Global demand for tire pressure monitoring system (TPMS) market was valued at approximately USD 11.5 billion in 2018 and is expected to generate revenue of around USD 21.6 billion by end of 2025, growing at a CAGR of around 9.5% % between 2019 and 2025.
The report covers forecast and analysis for the tire pressure monitoring system (TPMS) market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Billion). The study includes drivers and restraints for the tire pressure monitoring system (TPMS) along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the tire pressure monitoring system (TPMS) market on a global level.
As per the report, the global demand for tire pressure monitoring system (TPMS) market was valued at approximately USD 11.5 billion in 2018 and is expected to generate revenue of around USD 21.6 billion by end of 2025, growing at a CAGR of around 9.5% % between 2019 and 2025.
An electronic system especially manufactured for monitoring air pressure in any pneumatic automobile tire is termed as automotive tire pressure monitoring system (TPMS). There are different approaches through which tire pressure system alerts the driver with real-time pressure information of vehicle's tire. Low-pressure warning light, pictogram display, and gauge method are some of the prominent preferred alert approaches of the automotive tire pressuring systems.
Government of numerous developed regions such as North America and Europe are introducing stringent regulations in automotive sector. Worldwide strict government laws that mandates integration of automotive tire pressure monitoring system is mainly propelling market. Moreover, emerging technology integration needs in automotive sector acts as an add-on to the market growth. However, need of hefty initial investments for integration of automotive TPS is restraining the overall market growth to some extent. Market demand in passenger cars segment is projected to grow at rapid pace during the forecast period. Passenger cars segment registered a prominent share in the automotive tire pressure monitoring systems market.
Global Tire Pressure Monitoring System Market (TPMS) is prominently classified based on vehicle type, sales channel, and region. On the basis of vehicle type, the market is majorly categorized into passenger vehicle and commercial vehicle. Sales channels segment is majorly classified into Original Equipment Manufacturer (OEM) and aftermarket. Automotive tire pressure monitoring systems (TPMS) are assembled both at manufacturing leavel and aftermarket solutions as well. The reason behind flourishing adoption rate is increasing amount of tire wear cases because of under-inflated tires.
On the basis of geography, the automotive tire pressure monitoring system (TPMS) market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In the year 2017, Asia Pacific accounted for significant market share and is expected to witness notable market demand in the forecast time frame as well. Emerging demand of transportation in Asian countries such as India, Japan, South Korea, and China is mainly driving the market growth in the region. These Asian economies are taking initiatives by integrating advanced automotive technologies for enhancement of vehicle's overall safety and collision reduction.
Prominent market players involved in manufacturing and upgradation of automotive tire pressure monitoring system (TPMS) market are Continental AG, ZF Friedrichshafen AG, Pacific Industrial Co., NIRA Dynamics AB, Denso Corporation, Valor TPMS, Huf Hülsbeck & Fürst GmbH & Co. KG, Sensata Technologies, Inc., DUNLOP TECH GmbH, NXP Semiconductors, Bendix Commercial Vehicles Systems LLC, Bartec USA LLC, HAMATON AUTOMOTIVE TECHNOLOGY CO., WABCO, and ATEQ, among others.
The report segments of global automotive Tire Pressure Monitoring System (TPMS) market are as follows:
Global Tire Pressure Monitoring System (TPMS) Market: Vehicle Type Segment Analysis
Global Tire Pressure Monitoring System (TPMS) Market: Sales Channels Segment Analysis
Global Tire Pressure Monitoring System (TPMS) Market: Regional Segment Analysis