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Automotive Tire Pressure Monitoring System Market to Grow at 6.7 CAGR by 2024
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Factors such as strict government regulations making TPMS mandatory in passenger cars, higher focus on enhancing fuel efficiency and rapid adoption of automotive safety technology are expected to drive the global market for automotive TPMS during the forecast period.
On the basis of vehicle type, the global market for automotive TPMS has been segmented into heavy commercial vehicle (HCV), passenger car, and light commercial vehicle (LCV). Passenger car is the leading segment of the market. In terms of value, the segment is projected to account for 79% share of the market by the end of 2016. Demand for automotive TPMS in passenger cars is more due to the higher sales of luxury cars. In addition, countries such as South Korea, U.S and the European Union have made TPMS mandatory in passenger vehicles, which is further influencing the growth of the segment.
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On the basis of type, the global market for automotive TPMS market has been segmented into indirect TPMS and direct TPMS. The direct TPMS segment is anticipated to witness growth rate in terms of value during the forecast period. By the end of 2016, the segment is expected to account for nearly 99% revenue share of the market and is anticipated to expand at a CAGR of over 6% through 2024. This is mainly owing to the rapid implementation of regulatory norms associated with TPMS is countries such as India, China, Russia and India.
Based on sales channel, the global market for automotive TPMS has been segmented into aftermarket and original equipment manufacturer (OEM). Aftermarket is anticipated to be the largest segment of the market during the forecast period. By 2016 end, the segment is expected to account for a significant share of the market. Moreover, shorter replacement cycle of direct TPMS and global increase in automobile count are projected to drive sales through the aftermarket, especially in Europe and North America where the use of TPMS system in passenger vehicles is mandatory.
Based on region, the global market for automotive TPMS has been segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa (MEA). North America is the leading market for automotive TPMS and is projected to account revenue share of over 47% of the overall market by the end of 2016. Europe is expected to witness an overwhelming demand for automotive TPMS owing to stringent regulatory norms that make TPMS compulsory in passenger vehicles.
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Key players operating in the global market for automotive TPMS include continental AG, Sensata Technologies Inc., and Pacific Industrial Co., Ltd. Companies are orchestrating market strategies such as acquisitions and mergers and focusing on further improvement of their aftermarket businesses in order to tape a large base of customers seeking aftermarket TPMS service.
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