Tire Pressure Monitoring System Market to Grow at Over 21% CAGR till 2024
Increasing accidents due to
tire failure and rising safety concerns to fuel global tire pressure monitoring
system market through 2024
According to TechSci Research report, “Global Tire Pressure Monitoring System Market By Technology, By
Vehicle Type, By Sales Channel, By Region, Competition, Forecast &
Opportunities, 2024”, global tire pressure
monitoring system (TPMS) market is projected to register a CAGR growth of over
21% during the forecast period of 2019-2024, on account of increasing instances
of accidents and growing awareness pertaining to the vehicle safety. TPMS helps
to maintain proper tire pressure and can increase safety on the road by
reducing vehicle distance, decreasing tire wear, and improving fuel economy and
vehicle handling. Governments in leading automaker countries have regulations
in place for the use of TPMS. Additionally, growing adoption of automotive safety
systems is expected to positively influence global tire pressure monitoring
system (TPMS) market during the forecast period.
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Passenger car segment
accounted for the largest share in global tire pressure monitoring system
market in 2018 and is likely to continue its market dominance during the
forecast period, on the back of expanding passenger car fleet size, rising
sales of passenger cars, growing disposable income and increasing consumer
preference for safety features in passenger cars. On the basis of technology, direct
TPMS is the leading segment, as it measures accurate pressure for every tire
unlike indirect TPMS which uses ABS sensors to measure the tire inflation.
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Prominent automotive component giants such as
Sensata Technologies Inc., Continental AG, Pacific Industrial Co. Ltd, NIRA
Dynamics, Denso Corporation and NXP Semiconductors are continuously enhancing
and expanding their product offerings to attract customer focus towards their
products. In February 2019,
Continental AG launched VDO TPMS Go device, a new universal service tool for
tire pressure monitoring systems (TPMS).
“Europe is the leading
region in global tire pressure monitoring system (TPMS) market, owing to the
legislature adopted by the region mandating TPMS in all vehicles from 2014 and
presence of major automotive manufacturers in the region. Asia-Pacific tire
pressure monitoring system (TPMS) market is expected to witness significant
growth in coming years, on account of increasing demand for vehicles in
economies such as China, Japan and South Korea, in addition to new TPMS
regulations in China.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Tire
Pressure Monitoring System Market By Technology, By Vehicle Type, By Sales
Channel, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global
tire pressure monitoring system market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in global
tire pressure monitoring system market.
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