Category : Automotive, Transportation and Logistics | Published at : April-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The market for tire pressure monitoring system is expected to grow at a CAGR of around 10.5% from 2020 to 2027 and expected to reach the market value of around US$ 24,019.1 Mn by 2027.
A tire-pressure monitoring system or TPMS is an electronic system designed to monitor the air pressure inside the tires and to warn the driver of the vehicles regarding an unsafe driving condition. The warning or the information is shown to the driver in the form of a gauge, a pictogram display, or a simple low-pressure warning light.
Market Dynamics
The impositions of strict safety norms in developed economies coupled with the technological advancements that enable real-time updates are driving the market growth. The rapidly growing automotive sector along with the rising disposable income in developing economies is supporting the demand. Additionally, increasing health and safety awareness among consumers, and the installation of various advanced driver assistance systems (ADAS) are further accelerating the market value. Moreover, increasing research and development activities will enhance the ability of TPMS to facilitate fuel efficiency is projected to create potential opportunities over the estimated period from 2020 to 2027.
On the other hand, lack of standardization and high prices associated with the tire-pressure monitoring system (TPMS) is expected to hamper the growth over the estimated period.
Passenger Vehicle segment is dominating the global market with major share
The increasing demand for passenger vehicles across the globe is primarily driving the market value. The rising consumer awareness about health and safety products is driving the market value. Additionally, the increasing purchasing power of people in emerging economies and the rising adoption of technologically advanced products is further supporting the market value. Along with these, the market is also projected to maintain its dominance over the estimated period from 2020 to 2027.
OEMs are leading the global tire pressure monitoring system market
In 2019, OEMs accounted for the major share in the market and the segment is also anticipated to dominate the global market in the forecast timeframe. The original equipment manufacturers (OEM) are investing in solutions which can provide better safety to the consumers is supporting the market value.
The market research study on “Tire Pressure Monitoring System Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global Tire Pressure Monitoring System market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global tire pressure monitoring system market, its product type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global tire pressure monitoring system market size and volume, and segment markets by product type, application, and geography along with the information on companies operating in the market. The Tire Pressure Monitoring System market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
Asia Pacific is projected to experienced fastest growth over the estimated period
Asia Pacific region is projected to experience the fastest growth with major CAGR over the estimated timeframe from 2020 to 2027. The region is particularly gaining growth owing to the increasing disposable income in major economies of the region including China and India. The increasing awareness among consumers about safety products is further accelerating the market value.
The players profiled in the report include ATEQ, Bartec USA LLC, Bendix Commercial Vehicles Systems LLC, Continental AG, Denso Corporation, Dunlop Tech GmbH, Hamaton Automotive Technology Co., Ltd., Huf Hülsbeck & Fürst GmbH & Co. KG, NIRA Dynamics AB, NXP Semiconductors, Pacific Industrial Co., Ltd., Sensata Technologies, Inc., WABCO, ZF Friedrichshafen AG.
Market Segmentation
Market By Technology
- Direct TPMS
- Indirect TPMS
Market By Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Market By Sales Channel
- OEMs
- Aftermarket
Market By Geography
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
A tire-pressure monitoring system or TPMS is an electronic system designed to monitor the air pressure inside the tires and to warn the driver of the vehicles regarding an unsafe driving condition.
The tire pressure monitoring system market is expected to grow at a CAGR of around 10.5% from 2020 to 2027.
The tire pressure monitoring system market is expected to reach the market value of around US$ 24,019.1 Mn by 2027.
Passenger Vehicle segment is dominating the global market with major share.
In 2019, OEMs accounted for the major share in the market and the segment is also anticipated to dominate the global market in the forecast timeframe.
Asia Pacific region is projected to experience the fastest growth with major CAGR over the estimated timeframe from 2020 to 2027.
The players profiled in the report include ATEQ, Bartec USA LLC, Bendix Commercial Vehicles Systems LLC, Continental AG, Denso Corporation, Dunlop Tech GmbH, Hamaton Automotive Technology Co., Ltd., Huf Hülsbeck & Fürst GmbH & Co. KG, NIRA Dynamics AB, NXP Semiconductors, Pacific Industrial Co., Ltd., Sensata Technologies, Inc., WABCO, ZF Friedrichshafen AG.
