05-18-2018 08:48 AM CET - Logistics & Transport

Global Tyre Pressure Monitoring Systems (TPMS) Market: Technological Advancements and Future Opportunities and Current Industry Trends

Press release from: PS Market Research

The global tyre pressure monitoring system (TPMS) market is driven by the technological advancements and increased safety awareness among consumers. The increase in vehicle sales as a result of growth in per capita income of consumers is another factor, which is driving the growth of the global tyre pressure monitoring system industry.

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The automotive safety systems have become more sophisticated, advanced, and efficient. The augmented adoption rate of automotive safety systems by the automotive industry has resulted in the reduced number of accidents and minimizes the impact of accidents on people. Tyre pressure monitoring systems (TPMS) is a device to control real time tyre pressure and temperature. It is used to monitor the air pressure inside the inflated tyres on several types of vehicles. Wireless TPMS consists of a display unit and sensors. The display unit consists of a built in lithium ion battery in the display unit, so that there is no need to connect a power cable with it.

North America dominated the global tyre pressure monitoring systems market in 2014. Europe is expected to dominate the global market and witness high growth in the future. The vehicles equipped with original equipment manufacturing accessories are more reliable, as compared to the after-market tyre pressure monitoring systems.

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The increasing demand for luxury vehicles in the regions, such as Europe and Asia- Pacific, mainly in developing economies such as India and China, is driving the growth of the global tyre pressure monitoring system market. ZF TRW Automotive Holdings Corp., AVE Technologies, Schrader International Inc., General Electric Company, BARTEC US Corp. are some of the major competitors in the global tyre pressure monitoring systems market.

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