Global Tire Pressure Monitoring Systems Market, By Technology (Direct TPMS, Indirect TPMS), Vehicle Type (Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)), Distribution Channel (OEM, Aftermarket), End User (Automotive, Aviation, Construction, Defense, e-commerce, Healthcare, Manufacturing, Other), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia Pacific, South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Data Bridge Market Research analyses that the tire pressure monitoring systems market would exhibit a CAGR of 10.00% for the forecast period and is expected to reach USD 28.87 billion by the year 2028.
A tire pressure monitoring system (TPMS) is an electrical device that monitors the air pressure in a vehicle's tires. Direct and indirect TPMS are two of the most often utilised TPMS. Direct TPMS measures the pressure in each tire using a sensor installed on the wheels.
The tire pressure monitoring systems are predicted to develop significantly owing to the implementation of rigorous government laws directing the need to reduce vehicular emissions and improve vehicle fuel efficiency. In addition, the number of passenger and commercial vehicles has been increasing at an exponential rate in recent years, which has had a beneficial impact on market growth. Furthermore, shifting consumer preferences for advanced safety features in vehicles and luxury vehicles as a result of rising disposable income, rising vehicle numbers, increased vehicle sales globally, rising demand for high-end luxury cars, growing safety awareness, and increasing economic and environmental policies are all key drivers for the tyre pressure monitoring systems market to grow.
Furthermore, the rapidly growing automotive sector, expanding government and regulatory bodies imposing tight laws and regulations to maintain the safety of vehicle passengers and drivers, are creating enough opportunities for the tire pressure monitoring systems market to grow throughout the projection period.
On the other hand, the high cost of tire pressure monitoring devices will impede expansion during the predicted period. The prospect of vehicles being tracked using TPMS sensors is posing a significant challenge to the tire pressure monitoring systems market's growth.
This tire pressure monitoring systems market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on tire pressure monitoring systems market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Tire Pressure Monitoring Systems Market Scope and Market Size
The tire pressure monitoring systems market is segmented on the basis of technology, vehicle type, distribution channel and end user. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of technology, the tire pressure monitoring systems market has been segmented into direct TPMS and indirect TPMS.
- Tire pressure monitoring systems market on the basis of vehicle type has been segmented as passenger vehicle, light commercial vehicle (LCV) and heavy commercial Vehicle (HCV).
- Tire pressure monitoring systems market on the basis of distribution channel is segmented into OEM and aftermarket.
- On the basis of end user, the tire pressure monitoring systems market has been segmented into automotive, aviation, construction, defense, e-commerce, healthcare, manufacturing and other.
Tire Pressure Monitoring Systems Market Country Level Analysis
The global tire pressure monitoring systems market is analysed and market size insights and trends are provided by country, technology, vehicle type, distribution channel and end user as referenced above.
The countries covered in the tire pressure monitoring systems market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the tire pressure monitoring systems market and will continue to flourish its trend of dominance during the forecast period owing to the significant rules and regulations in this region. Asia-Pacific region is set to witness unprecedented growth during the forecast period and will project the highest compound annual growth (CAGR) rate. This is because of the strict regulatory rules regulating the use of tyre pressure monitoring systems for safety in rising nations such as China, Japan, South Korea, and Taiwan.
The country section of the tire pressure monitoring systems market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Tire Pressure Monitoring Systems Market Share Analysis
The tire pressure monitoring systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to tire pressure monitoring systems market.
The major players covered in the tire pressure monitoring systems market report are ZF Friedrichshafen AG, Continental AG, Sensata Technologies Inc., DENSO CORPORATION, Pacific Industrial Co. Ltd., NXP Semiconductors, WABCO, Huf Hülsbeck & Fürst GmbH & Co. KG, Nira Dynamics AB, Knorr-Bremse AG, Dunlop Tech GmbH, Hamaton, Bartec USA LLC, ATEQ TPMS, Infineon Technologies AG, Garmin Ltd., ALLIGATOR Ventilfabrik GmbH, PressurePro, ALPS ELECTRIC CO. LTD., Aptiv, Dill Air Controls Products and Doran Manufacturing LLC., among other domestic and global players. Market share data is available for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.