Tire Pressure Monitoring Systems Market Exceed Growth rate (CAGR) of 9.0% by 2028 - MarkNtel Advisors - Market Research

The Global Tire Pressure Monitoring Systems Market size is projected to grow at a CAGR of 9.0% in the forecast period of 2023-28, cites Markntel Advisors in the recent research report. The rising safety concerns, government regulations, and the surging number of passenger and commercial vehicles, along with the elevating number of luxury vehicles, increasing economic and environmental policies, and shifting consumer and manufacturer preference for advanced safety features, are fueling the market growth.

Additionally, the automotive need to reduce vehicular emissions and improve vehicle fuel efficiency further garners manufacturers’ interest in the industry. However, the high replacement costs of the sensor, with added installing charges, could lead to consumers avoiding replacing sensors leading to safety concerns and hindrance to market growth, further states the research report, “Global Tire Pressure Monitoring Systems Market Analysis, 2023.”

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Tire Pressure Monitoring Systems Market Segmentation Analysis

By Technology

Direct Tire Pressure Monitoring System
Indirect Tire Pressure Monitoring System

Direct Tire Pressure Monitoring System Holds Lion’s share

Direct Tire Pressure Monitoring System is expected to gain the largest market share, attributed to the features such as delivering exact pressure for each tire, no loss of tire pressure information, sensor batteries that last the vehicle’s life mostly, and the ability to monitor spare tires. Furthermore, added features like reducing the handling of multiple components via the different sizes of the printed circuit board and removing the extra cost for external components further accelerated market growth.

By Sales Channel

OEMs
Aftermarket

By Vehicle Type

Passenger Vehicle
Commercial Vehicle

By Region

North America
South America
Europe
Middle East
Africa
Asia-Pacific

Asia-Pacific Region to Significantly Grow with A Prominent Market Share Acquisition

Asia-Pacific is expected to address the maximum growth in the market during the forecasting period, attributing to the adherence to strict regulatory rules concerning safety and the use of tire pressure monitoring systems in emerging nations such as China, Japan, and South Korea. Additionally, with the dedicated research and development in the region, rising population, and fleeting on-road vehicles, with more disposable income and safety awareness, the region is expected to accelerate its market expansion.

Furthermore, the surge in the production of premium cars and a rise in safety installation with more trade in the region with increasing automotive vehicles with TPMS, such as compact and mid-sized vehicles in various countries, fuel the market expansion.

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Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Continental AG, Denso corporation, Delphi Automotive, Sensata Technologies, Dunlop Tech Gbmh Wabco, Bendix Commercial Vehicle systems LLC, Schrader Electronics, Pacific Industrial Co., Ltd., and Huf and Hlsbeck & Frst Gmbh & Co are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
What are the trends that have shaped the industry to its current form?
What key factors would propel and impede the Global Tire Pressure Monitoring Systems Market?
How has the industry been evolving in terms of geography & product adoption?
How has the competition shaped across various countries, followed by their comparative factorial indexing?
How have buying behavior, customer inclination, and expectations from Tire Pressure Monitoring System manufacturers evolved during 2018-28?
Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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