June 22, 2020
As per the report titled ‘Global Automotive tire pressure monitoring system Market Size study, by Technology ( Direct TPMS, Indirect TPMS), by Vehicle Type( Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle), by Sales Channel ( OEM, Aftermarket) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global automotive tire pressure monitoring system market is projected to see remunerative growth through 2026.
Shifting consumer preference towards adoption of driver assistance systems (DAS) in vehicles and rising concerns over road accidents are driving the growth of global automotive tire pressure monitoring system market.
A tire-pressure monitoring system (TPMS) is an automated device that monitors air pressure of tires in different vehicles. This system provides real-time tire pressure data of the vehicle through a gauge or a pictogram display or through a simple low-pressure cautionary light.
The primary goal of TPMS in automobiles is avoiding unsafe driving conditions by informing or flashing warning when at least one tire is significantly under-inflated. This leads to improved vehicle supervision, reduced tire wear, enhanced fuel economy, and less braking distance thereby ensuring vehicle & passenger safety. Apart from this, technological advancements, government regulations mandating the installation of TPMS, and increasing vehicle production across the globe are other factors fueling the product demand.
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Notably, global luxury car sales is projected to increase from 176,500 units in 2018 to 181,000 units by 2023, as stated by Statista. Hence, spike in luxury cars sales along with growing consumer desire for improved safety features are expected to present lucrative growth avenues for the industry. However, high cost of TPMS may negatively impact industry outlook during the forecast period.
Considering the geographical landscape, global automotive tire pressure monitoring system market is split into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Asia Pacific market is touted to emerge as a leading contributor over the assessment period, owing to factors such as rapid growth of the automotive sector, upsurge in demand for luxury vehicles and aftermarket installation of TPMS.
Major industry players include Dunlop Tech GmbH, Sensata Technologies, Inc., Bendix Commercial Vehicle Systems LLC, Nira Dynamics AB, WABCO Holdings Inc., NXP Semiconductors N.V., Pacific Industrial Co., Ltd., ZF Friedrichshafen AG, Denso Corporation, and Dill Air Controls Products, LLC.