Tire Pressure Monitoring System (TPMS) Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Poland, Belgium, Netherlands, Russia, Japan, China, India, South Korea, Malaysia, Sri Lanka, Brazil, Argentina, UAE, South Africa, Saudi Arabia), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2170
Tire Pressure Monitoring System (TPMS) Market size is anticipated to witness escalating gains from 2020 to 2026. Increased focus laid on reducing the vehicular emissions while improving the fuel efficiency of automobile is likely to stimulate the market demand in the upcoming years. Numerous automakers in the thriving automotive industry have been stringently abiding by the governmental regulations subject to effects of greenhouse gases and deteriorating air quality, offering a push to the overall market growth. Besides, new regulations pertaining to the installation of TPMS would lead to an upsurge in the demand for these systems.
Considering the system bifurcation, the tire pressure monitoring system market has been sub-divided into direct TPMS and indirect TPMS. The direct TPMS segment is likely to amass significant gains in the upcoming years on the grounds of its robust features including ability to detect absolute pressure management, need for additional sensors with snow tires, and display of tire pressure on each wheel. Although the segment is growing at a prodigious pace, high cost associated with its installation due to periodic replacement of sensor batteries is expected to limit the use of this system. Meanwhile indirect TPMS would also gradual growth over the foreseeable period.
In terms of vehicle type, the TPMS market is characterized by passenger vehicle segment. This growth is attributable to the implementation of stringent governmental regulations pertaining to the safety and security of passengers. Besides, the evolving advanced driver assistance systems coupled with developed anti-lock braking systems is also likely to improve the safety of vehicle by reducing accidents, impelling the segmental growth. It has reported that the first passenger vehicle to adopt TPMS was the Porsche 959 in 1985.
Tire pressure monitoring system market, based on end-user segment, is fragmented into OEMs and aftermarket. The OEM segment is poised to garner appreciable gains in the overall industry over the forecast period, while the aftermarket is also slated to grow at a prodigious pace.
Regionally, the TPMS industry is diversified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Europe tire pressure monitoring system market is estimated to capture a considerable stake of the overall industry share by the end of 2026, attributing to the presence of prominent automotive manufacturers and thriving automotive industry. Moreover, stringent governmental norms regarding the installation of these systems in the regional automobiles is also set to augment the market size in Europe.
The European Union since November 2014 announced mandatory deployment of TPMS in all modern day newly registered vehicles in the region. On the other hand, Asia Pacific TPMS market would also depict significant growth in the forthcoming years due to increased adoption rate and production of large number of automobiles in the region.
The tire pressure monitoring system industry is highly concentrated and boasts of presence of leading market players such as Schrader Electronics, Continental, Huf Electronics, TRW Automotive, and Pacific Industrial. These companies have been engaging in mergers, acquisitions, and collaboration, and new product launches to strengthen their presence in the overall market.
Recently, Bridgestone claimed to join hands with Microsoft to manufacture a new monitoring system that will detect tire damage issues in real-time using the MCVP (Microsoft Connected Vehicle Platform) cloud framework along with existing sensor data, via already installed hardware and algorithms to detect the events impacting the tire surface and carcass.
The ongoing COVID-19 pandemic has severely disrupted the global economy while laying impact on various businesses worldwide. The effect of the same has been felt on automobile industry. Strict enforcement of lockdown has paralyzed the automobile industry, laying adverse effects on the TPMS market growth. However, reports suggest that post stabilization of the global economy, the demand for TPMS would gradually accelerate in the upcoming years.
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