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Global Tire Pressure Monitoring System (TPMS) (Automobile TPMS) Market Opportunities and Forecast 2022-2029

Introduction

The tire pressure monitoring system (TPMS) market is expected to grow at a CAGR of around 8% during the forecast period. The global TPMS market was valued at USD 6.02 billion in 2021 and is projected to reach USD 10.09 billion by 2029. Tire pressure monitoring systems (TPMS) are devices that are used to monitor the air pressure in a vehicle’s tires. TPMS help to alert the driver when the tire pressure is low and helps to avoid accidents due to flat tires or blowouts. The benefits of TPMS, such as improved fuel efficiency, safety, and comfort, are expected to drive the growth of the market. The rising demand for luxury vehicles and the increasing awareness of vehicle safety are some of the other factors that are expected to contribute to the growth of the market. The tire pressure monitoring system (TPMS) is an electronic system that monitors the air pressure in the tires of a vehicle. TPMS is designed to provide information about the air pressure in the tires so that the driver can maintain proper tire inflation.

The market for tire pressure monitoring systems (TPMS) is expected to grow due to increasing awareness about road safety and government regulations mandating the installation of TPMS in vehicles. Moreover, advancement in technology has resulted in the development of new features such as real-time alerts and automatic air pumps that are expected to fuel the growth of the tire pressure monitoring system (TPMS) market over the forecast period.

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Market Drivers

The global tire pressure monitoring system (TPMS) market is driven by a number of factors, including the increasing awareness of vehicle safety, the stringent regulations regarding vehicle safety, and the rapidly evolving automotive industry.

Tire pressure monitoring systems are designed to provide drivers with real-time information about the pressure in their tires. This information can be used to help prevent flats, blowouts, and other tire-related problems.

TPMS systems can be either direct or indirect. Direct TPMS systems use sensors that are mounted on each wheel to measure tire pressure. Indirect TPMS systems use sensors that are mounted on the vehicle’s ABS system to measure tire pressure.

Market Restraints

1. High Cost of Replacement Tire Pressure Monitoring System: One of the key restraints for the growth of the global tire pressure monitoring system market is the high cost associated with the replacement of these systems. A major portion of this cost is attributed to the sensors, which need to be replaced every time a tire is changed. This has resulted in many consumers opting not to install these systems, thereby restraining market growth.

2. Lack of Standardization: Another key restraint for the global tire pressure monitoring system market is the lack of standardization across different regions. This has led to various manufacturers offering products that are incompatible with each other, thereby limiting the growth of the overall market.

3. Fragmented Nature of Aftermarket: The aftermarket for tire pressure monitoring systems is highly fragmented in nature, due to the presence of numerous small and medium-sized players. This has made it difficult for new entrants to gain a foothold in the market, thereby restraining market growth.

Covid-19 Impact on Tire Pressure Monitoring System (TPMS) (Automobile TPMS) Market:

The outbreak of the covid-19 had a severe and swift impact on the automobile and transportation industry. This is majorly due to the shutdown of assembly plants in the US, interruptions across Europe in large-scale manufacturing, and disruption in the export of Chinese parts. In addition to this, the industry is dealing with reduced demand across the globe due to changes in customer behavior and shifts in the supply-demand chain. A recent study shows a 39% decline in sales of automotive all over the world. Moreover, the nationwide lockdowns have substantially affected the transportation sector. Restrictions on transportation accounted for a 45 to 55% decline in public as well as private transport sectors.

Report Includes

An overview of the global Tire Pressure Monitoring System (TPMS) (Automobile TPMS) market, and related technologies and developments. Analyses of global market trends, with historical data from 2018, 2019, and 2020 estimates and projections of CAGRs through 2027. It also includes breakdowns of the overall Tire Pressure Monitoring System (TPMS) (Automobile TPMS) market along with various segments, and by geographic region. Analysis of the stakeholder value chain in the Tire Pressure Monitoring System (TPMS) (Automobile TPMS) market and comprehensive profiles of leading companies in the industry

Report Scope

The report forecasts the size of the Tire Pressure Monitoring System (TPMS) (Automobile TPMS) market for components from 2022 through 2029

The Executive Summary provides a snapshot of key findings of the report. The introduction chapter includes research scope, market segmentation, research methodology, and definitions and assumptions. It involves extreme rigorous scientific methods, tools and techniques to estimate the market size. Exhaustive secondary research is being carried out to collect information related to the market, the parent market, and the peer market. Primary research is undertaken to validate the assumptions, findings, and sizing with the industry experts professionals across the value chain of the market. Both top-down and bottom-up approaches are employed to estimate the complete market size.

