Tire Pressure Monitoring System Market 2019 Received Rapid Boost in Global Industry by Forecast To 2023
The increasing safety regulations levied by the governments have projected the adoption of tire pressure monitoring system (TPMS) paving the way for an increased revenue generation from the market. A recently published report by Market Research Future (MRFR) asserted that the global market for tire pressure monitoring system (TPMS) is expected to expand at a CAGR of 7% over the forecast period ranging from 2017 to 2023. The safety measures incorporated under the New Car Assessment Program (NCAP) is anticipated to be the key force behind the market growth. The application of TPMS into automotive alerts the driver about pressure range in tires and consequently, curtails the risk of accidents. The statistical observations published by Association for Safe International Road Travel (ASIRT) revealed that almost 1.3 million people die in road accidents every day with an approximate disability or injury of 20-50 million people. Accident is a major factor responsible for several deaths across the globe which is directing the governments to frame stringent safety regulations. The government steps are undertaken to lessen the accident rates is projected to steer development in the market for TPMS. The adoption of TPMS can improve the life of the vehicles by surging fuel efficiency, improved mileage, increased tire life, decreased braking distance, etc. which are supporting the market expansion and growth. Other forces responsible for the TPMS market growth include the booming vehicle sector, increasing demand for luxury vehicles, rise in disposable income, etc. While, technical glitches owing to battery or sensors are estimated to limit the market growth over the forecast period.
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Market Segmentation
The TPMS market is segmented based on vehicle type, sales channel, and type. Based on vehicle type, the global tire pressure monitoring system market is segmented into heavy commercial vehicles, light commercial vehicles, and passenger vehicles. Based on sales channel, the market is segmented into aftermarket and OEM. Based on type, the tire pressure monitoring system market is segmented into indirect TPMS (Tire Pressure Monitoring System) and direct TPMS (Tire Pressure Monitoring System). The direct TPMS segment is likely to display a steeper growth curve due to its precise representation of pressure measurement. The technology includes several add-on features like individual pressure management for wheels.
Key Players
The global TPMS market is ruled by key players such as Pacific Industrial Co. Ltd (Japan), Sensata Technologies Inc. (U.S), AVE technologies (Australia), ZF Friedrichshafen AG (Germany), Continental AG (Germany), DUNLOP TECH GmbH (Germany), Schrader Electronics (U.K), Huf Hülsbeck & Fürst GmbH & Co. KG (Germany), Delphi Automotive LLP. (U.K), and Bartec USA LLC (U.S).
Regional Analysis
Based on geography, the global tire pressure monitoring system is segmented into Europe, Asia Pacific, North America, and Rest of the World. The APAC market is likely to hold a dominating position globally during the review period owing to its surging automobile industry. The market is witnessing an expanding demand for luxury cars which has boosted the revenue generated from the proceeds of TPMS and is anticipated to witness the same trend over the estimation period. Additionally, the regulations integrated by some of the economies in the region mandates that the incorporation of TPMS into vehicles will spur market development. The expansion in the Europe market can be attributed to the existence of eminent players within the region. The expansion strategies applied by the renowned players in the region will encourage the expansion and growth of the market. North America market will display development on account of the flourishing automobile industry prevailing in the region. The technological progressions implemented in the region will propel growth over the review period. The rise in safety concerns is spurring the acceptance of TPMS in the Middle East & Africa region. However, technological penetration is lacking in the African region which will limit the market growth during the forecast period.
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