Tire pressure monitoring system refers to an electronic system used for monitoring the air pressure and temperature of vehicle’s tire in real time and alerting the driver using an alarm and displaying the real time pressure and temperature on a LCD. A reduction in the pressure of an automobile tire results in decreased tire life, mileage, safety, and vehicle performance. The major advantages of introducing such systems are that they improve convenience during driving and help reduce the number of accidents. The use of such systems also increases the fuel mileage, durability of tires, and provides proper vehicle handling.

The market is expected to witness a 7% CAGR by the end of 2023, owing to a number of factors.

Key Players

The global tire pressure monitoring market report by Market Research Future includes a profiling of various important participants in the market. Some of these noteworthy players include Sensata Technologies Inc. (U.S), Continental AG (Germany), Pacific Industrial Co. Ltd (Japan), and Huf Hülsbeck & Fürst GmbH & Co. KG (Germany). ZF Friedrichshafen AG (Germany), Schrader Electronics (U.K), AVE technologies (Australia), Bartec USA LLC (U.S), DUNLOP TECH GmbH (Germany), and Delphi Automotive LLP. (U.K).

Market Segmentation

The global Tire Pressure Monitoring System Industry is segmented on the basis of technology, vehicle type, sales channel, and region. Based on vehicle type, the market is studied for the segments of light commercial vehicles, heavy commercial vehicles, and passenger vehicles. Based on the sales channel, the global TPMS market is segmented into aftermarket and original equipment manufacturers.

Based on technology, the segments studied in the report include direct tire pressure monitoring system and indirect pressure monitoring system. The direct TPMS market is anticipated to dominate global market during the conjecture period. It helps in the detection of absolute pressure measurement. Direct TPMS technology has several features like the display of tire pressure on each wheel, and additional sensors required with snow tires. However, direct tire pressure monitoring system is expensive due to the need of changing sensor batteries periodically.

Regional Analysis

The global Tire Pressure Monitoring System Industry is studied for the regional segments of Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific spearheaded the market at the beginning of the review period and is expected to retain such dominance by the end of 2023. This can be accredited to the upscaling adoption rate of such systems and booming automotive sector. Consequently, higher production of a large number of automobiles, promoting growth in the regional tire pressure monitoring market. India, China, Japan, and South Korea are anticipated to lead the country-specific market over the assessment period.

Europe is also estimated to witness significant growth for the tire pressure monitoring market. Substantial growth in the regional market can be accredited to the presence of vital automotive vendors in the region. Increasing driving regulations along with the objective of ensuring passenger safety is also fostering market growth in Europe.

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