance means we can speed things up.”

Schrader is also moving to diversify its business, with new products - described as “revolutionary” by the Minister - in the fields of transport and medicine.

These include a pressure sensor for oxygen cannisters used in hospitals and by the emergency services and technology to monitor the blend of fuel being used by an engine burning a mixture of petrol and alternative fuels.