Tire Pressure Monitoring System Market Global Segmentation and Major key Players
Posted by Rishikesh Kurane on May 29th, 2018
Tire-Pressure Monitoring System Market Share, Size, Trends, And Business Opportunity Analysis Report 2018 include historic data, with forecast data to 2023. Tire-Pressure Monitoring System Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023
Global Tire-Pressure Monitoring System Market, By Technology (Direct TPMS and Indirect TPMS), by Vehicle Type (Passenger vehicles, Light Commercial vehicles and Heavy Commercial vehicles), by Sales Channel (OEM, Aftermarket) and region - Forecast 2023
The major player operating in the market of global Tire-pressure monitoring system are Sensata Technologies Inc. (U.S), Continental AG (Germany), Pacific Industrial Co. Ltd (Japan), and 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), and Delphi Automotive LLP. (U.K) are among others.
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Global 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 strict government regulations that mandate the need to curb vehicular emissions and increase fuel efficiency as one of the primary growth factors. The growth of the automotive market in the emerging economies around the world is due to various factors such as the increasing demand for high-end luxury cars, and the growing economic and environmental policies. These factors will increase the focus of the customers towards advanced safety systems such as anti-brake systems, tire pressure indicators, and electronic stability control in their vehicles. This will indirectly result in the growth of the automotive aftermarket. Regulations that demand installation of tire pressure monitoring systems, which were introduced in emerging nations, will result in the increasing demand for the aftermarket tire pressure monitoring systems.
Tire forms the basis for comfortable, safe and fuel efficient driving, if they are managed and maintained properly by owners and service providers. With demonstrated technology to successfully monitor tire pressure and to caution drivers of problems, regulations have emerged in every region to require carmakers to have tire pressure monitoring systems in almost all vehicle types. Tire pressure monitoring system gives real time information to the driver of the vehicle through a pictogram display. In present scenario, automotive safety systems have become advanced, sophisticated and efficient. Increasing adoption rate for automotive safety systems such as tire pressure monitoring system has reduced the number of accidents as well as they have lowered the impact if accidents on people.
The global tire pressure monitoring system is expected to grow at a CAGR of ~ 7% during the forecast period.
Global Tire-pressure monitoring system market: Segmentation
Based on technology, the market has been segmented as direct TPMS (Tire-Pressure Monitoring System) and indirect TPMS (Tire-Pressure Monitoring System). Amongst these, the direct TPMS segment is expected to dominate the growth of the market. It helps detect absolute pressure measurement. This technology possesses numerous features such as tire pressure on each wheel can be displayed, additional sensors are needed with snow tires (user’s on-cost) and the wheel type is restricted by integrated sensor/valve. However, this technology has high cost as the sensor batteries have to be changed periodically.
Scope of the Report
The global tire pressure monitoring system market has been segmented in the regions of North America, Asia Pacific, Europe and Rest of the World. Amongst these, Asia Pacific region is expected to dominate the global tire pressure monitoring system market due to the increased adoption rate of such systems and boom in automotive sector. This leads to the production of a large number of automobiles, which are installed with tire pressure monitoring systems, especially in countries such as China, Japan, India, and South Korea. The market is this region is further expected to be driven by availability of raw components and improved automotive infrastructure. The industry players in the automotive sector are focusing on encouraging safety and security of the consumers.
Europe also contributes significantly in the growth of the global tire pressure monitoring system market. The existence of major automotive manufacturers in the region supports the industry demand. The increase in driving regulations, with the objective to ensure passenger safety is also expected to drive the market demand.
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About the AuthorRishikesh Kurane
Joined: May 4th, 2018
Articles Posted: 1,128
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