MarkNtel Advisors recently published a detailed industry analysis of the Global Tire Pressure Monitoring Systems Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Global Tire Pressure Monitoring Systems Market, Share, and Trends Analysis Report – Industry Overview and Forecast to 2028
The Tire Pressure Monitoring Systems Market is projected to grow at a CAGR of around 9.0% during the forecast period, i.e., 2023-28.
What are the major Driver the Global Tire Pressure Monitoring Systems industry?
Rising Installation of Accident Preventive Safety Systems – The continuous occurrence of automobile accidents has urged manufacturers, and consumers to adapt and improve the safety features in the vehicle to prevent damage and causality by focusing on the improvement of automotive vehicles with the installation of new safety features. This has resulted in continuous research and development into the issue and coming up with more minor, complementing designs and systems, leading to the higher installation of such sensor systems, thereby driving the industry. As a solution, TMPS provides safety by improving vehicle handling, decreasing tire wear, reducing braking distance, and better fuel economy. In addition, the concerns over the higher number of accidents occurring due to tire failures have accelerated the market growth.
Growth Opportunity: Emerging Favorable Government Regulations for TPMS
Looking at consumer and road safety issues, governments worldwide are mandating advanced and updated regulations regarding the safety features an automotive vehicle must exhibit, depending on the model and vehicle type. For instance,
- In May 2022, EU regulation made tire pressure monitoring systems (TPMS) legally mandatory for commercial vehicles, buses, trailers, and semi-trailers.
As TPMS reduces the tire wear rate while also increasing vehicle safety, the government mandates opens further avenues for the industry. Moreover, emerging countries with the scope of developing new mandates and updating regulation policies provide additional growth opportunities to the market.
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What segments define the Global Tire Pressure Monitoring Systems Market from 2023 to 2028? How do these segments contribute to market dynamics and growth?
- By Technology
- Direct Tire Pressure Monitoring System
- Indirect Tire Pressure Monitoring System
According to report, Here, Direct Tire Pressure Monitoring System is expected to gain the largest market share during the forecast period, aided by the features such as delivering exact pressure for each tire, no loss of tire pressure information, sensor batteries that last the life of the vehicle mostly, and the ability to monitor spare tires.
- By Sales Channel
- OEMs
- Aftermarket
- By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
According to report, Between the two, Passenger Vehicle dominated the market with the largest market share during the historical period and is anticipated to follow the same trend in the forecast years.
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Geographical Analysis: Global Tire Pressure Monitoring Systems Market
- By Region
- North America
- South America
- Europe
- Asia-Pacific
- Rest of World
Global Tire Pressure Monitoring Systems Market Share & Competitive Landscape:
The Tire Pressure Monitoring Systems Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry’s leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the Global Tire Pressure Monitoring Systems Market are:
- Continental AG
- Denso corporation
- Delphi Automotive
- Sensata Technologies
- Dunlop Tech Gbmh
- Wabco
- Bendix Commercial Vehicle systems LLC
- Schrader Electronics
- Pacific Industrial Co., Ltd.
- Huf and Hlsbeck & Frst Gmbh & Co.
Recent Developments in the Global Tire Pressure Monitoring Systems Market
- In May 2022, Continental AGunveiled an advanced combine-tire monitoring system for its CombineMaster and CombineMaster VF tires called ContiPressureCheck, designed to monitor tire pressure & temperature.
Questions Addressed in this Study
1.What factors are driving the Global Tire Pressure Monitoring Systems Market growth?
2.How is the Global Tire Pressure Monitoring Systems Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Global Tire Pressure Monitoring Systems Market ?
4.What is the current size of the Global Tire Pressure Monitoring Systems Market, and how is it projected to change in the future?
6.What is the future outlook for the Global Tire Pressure Monitoring Systems Market in terms of technological advancements and market expansion?
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