Global Automotive Tire Pressure Monitor System Market is expected to foresee steady growth. The Asia Pacific holds the largest share!
- Himanshu Patni
- April 15, 2022
- AUTOMOTIVE, NEWS
- Automotive Tire Pressure Monitor System Market, Automotive Tire Pressure Monitor System Market growth, Automotive Tire Pressure Monitor System Market share, Automotive Tire Pressure Monitor System Market size, Automotive Tire Pressure Monitor System Market trends
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Global Automotive Tire Pressure Monitor System Market is expected to grow at a CAGR of around ~10% during the forecast period 2021-2027. The tire pressure monitoring system is an electronic system that monitors the air pressure and temperature in the vehicle’s tire and displays the information on the screen in real-time. This notifies the driver if there is a risk associated with the vehicle’s tire pressure changing. There are numerous things that influence a vehicle’s pressure reduction. Reduced tire life, vehicle performance, mileage, and safety are all key factors. The introduction of such a system onto the market has significant benefits, including enhanced driver convenience and a reduction in the frequency of accidents caused by the use of such gadgets. Such systems also improved fuel mileage, tire durability, and tire alignment vehicle handling by the driver. As per stats one of the major factors for road accidents globally are the issues related to tires and governments are now taking suitable to tackle the same. Growing legislation requiring the installation of TPMS in developed nations such as North America, Europe, and China are propelling the TPMS industry forward. Furthermore, over the projection period, robust growth in the automotive industry would be a key driver augmenting the TPMS market growth.
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The Tire Pressure Monitoring System is predicted to expand greatly as a result of several severe government rules and regulations that demand the need to reduce vehicular emissions and improve automobile fuel efficiency. Many characteristics have now become active considerations for automotive manufacturers. Many elements are required in the tire pressure monitoring market presently, with the increase in demand for high-end cars, changing government restrictions, expanding economy, and environmental legislation. Automotive systems have progressed and gotten more efficient over time, and this industry is leaning toward sophisticated technologies, which will eventually play a key part in obtaining a good market share target.
Pandemics and natural disasters, such as COVID-19, are unpredictably devastating to many of the world’s main economies. COVID-19 has also had an impact on Automotive Tire Pressure Monitor System demand and sales. During COVID-19, many factors have impacted the growth of the Automotive Tire Pressure Monitor System, such as a fall in demand for automobiles and reduced cash flow, affected the transportation sector which restricted the use of vehicles, slowed down the production process which further led to supply chain disruptions and halt in productions of the Automotive Tire Pressure Monitor System. Due to the lockdowns, the majority of worldwide tire pressure monitoring system manufacturers are experiencing challenges such as factory closures and staff shortages, which have a negative impact on automobile production.
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For a better understanding of the market adoption of the Automotive Tire Pressure Monitor System, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, UK, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of APAC), and Rest of World. Asia-Pacific is expected to be the fastest-growing market during the forecast period. The greatest market for automobile TPMS is Asia-Pacific, with Japan and China serving as significant automotive centers. The Indian automotive TPMS market is predicted to be driven by rising customer awareness, aftermarket TPMS installation, and rising demand for luxury vehicles. The demand for transportation has been growing steadily over the last few decades, propelling the automobile sector forward in nations like China, India, Japan, and South Korea. Increased population, which has resulted in an increase in the number of vehicle users, as well as an increase in the standard of living and the availability of jobs with higher wages, which helps boost purchasing power, are all major factors driving the tire pressure monitoring system market for automotive in the Asia Pacific.
Global Automotive Tire Pressure Monitor System Market Segmentation
Market Insight, by Type
- Direct TPMS
- Indirect TPMS
Market Insight, by Sales Channel
Market Insight, by Vehicle Type
- Passenger Cars
- Commercial Vehicles
Market Insight, by Region
- North America Automotive Tire Pressure Monitor System Market
- United States
- Rest of North America
- Europe Automotive Tire Pressure Monitor System Market
- United Kingdom
- Rest of Europe
- Asia Pacific Automotive Tire Pressure Monitor System Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Automotive Tire Pressure Monitor System Market
Top Company Profiles
- Continental AG
- Robert Bosch GmbH
- Huf Hülsbeck & Fürst Co.
- Aptiv PLC
- Denso Corporation
- ZF Friedrichshafen AG
- Hitachi Automotive Ltd
- Sensata Technologies Inc.
- Pacific Industrial Co.