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Automotive Tire Pressure Monitoring System Market, Consumption, Production, Imports, Exports, Company Analysis, 2024-2033
Automotive Tire Pressure Monitoring System Global Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Automotive Tire Pressure Monitoring System industry. This report on Automotive Tire Pressure Monitoring System market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The automotive tire pressure monitoring system market size has grown rapidly in recent years. It will grow from $8.39 billion in 2023 to $9.72 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth in the historic period can be attributed to increase in automotive production and sales, expanding automotive aftermarket, enhanced safety and security requirements, globalization and international trade.
The automotive tire pressure monitoring system market size is expected to see rapid growth in the next few years. It will grow to $17.12 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to electrification of vehicles, autonomous vehicle development, stringent government regulations, expansion of the connected car ecosystem, rising disposable income. Major trends in the forecast period include advanced sensor technology, connected TPMS, predictive maintenance, smartphone integration, data analytics and ai.
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Key Market Players:
Continental AG, Sensata Technologies Holding PLC, Denso Corporation, Pacific Industrial Co. Ltd., NXP Semiconductors N.V., Huf Hülsbeck & Fürst GmbH & Co. KG, Nira Dynamics AB, Hamaton Automotive Technology Co. Ltd., ATEQ TPMS, Alligator Ventilfabrik GmbH, ALPS ALPINE CO. Ltd.
Market Drivers:
According to the Automotive Tire Pressure Monitoring System Market Report 2023 by The Business Research Company, the key factors driving the growth of the Automotive Tire Pressure Monitoring System market, includes Technological advancements have emerged as the key trend gaining popularity in the automotive tire pressure monitoring systems market. Major companies operating in the automotive TPMS sector are focused on research activities and new product innovations with advanced technologies for market growth.
More information about the Global Automotive Tire Pressure Monitoring System Market Report -
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Market segments for Automotive Tire Pressure Monitoring System include:
1) By Type: Direct TPMS, Indirect TPMS
2) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
3) By Sales Channel Type: OEM, Aftermarket
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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