Global Tire Pressure Monitoring System Market projected to increase at 7% CAGR between 2017 and 2023 due to growing demand for vehicle safety
— Tire Pressure Monitoring System (TPMS) is growing due to the automotive industry going for better safety measures in vehicles. Market Research Future (MRFR) has published a research report about the global tire pressure monitoring system market that projects increase for this market at 7% CAGR (Compound Annual Growth Rate) between 2017 and 2023.
The vital factor pushing the tire pressure monitoring system market growth is the introduction of some strict government regulations. Such regulations mandate the need for curbing vehicular emissions and improving the fuel efficiency of the vehicle. Other factors aiding the progress of the market include increasing adverse effects of greenhouse gases and deteriorating air quality. The growth of the automotive industry is also playing an important role in the growth of the TPMS market. Factors aiding the automotive industry include an increase in demand for high-end luxury cars, and rising economic as well as environmental policies.
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Finally, the market for TPMS is growing due to the growth of the automotive aftermarket that is a result of customers for the adoption of advanced safety systems such as anti-brake systems, electronic stability control, and tire pressure indicators.
The global tire pressure monitoring system market has been segmented on the basis of technology, sales channel, vehicle type, and lastly, region. The technology-based segmentation segments this market into direct TPMS and indirect TPMS. Direct TPMS is defined as the use of a pressure sensor directly mounted on the tires of a vehicle. Indirect TPMS do not have air pressure sensors inside the tires, and they detect a low tire by comparing relative wheel speeds via the anti-lock brake system (ABS) wheel speed sensors.
Regarding sales channels, the market has been segmented into the original equipment manufacturer (OEM) and aftermarket. the market for accessories, components, and spare parts for motor vehicles is defined as aftermarket. By vehicle type, the market can be segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Light commercial vehicles are used for transferring lightweight raw materials for the production of goods or finished goods to the retailers. Heavy commercial vehicles are used for transferring heavy items. The passenger vehicle is useful for traveling and commuting.
The regional segmentation of the global tire pressure monitoring system market can segment the market into the regional markets known as North America, Asia Pacific, Europe, and the rest of the world (RoW). During the forecast period, the Asia Pacific regional market is expected to dominate the global market due to the boom in the automotive sector and the increased adoption rate of TPMS. Due to these two reasons, the production of TPMS-equipped automobiles is increasing in countries like China, Japan, India, and South Korea. Other important factors favoring the market growth in this region include the availability of raw components in this region, improved automotive infrastructure, and the focus of key industry players in the automotive sector on encouraging safety and security of the vehicle users.
Europe market is also significantly contributing to the growth of the global market. Presence of many key market players and technological advancement are contributing to the market growth in Europe. However, the most important factor responsible for market growth is the objective to ensure passenger safety. The serious country-specific markets in this region are France, Germany, Italy, and the UK, followed by the remaining countries of Europe.
The third significant regional market is in North America due to technological advancement, established automotive sector, many key market players operating in USA and Canada.
The key players in the global tire pressure monitoring system market include AVE technologies (Australia), Bartec USA LLC (USA), Continental AG (Germany), Delphi Automotive LLP. (UK), Dunlop Tech GmbH (Germany), Huf Hülsbeck & Fürst GmbH & Co. KG (Germany), Pacific Industrial Co. Ltd (Japan), Schrader Electronics (UK), Sensata Technologies Inc. (USA), and ZF Friedrichshafen AG (Germany).
Latest Industry News
Featuring TPMS, the Koenigsegg Jesko the hypercar that can produce 1298 PS of power on regular fuel, has been unveiled in Geneva. 5 MAR 2019
Freightliner Custom Chassis Corporation has added new powertrain options for its Chassis lineup. Now the cars in Chassis lineup feature not only TPMS but also new propane, compressed natural gas and traditional diesel engines. 6 MAR 2019
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