New York, US, Sept. 22, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Tire Pressure Monitoring System Market, By Technology, by Vehicle Type, by Sales Channel - Forecast 2030”, the market is anticipated to acquire a valuation of approximately USD 2,845.50 Million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 8.53% during the assessment timeframe.
Tire Pressure Monitoring System Market Analysis
The tire pressure monitoring system market will touch USD 2,845.50 Million at a 8.53% CAGR by 2030, states the latest Market Research Future report.
Tire Pressure Monitoring System Market Key Players
Eminent market players profiled in the TPMS market report include-
- Denso Corporation
- Continental AG
- The Goodyear Tire & Rubber Company
- Hampton Automotive Technology Co., Ltd
- ZF Friedrichshafen AG
- VALEO
- NIRA Dynamics AB
- Sensata Technologies Inc.
- Pacific Industrial Co., Ltd.
- ZF Friedrichshafen AG
- Huf Hülsbeck & Fürst GmbH & Co. KG
- Robert Bosch GmbH
- Hitachi Automotive Ltd
- LG Innotek
- Delphi Automotive LLP
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Tire Pressure Monitoring System Market Drivers
Strict Government Regulations about Security and Safety to Boost Market Growth
A subsequent rise in accidents is observed as traffic volume increases. Furthermore, several government policies and regulations, such as the requirement for manufacturers to equip each four-wheeler with a TPMS, have aided in the growth of the global tire pressure monitoring system market. Furthermore, Indian roads are regarded as some of the most dangerous in the world, prone to fatal accidents in which people are severely injured, necessitating stringent TPMS legislation. As a result, a significant increase in demand for passenger safety will drive the market forward.
Tire Pressure Monitoring System Market Report Scope:
| Report Metric | Details |
| Market Size in 2030 | USD 2,845.50 Million |
| Growth Rate | 8.53% CAGR from 2022-2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Advancement in technologies and the spikes in the sale of luxury vehicles with the new and modified safety features |
| Key Market Drivers | Increase in industrial horizons. Change in mindsets and increased concerns about the safety of the consumers. Features like tire pressure indicators, anti-brake systems, and electronic stability of the vehicle. |
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Opportunities
Alluring Features to offer Robust Opportunities
Tire pressure monitoring systems have several alluring features that will offer robust opportunities for the market over the forecast period such as increased lifespan of tire, real time temperature and pressure monitoring, and reduced fuel consumption.
Restraints
Lack of Road Maintenance to act as Market Restraint
The lack of road maintenance coupled with rising deterioration owing to unsafe driving conditions and climatic changes may act as market restraints over the forecast period.
Challenges
Technical Glitches to act as Market Challenge
Technical glitches owing to battery or sensors may act as market challenges over the forecast period.
Tire Pressure Monitoring System Market Segmentation
The tire pressure monitoring system market is bifurcated based on technology, vehicle type, and sales channel.
By technology, direct TPMS will lead the market over the forecast period. The direct tire pressure monitoring systems possess several advantages over the indirect system, including the ability to deliver accurate pressure for each tire, no leaching of tire pressure information due to tire replacement or rotation, sensor batteries that typically last the life of the vehicle, and the ability to monitor spare tires. This is likely to propel direct tire pressure monitoring systems to the forefront of the market.
By vehicle type, passenger vehicles will dominate the market over the forecast period.
By sales channel, aftermarket will spearhead the market over the forecast period.
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Tire Pressure Monitoring System Market COVID-19 Analysis
The majority of global manufacturers of tire pressure monitoring system are experiencing issues such as factory closures and a lack of workforce due to lockdowns, which also affects car production. The global tire pressure monitoring system is a developing industry that has been hampered by an ongoing virus that has led to all types of production & installation all over the affected countries to be shut down and all operations to be disrupted due to the pandemic. The vendors in the tire pressure monitoring industry around the world are being severely impacted by producer restrictions as well as declared lockdowns, which are affecting global tire pressure monitoring system manufacturers. As governments across the world have declared lockdowns in recent months, many global tire pressure monitoring system manufacturers' demand and supply cycles are vulnerable. The pandemic has possessed a negative impact on the market size in 2020, with coronavirus causing a significant deviation in the growth of tire pressure monitoring system manufacturers.
Tire Pressure Monitoring System Market Regional Analysis
APAC to Head Tire Pressure Monitoring System Market
Because of its thriving automobile sector, the APAC market is predicted to domineer globally in the assessment period. The region has seen an increase in demand for luxury vehicles, which has fuelled the generation of revenue of the TPMS market and is expected to continue throughout the projection period. Furthermore, regulations mandated by some of the region's countries mandating the integration of the TPMS into cars will accelerate market growth. Because of its large population, demand for better alternatives, high disposable incomes, demand for greener alternatives, increasing investments in research and development programs, expanding automotive industry, initiatives by the government for safer travel, & other factors, the Asia Pacific region leads the market.
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The demand for transportation has increased over the last few decades, propelling the automotive industry at a steady pace in countries like China, Japan, India, and South Korea. Increased population, which has led to an increase in the number of vehicle users, rising living standards, and the availability of higher-paying jobs, which helps boost purchasing power, are major factors driving the market in this region. Furthermore, Asia Pacific's expanding economies are demanding cars with higher safety features, and increased investment by global players in tire pressure monitoring systems in the region propels mass production procedures like assembly line production. These factors are predicted to boost regional production. Asia Pacific has identified its primary drivers, which include increased R&D investment, trade openness, & FDI. Improved education, changes in economic growth for infrastructure, & regulatory changes may open up more market opportunities in this region.
Europe to Have Admirable Growth in Tire Pressure Monitoring System Market
Europe will have admirable growth in the market and grow rapidly in the future. Vehicles outfitted with OEM accessories are more dependable than aftermarket tire pressure monitoring systems. Safety systems like tire pressure monitoring systems, have become mandatory in developed countries, while legislation in developing countries is creating more opportunities for growth.
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