Tire Pressure Monitoring System (TPMS) Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2170
Tire Pressure Monitoring System (TPMS) Market size will witness notable growth in the forecast timeframe. Rising necessity for tire inspection to ensure passenger safety remains the key factor driving industry growth. Efficient product operation indicating the warning message more than once will propel product demand.
Stringent government regulations regarding safety & security of passengers are major factors supporting industry growth. Lack of road maintenance and increasing deterioration due to climatic changes accompanied by unsafe driving conditions have enhanced the product demand. Low tire pressure sign with yellow light on the dashboard indicates the warning message.
Growth in the global automotive industry due to increasing consumer spending on automobiles will drive the industry growth. Technological advancement and innovations have enhancing cost-effective solutions in the automotive industry will propel the automotive sales. Moreover, recovery from economic recession particularly in Europe has stimulated product penetration.
Rise in travelling frequencies due to rapid urbanization and changing lifestyles has enhanced the demand for regular monitoring systems. Introduction of strict government controls that order the need to check vehicular emissions and increment fuel proficiency as one of the essential growth factor for the tire pressure monitoring systems market.
By understanding the destructive impacts of greenhouse gasses and the breaking down air quality, the administrations of a few economies around the world have just mandated emission standards to be trailed by the car manufacturers. This will incite merchants in the car business to introduce a few car security frameworks. Furthermore, the expanding worries about traveler security will likewise urge makers to introduce different propelled driver help frameworks (ADAS), for example, tire checking frameworks, which can be combined with anti-lock braking systems (ABS) to limit accidents and enhance the overall safety of the vehicle.
TPMS Market basically focuses on the safety and security of the consumers and technological advancement. In technology advancement many safety measures are initiated for the root cause of the accidents that are under and over inflated tires. According to the WHO it is been witnessed that there is a need of safety and security which can help in minimizing the road accidents. The vehicle tires provide basic comfort and safety. The motorist presumes that the tires are less important which leads to accidents. If they maintain the correct amount of pressure in the tire, the chances of accident and damages decreases. TPMS gives a real-time information to the motorist in a pictorial form. Installation of TPMS will lower the accident rates and its impact on the people.
Increasing consumer awareness pertaining to health & safety will further propel TPMS market growth. All the buyers before buying the vehicles are considering the safety measures provided by the companies. However, high TPMS prices and lack of standardization are the major challenges of business growth. Necessity to reset and maintain the system after operation may restrain product demand.
Tire pressure monitoring system market is further segmented based on vehicle as light commercial vehicle, heavy commercial vehicle and passenger vehicles. Based on system, the industry is segmented as direct and indirect TPMS. On the basis of end-use, industry is further segmented as OEM and aftermarket.
Asia Pacific is anticipated to witness significant growth. Major industry participants in automotive sector are heading towards encouraging safety and security for consumers. Rapid industrialization in the country due to favorable socio-economic conditions will support industry demand.
Europe accounts for a notable share in the global tire pressure monitoring system market share. Presence of the major automotive manufacturers in the region will support the industry demand. Moreover, increase in driving regulations to ensure passenger safety will drive the regional demand. North America tire pressure monitoring system market will witness notable gains in forecast period. The U.S. Transportation Department rates the manufacturers according to safety and security will drive the industry demand.
Global tire pressure monitoring system market share is consolidated due to presence of few players. Continental, Schrader Electronics, Huf Electronics, Pacific Industrial, TRW Automotive are the top five players accounting major industry share. Increasing product demand has encouraged several new players in the TPMS market. Key industry participants are involved in strategies including mergers, acquisitions, collaborations, supply agreements and joint ventures.
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