The chapter on market dynamics includes market drivers, restraints, and opportunities which helps familiarise with market potential and upcoming opportunities. The chapter on key insights includes emerging trends from major countries, latest technological advancement, regulatory landscape, SWOT analysis, and porters five forces analysis. This chapter provides a detailed insights of market which derives the market trends, changing phase of investments, scope of profit potential, and helps to take appropriate business decisions. The chapter on competitive analysis includes profiling of leading companies in the global market to map the leading companies and their focus of interest in the market.

After deriving the market size from the market size estimation process, the total market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments, the data triangulation and market breakdown procedures is being used. The data triangulation is carried out by studying various factors and trends from demand and supply perspectives.

Segmentation Analysis:

The global Tire Pressure Monitoring System (TPMS) (Automobile TPMS) market has been segmented on the basis of vehicle type, sales channel, and geography.

By vehicle type, the market has been divided into passenger cars, commercial vehicles, and two-wheelers. The passenger car segment is expected to be the largest during the forecast period owing to the increasing demand for luxury cars and sedans.

The sales channel segment includes original equipment manufacturers (OEMs) and aftermarkets. The OEMs segment is projected to grow at a higher CAGR during the forecast period as TPMS are being increasingly installed in new vehicles by automakers.

On the basis of geography, the global tire pressure monitoring system market has been classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market owing to the early adoption of technologically advanced products and the presence of leading PMS manufacturers in this region.

Global Tire Pressure Monitoring System (TPMS) (Automobile TPMS) market Competitive Analysis:
Key players in the Global Tire Pressure Monitoring System (TPMS) (Automobile TPMS) market are 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) are among others.

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This study forecasts revenue and volume growth at global, regional, and country levels from 2018 to 2029. The Global Tire Pressure Monitoring System (TPMS) (Automobile TPMS) market is distributed on the basis of below-mentioned segments:

Global Tire Pressure Monitoring System (TPMS) (Automobile TPMS) market, By Type:

  • Direct TPMS
  • Indirect TPMS

Global Tire Pressure Monitoring System (TPMS) (Automobile TPMS) market, By Application:

  • Passenger Cars
  • Commercial Vehicles

Global Tire Pressure Monitoring System (TPMS) (Automobile TPMS) market, By Region:

  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • Australia
    • South Korea
    • Rest of Asia-Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East and Africa
    • GCC
    • South Africa
    • Rest of Middle East and Africa

Research objectives:

  • To study and analyze the global Tire Pressure Monitoring System (TPMS) (Automobile TPMS) market size by key regions/countries, product type and application, history data from 2018 to 2020, and forecast to 2029.
  • To understand the structure of Tire Pressure Monitoring System (TPMS) (Automobile TPMS) market by identifying its various sub segments.
  • Focuses on the key global Tire Pressure Monitoring System (TPMS) (Automobile TPMS) players, to define, describe and analyze the value, market share, market competition landscape, SWOT analysis and development plans in next few years.
  • To analyze the Tire Pressure Monitoring System (TPMS) (Automobile TPMS) with respect to individual growth trends, future prospects, and their contribution to the total market.
  • To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
  • To project the size of Tire Pressure Monitoring System (TPMS) (Automobile TPMS) submarkets, with respect to key regions (along with their respective key countries).
  • To analyze competitive developments such as expansions, agreements, new product launches and acquisitions in the market.
  • To strategically profile the key players and comprehensively analyze their growth strategies.
  • To strategically profile the key players and comprehensively analyze their growth strategies.

The report lists the major players in the regions and their respective market share on the basis of global revenue. It also explains their strategic moves in the past few years, investments in product innovation, and changes in leadership to stay ahead in the competition. This will give the reader an edge over others as a well-informed decision can be made looking at the holistic picture of the market.

Key questions answered in this report

  • What will the market size be in 2029 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities and threats faced by the key vendors?
  • What are the strengths and weaknesses of the key vendors?

Table of Contents: Tire Pressure Monitoring System (TPMS) (Automobile TPMS) Market

  • Part 1: Overview of Tire Pressure Monitoring System (TPMS) (Automobile TPMS) Market
  • Part 2: Tire Pressure Monitoring System (TPMS) (Automobile TPMS) Carts: Global Market Status and Forecast by Regions
  • Part 3: Global Market Status and Forecast by Types
  • Part 4: Global Market Status and Forecast by Downstream Industry
  • Part 5: Market Driving Factor Analysis
  • Part 6: Market Competition Status by Major Manufacturers
  • Part 7: Major Manufacturers Introduction and Market Data
  • Part 8: Upstream and Downstream Market Analysis
  • Part 9: Cost and Gross Margin Analysis
  • Part 10: Marketing Status Analysis
  • Part 11: Market Report Conclusion
  • Part 12: Tire Pressure Monitoring System (TPMS) (Automobile TPMS): Research Methodology and Reference

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