Global Automotive tire pressure monitoring system Market is valued approximately at USD XX billion in 2018 and is anticipated to grow with a healthy growth rate of more than XX % over the forecast period 2019-2026. A tire-pressure monitoring system is an automated system that is intended to monitor the air pressure of tires on different types of vehicles. TPMS notifies real-time tire-pressure data of the vehicle, either through a gauge, a pictogram display, or through a simple low-pressure cautionary light. The purpose of this tire pressure monitoring system (TPMS) in automobile is to inform or warn when at least one or more tire of the vehicle is significantly under-inflated that would create unsafe driving circumstances. By notifying the tire pressure, TPMS can enhance the safety of vehicle and passengers on the road by improving the vehicle’s supervision, reducing tire wear, reducing braking distance and enhancing fuel economy. A shift in the preferences of consumers towards adoption of driving assistance systems and expanding need for reducing road accidents have demonstrated the potential to extend the utility of TPMS. Technological advancements, healthy growth in automotive industry coupled with government regulations mandating the installation of TPMS, production of vehicles across the globe are some of the major forces that strengthen the growth of market over the forecast period of 2019-2026. Apart from this, growing sales of luxury cars and growing consumer desire for better safety features are expected to create lucrative growth prospects for the global TPMS market during the forecast period of 2019-2026. For instance, as per Statista, Luxury car sales worldwide is expected to reach 181 thousand unit by 2023 from 176.5 thousand units in 2018. However, high cost of TPMS is expected to impede the growth of the market over the forecast period of 2019-2026.
The regional analysis of global Automotive tire pressure monitoring system market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific is anticipated to dominate and exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as booming automotive sector, increasing demand for luxury vehicles and aftermarket installation of TPMS would create lucrative growth prospects for the Automotive tire pressure monitoring system market across Asia-Pacific region.
Major market player included in this report are:
Dill Air Controls Products, LLC
ZF Friedrichshafen AG
Pacific Industrial Co., Ltd.
WABCO Holdings Inc.
NXP Semiconductors N.V.
Nira Dynamics AB
Bendix Commercial Vehicle Systems LLC
Dunlop Tech GmbH
Sensata Technologies, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Vehicle Type:
Light Commercial Vehicle
Heavy Commercial Vehicle
By Sales Channel:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global Automotive tire pressure monitoring system Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers