According to UnivDatos Market Insights (UMI)’ research report “Automotive Tire Pressure Monitor System Market”, the market is expected to witness a CAGR growth of around ~10% during the forecast period 2021-2027F. Global Automotive Tire Pressure Monitor System Market is experiencing significant growth due to the rising number of accidents and subsequent road fatalities along with changing consumer preference toward advanced driver assistance systems & safety.
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Based on type, the market is segmented into Direct TPMS and Indirect TPMS. The Direct TPMS segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. The direct tire pressure monitoring system has several advantages over the indirect system, including the ability to deliver accurate pressure for each tire, no loss of tire pressure information due to tire rotation or replacement, sensor batteries that typically last the life of the vehicle, and the ability to monitor spare tires. As a result, direct tire pressure monitoring systems are anticipated to become a market leaders. However, the segment's high price is projected to be a major stumbling block
The tire pressure monitoring system is an electronic system that monitors the air pressure and temperature in the vehicle's tire and displays the information on the screen in real-time. This notifies the driver if there is a risk associated with the vehicle's tire pressure changing. There are numerous things that influence a vehicle's pressure reduction. Reduced tire life, vehicle performance, mileage, and safety are all key factors. The introduction of such a system onto the market has significant benefits, including enhanced driver convenience and a reduction in the frequency of accidents caused by the use of such gadgets. Such systems also improved fuel mileage, tire durability, and tire alignment vehicle handling by the driver. As per stats one of the major factors for road accidents globally are the issues related to tires and governments are now taking suitable to tackle the same. Growing legislation requiring the installation of TPMS in developed nations such as North America, Europe, and China are propelling the TPMS industry forward. Furthermore, over the projection period, robust growth in the automotive industry would be a key driver augmenting the TPMS market growth.
The Tire Pressure Monitoring System is predicted to expand greatly as a result of several severe government rules and regulations that demand the need to reduce vehicular emissions and improve automobile fuel efficiency. Many characteristics have now become active considerations for automotive manufacturers. Many elements are required in the tire pressure monitoring market presently, with the increase in demand for high-end cars, changing government restrictions, expanding economy, and environmental legislation. Automotive systems have progressed and gotten more efficient over time, and this industry is leaning toward sophisticated technologies, which will eventually play a key part in obtaining a good market share target.
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Based on sales channel, the market is segmented into OEM and Aftermarket. OEM segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. In 2020, the OEMs sector dominated the tire pressure monitoring system market. Various standards have been enacted by major organizations to improve car safety systems. Because of these obligatory standards for all OEMs, the OEMs segment will hold the majority of the market share in 2020. TPMS batteries typically have a lifespan of 6 to 10 years. Furthermore, if the battery dies, the complete TPMS must be replaced, creating an opportunity for the aftermarket section
Based on vehicle type, the market is segmented into Passenger Cars and Commercial Vehicles. The Passenger Cars segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. TPMS is most commonly used in passenger vehicles, where tire pressure management is seen as a key safety feature. The automotive industry has been stepping up its efforts to introduce features that lessen accident impact, reduce fatalities, and improve overall vehicle safety, fueling the rise of automotive TPMS in the passenger segment
Asia Pacific to Grab Lion’s Share
Based on the estimation, during the projection period of 2021-2027, Asia-Pacific is expected to be the fastest-growing market during the forecast period. The greatest market for automobile TPMS is Asia-Pacific, with Japan and China serving as significant automotive centers. The Indian automotive TPMS market is predicted to be driven by rising customer awareness, aftermarket TPMS installation, and rising demand for luxury vehicles. The demand for transportation has been growing steadily over the last few decades, propelling the automobile sector forward in nations like China, India, Japan, and South Korea. Increased population, which has resulted in an increase in the number of vehicle users, as well as an increase in the standard of living and the availability of jobs with higher wages, which helps boost purchasing power, are all major factors driving the tire pressure monitoring system market for automotive in the Asia Pacific.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Global Automotive Tire Pressure Monitor System Market are includes Continental AG, Robert Bosch GmbH, Huf Hülsbeck & Fürst Co., Aptiv PLC, Denso Corporation, Valeo, ZF Friedrichshafen AG, Hitachi Automotive Ltd, Sensata Technologies Inc., Pacific Industrial Co. etc.
· In July 2018, The family-run Huf Group from Velbert and the Chinese automotive supplier Baolong from Shanghai signed a letter of intent to establish a joint venture in the field of tire pressure monitoring systems (TPMS). The aim is to accelerate growth through joint activities in the areas of development, purchasing, production and sales and to achieve a leading market position
Market Segmentation:
1. By Type (Direct TPMS and Indirect TPMS)
2. By Sales Channel (OEM and Aftermarket)
3. By Vehicle Type (Passenger Vehicle and Commercial Vehicle)
4. By Region (North America (United States, Canada, Rest of North America), Europe (Germany, France, UK, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of APAC), and Rest of World)
5. By Company (Continental AG, Robert Bosch GmbH, Huf Hülsbeck & Fürst Co., Aptiv PLC, Denso Corporation, Valeo, ZF Friedrichshafen AG, Hitachi Automotive Ltd, Sensata Technologies Inc., Pacific Industrial Co.)
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Key questions answered in the study:
1. What are the current and future trends of the Global Automotive Tire Pressure Monitor System industry?
2. How the industry has been evolving in terms of end-user demand and product category?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Global Automotive Tire Pressure Monitor System industry?
5. What is the customer orientation, purchase behavior, and expectations from the Global Automotive Tire Pressure Monitor System suppliers across various countries?
Table of Content –
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 AUTOMOTIVE TIRE PRESSURE MONITOR SYSTEM MARKET COVID-19 IMPACT
6 AUTOMOTIVE TIRE PRESSURE MONITOR SYSTEM MARKET REVENUE, 2019-2027F
7 MARKET INSIGHTS BY TYPE
8 MARKET INSIGHTS BY SALES CHANNEL
9 MARKET INSIGHTS BY VEHICLE TYPE
10 MARKET INSIGHTS BY REGION
11 AUTOMOTIVE TIRE PRESSURE MONITOR SYSTEM MARKET DYNAMICS
12 AUTOMOTIVE TIRE PRESSURE MONITOR SYSTEM MARKET OPPORTUNITIES
13 AUTOMOTIVE TIRE PRESSURE MONITOR SYSTEM MARKET TRENDS
14 LEGAL & REGULATORY FRAMEWORK
15 DEMAND AND SUPPLY SIDE ANALYSIS
16 VALUE CHAIN ANALYSIS
17 COMPETITIVE SCENARIO
18 COMPANY PROFILED
19 DISCLAIMER
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