Press release
Tire Pressure Monitoring System Market Analysis, Market Size, Growth Factors, Demand, Trends and Forecast 2023
Market HighlightsGlobal Tire Pressure Monitoring System has witnessed gradual growth, in recent years and is expected to witness steady growth in the forecast period. The tire pressure monitoring system market is primarily driven due to the strict government regulations, which mandate the need to curb vehicular emissions and increase fuel efficiency as one of the primary growth factors.
A study conducted by World Health Organization (WHO) in 2015 stated that, the road traffic fatality rate per 100,000 population was 17.4. This clearly indicates the increasing need for automobile safety & security technologies to reduce increasing incidence of road accidents. Innovative technologies such as electronic stability control (ESC), anti-lock braking systems (ABS), lane departure warning system (LDWS), and tire pressure monitoring system (TPMS) are gaining traction due to increasing safety concerns worldwide.
The global tire pressure monitoring system market is forecast to witness a significant growth during the forecast period, with a growth rate of more than 7%. The Tire Pressure Monitoring System (TPMS) market is segmented by technology as, direct TPMS and indirect TPMS, and by vehicle type as, passenger, light commercial and heavy commercial.
The Global Tire Pressure Monitoring System Market is expected to grow at a CAGR of ~ 7% during the forecast period.
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Key Players
The key players of global tire pressure monitoring system market are
• Sensata Technologies Inc. (U.S),
• Continental AG (Germany),
• Pacific Industrial Co. Ltd (Japan),
• Huf Hülsbeck & Fürst GmbH & Co. KG (Germany),
• ZF Friedrichshafen AG (Germany),
• Schrader Electronics (U.K),
• AVE technologies (Australia),
• Bartec USA LLC (U.S),
• DUNLOP TECH GmbH (Germany)
• Delphi Automotive LLP. (U.K)
Market Research Analysis
Passenger vehicle type, expected to grow at the highest CAGR
Passenger vehicle type will dominate the tire pressure monitoring system market. The significant rise in sales of passenger vehicles, with the development of multibillion dollar luxury and semi-luxury car manufacturing industry, will be the major driver for the growth of passenger vehicle in tire pressure monitoring system market. Also, factors such as adoption of safety regulations by government agencies, along with an increase in vehicle sales, and safety installations per vehicle, are fuelling the demand for automotive tire pressure monitoring system globally.
North American Tire Pressure Monitoring System market, expected to grow at the highest CAGR
Tire Pressure Monitoring System market in the North-American region is currently leading, and is followed by Europe and Asia-Pacific market. North-America is expected to grow at the highest CAGR, owing to increasing concerns about vehicle safety, over the forecast years in countries such as U.S and Canada. Increasing demand and sales in vehicles along with their safety installations, and adoption of safety regulations by government agencies, are driving the demand for automotive tire pressure monitoring system. These factors will drive the market for tire pressure monitoring system market in North American region during the forecast period.
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Table of Content
Table of Content
1... Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.1 Definition
2.1.2 Research Objective
2.1.3 Assumptions
2.1.4 Limitations
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Researchs
2.3 Market Size Estimation
2.4 Forecast Model
3... Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4 Global Tire Pressure Monitoring System Market, By Technology
4.1 Introduction
4.2 Direct TPMS
4.3 Indirect TPMS
5 Global Tire Pressure Monitoring System Market, By Vehicle Type
Continue…………….
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