Press Release Description
Automotive Safety Concerns Promulgate Tire Pressure Monitoring Systems
The Global Tire Pressure Monitoring Systems Market is projected to grow at a CAGR of 9.0% in the forecast period of 2023-28, cites Markntel Advisors in the recent research report. The rising safety concerns, government regulations, and the surging number of passenger and commercial vehicles, along with the elevating number of luxury vehicles, increasing economic and environmental policies, and shifting consumer and manufacturer preference for advanced safety features, are fueling the market growth.
Additionally, the automotive need to reduce vehicular emissions and improve vehicle fuel efficiency further garners manufacturers’ interest in the industry. However, the high replacement costs of the sensor, with added installing charges, could lead to consumers avoiding replacing sensors leading to safety concerns and hindrance to market growth, further states the research report, “Global Tire Pressure Monitoring Systems Market Analysis, 2023.”
The market is broadly fragmented based on Technology, Sales Channel, and Vehicle Type. Type, Base Oil, Demand Category, and Sales Channel. Based on Technology, the market is segmented into Direct and Indirect Tire Pressure Monitoring Systems. Additionally, on the basis of the Sales Channel, the market bifurcates into OEMs and Aftermarkets. Further, Vehicle Type classification includes Passenger cars and Commercial Vehicles.
Advanced Direct Tire Pressure Monitoring System Holds Lion’s share
Direct Tire Pressure Monitoring System is expected to gain the largest market share, attributed to the features such as delivering exact pressure for each tire, no loss of tire pressure information, sensor batteries that last the vehicle’s life mostly, and the ability to monitor spare tires. Furthermore, added features like reducing the handling of multiple components via the different sizes of the printed circuit board and removing the extra cost for external components further accelerated market growth.
Asia-Pacific Region to Significantly Grow with A Prominent Market Share Acquisition
Asia-Pacific is expected to address the maximum growth in the market during the forecasting period, attributing to the adherence to strict regulatory rules concerning safety and the use of tire pressure monitoring systems in emerging nations such as China, Japan, and South Korea. Additionally, with the dedicated research and development in the region, rising population, and fleeting on-road vehicles, with more disposable income and safety awareness, the region is expected to accelerate its market expansion.
Furthermore, the surge in the production of premium cars and a rise in safety installation with more trade in the region with increasing automotive vehicles with TPMS, such as compact and mid-sized vehicles in various countries, fuel the market expansion.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Continental AG, Denso corporation, Delphi Automotive, Sensata Technologies, Dunlop Tech Gbmh Wabco, Bendix Commercial Vehicle systems LLC, Schrader Electronics, Pacific Industrial Co., Ltd., and Huf and Hlsbeck & Frst Gmbh & Co are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the Global Tire Pressure Monitoring Systems Market?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various countries, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from Tire Pressure Monitoring System manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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