Global Tire Pressure Monitoring System Market Projected to Grow from $4.78 Billion in 2018 to $13.13 Billion by 2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 3, 2019--The “Global Tire Pressure Monitoring System Market By Technology, By Vehicle Type, By Sales Channel, By Region, Competition, Forecast & Opportunities, 2024” report has been added to ResearchAndMarkets.com’s offering.
The global tire pressure monitoring system market is projected to grow from $ 4.78 billion in 2018 to $ 13.13 billion by 2024, exhibiting a double-digit CAGR of over 21% during the forecast period, backed by safety regulations and norms imposed by governments across the globe. Automotive Tire Pressure Monitoring Systems (TPMS) are active safety systems that help to monitor vehicle pressure by using pressure sensors. Moreover, the system provides crucial information related to the number of tires that are underinflated. Additionally, properly inflated tires help in reducing the number of accidents which are caused by poor condition of tires. The system displays the real time information to the driver in the form of pictogram.
Global Tire Pressure Monitoring System Market Segments
In terms of technology, the market for tire pressure monitoring system has been bifurcated into Direct Tire Pressure Monitoring System (TPMS) and Indirect Tire Pressure Monitoring System (TPMS). Direct TPMS captured the dominant share in 2018 and is expected to continue its market dominance during the forecast period, as indirect TPMS does not use pressure sensors to measure the tire inflation which results in inaccurate monitoring of the tire pressure. Based on the vehicle type, the global tire pressure monitoring system market has been categorized into passenger car and commercial vehicle (CV).
Passenger car accounted for the major market share in 2018 and the trend is expected to continue during the forecast period. In terms of sales channel, tire pressure monitoring system market can be bifurcated into original equipment manufacturers and aftermarket. The traction of the aftermarket is increasing, and the segment is expected to grow over the next few years, as the new government norms mandate the use of these TPMS and increasing awareness of the TPMS as advanced safety technology.
Global Tire Pressure Monitoring System Market Regional Insights
Europe is the leading region in the global tire pressure monitoring system market, owing to government regulations in the developed economies. Asia-Pacific tire pressure monitoring system market is expected to grow at the highest rate during the forecast period, on account of increasing demand for automobiles in developing economies such as China, Japan and South Korea.
Global Tire Pressure Monitoring System Market Competitive Landscape
Some of the major players operating in the global tire pressure monitoring system market are Sensata Technologies Inc., Continental AG, Pacific Industrial Co. Ltd, NIRA Dynamics, Denso Corporation and NXP Semiconductors. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. In 2017, Continental AG launched new range of TPMS, which makes use of high-frequency signal to send information to the receiver.
Objective of the Study:
- To analyze and forecast the global tire pressure monitoring system market size.
- To classify and forecast the global tire pressure monitoring system market based on technology, vehicle type, sales channel and regional distribution.
- To identify drivers and challenges for the global tire pressure monitoring system market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global tire pressure monitoring system market.
- To conduct the pricing analysis for the global tire pressure monitoring system market.
- To identify and analyze the profile of leading players operating in the global tire pressure monitoring system market.
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. Global Tire Pressure Monitoring System Market Outlook
6. Europe Tire Pressure Monitoring System Market Outlook
7. North America Tire Pressure Monitoring System Market Outlook
8. Asia-Pacific Tire Pressure Monitoring System Market Outlook
9. South America Tire Pressure Monitoring System Market Outlook
10. Middle East & Africa Tire Pressure Monitoring System Market Outlook
11. Market Dynamics
12. Market Trends & Developments
13. Competitive Landscape
14. Strategic Recommendations
- Sensata Technologies Inc.
- ZF Friedrichshafen
- Continental AG
- Pacific Industrial Co. Ltd
- Huf Hlsbeck & Frst GmbH & Co. KG
- NIRA Dynamics
- Denso Corporation
- NXP Semiconductors
For more information about this report visit https://www.researchandmarkets.com/r/od92a9
View source version on businesswire.com:https://www.businesswire.com/news/home/20190503005112/en/
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Related Topics:Automotive Safety
INDUSTRY KEYWORD: AUTOMOTIVE GENERAL AUTOMOTIVE
SOURCE: Research and Markets
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PUB: 05/03/2019 03:47 AM/DISC: 05/03/2019 03:47 AM