Automotive Tire Pressure Monitoring System Market Unlocking Growth Potential: Strategies for Business Expansion in the Market

Quadintel's recent global " Automotive Tire Pressure Monitoring System Market " research report gives detailed facts with consideration to market size, cost revenue, trends, growth, capacity, and forecast till 2030. In addition, it includes an in-depth analysis of This market, including key factors impacting the market growth.

This study offers information for creating plans to increase the market's growth and effectiveness and is a comprehensive quantitative survey of the market.

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The global market for automotive tire pressure monitoring systems (TPMS) was valued at over USD 5 billion in 2020, and it is expected to grow at a CAGR of more than 13.3% during the forecast period to reach a value of USD 12 billion by 2026.

The major factors driving the market are the growing preference for advanced driver assistance systems with safety as a major propellant, the increase in the sales of luxury vehicles with TPMS as a standard feature, and the rise in the number of accidents and subsequent road fatalities, prompting regulatory authorities to mandate the use of TPMS in automobiles.

The COVID-19 pandemic caused a slowdown in the fabrication of materials and sensors, affecting the TPMS market. However, with more personal mobility preferences that will come up post-pandemic, the market is expected to recover and get back into a good economic position.

The passenger vehicle segment is the largest market for TPMS, where tire pressure management is considered a critical safety system. Despite the poor growth rate of the passenger vehicle segment, the market for premium luxury vehicles is expected to increase significantly in the Asia-Pacific region, where countries such as Japan and China are major automotive hubs.

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Companies such as Dill Air Control are now producing TPMS systems for high-end models of automakers, such as Toyota, Lexus, BMW, Volkswagen, Hyundai, Chrysler, Jeep, and Rolls Royce.

The Asia-Pacific region is the fastest-growing market for automotive TPMS, with China and India being the major contributors. The demand for TPMS and other advanced driver assistance systems is driven by the increasing market penetration of premium cars and the rise in safety installations per vehicle due to the adoption of safety regulations by governments/agencies.

Automotive OEMs in the region, such as Hyundai and Nissan, are strategically manufacturing and integrating advanced automotive TPMS technology with safety systems to increase their revenue.

The market for automotive TPMS is highly competitive, with companies such as Sensata Technologies, Huf Electronics, Continental, Infineon Technology, Lear Corporation, and ZF TRW dominating the market in terms of supply to OEMs. These big players increased their R&D spending exponentially to integrate automotive TPMS with other safety-related solutions, resulting in better TPMS-based advanced driver assistance systems for automotive applications.

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Global players such as Continental AG and Valeo have a significant presence in the Asia-Pacific region, and their aggressive marketing strategies are expected to influence the market demand for automotive TPMS in the region during the forecast period.

In summary, the market for automotive TPMS is expected to grow significantly in the coming years, driven by factors such as the increasing preference for advanced driver assistance systems, the rise in the sales of luxury vehicles, and the mandate by regulatory authorities to use TPMS in automobiles. The Asia-Pacific region is expected to witness the highest growth rate, with China and India being the major contributors.

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Detailed economic ratios of the previous 5 years: The trendy monetary ratios come from the annual economic statements issued by means of agencies with a record of 5 years.
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