Over the forecast period of 2022 to 2032, the tire pressure monitoring system market size is expected to grow at a CAGR of 10.3% to reach a value of US$ 7.7 Billion by 2032.
Key Takeaways:
- Based on technology type, demand for pressure sensor is expected to increase at a CAGR of about 10% over the assessment period.
- By region, Europe and East Asia are expected to be collectively account for a market share of more than 70.9% by 2032.
- In terms of vehicle type, passenger vehicle segment is estimated to dominate the market holding more than 75.0% of the total market share.
- Total sales in the U.S. market will reach a valuation of US$ 0.3 Bn in 2022.
- China will offer an incremental opportunity of more than US$ 2.9 Bn over the forecast period.
- Germany will account for more than 25.9% of the Europe tire pressure monitoring system market in 2022.
Request to Sample of Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-719
An electrical component that keeps an eye on the air pressure in the tyres of the car is called the tyre pressure monitoring system (TPMS). It alerts the driver by sending out a straightforward low-air pressure warning or by presenting real-time air pressure data on the infotainment screen.
In addition to reducing tyre life and safety, low air pressure in car tyres also affects mileage and vehicle performance. On the other hand, tyres that are properly inflated can assist lower the amount of incidents that result from subpar tyre conditions. It follows that there will likely be a rise in the need for tyre pressure monitoring devices.
In a fleet’s budget, tyres come in at number three. Adding a tyre pressure monitoring system maximises the cost of the car as a whole. These technologies save tyre maintenance costs while simultaneously increasing vehicle safety and fuel efficiency.
Commercial vehicles are heavier and despite being well-equipped with tire pressure, suffer frequent tire burst due to poor road conditions. TPMS takes away the guesswork by alerting the driver when a vehicle’s tires are low on air or flat. This information reduces the chances of accidents and further improves the efficiency for utilizing fuel, as optimized air pressure in a tire moves the vehicle smoothly.
Various government bodies all over the globe have imposed stringent passenger safety regulations on automobile manufacturing. The automotive industry’s expansion, initiatives to adopt advanced technologies, develop structured safety features, and a growing trend of government and consumer adoption of autonomous vehicles is expected to create opportunities for growth in the market.
Get Your Report Customize, Visit:
https://www.futuremarketinsights.com/customization-available/rep-gb-719
The global TPMS market is expected to be benefited from rising per-capita income in developing economies, as well as increasing demand for premium and luxurious features in vehicles over the forecast period. Countries with a large trucking industry plan to standardize the use of tire pressure monitoring systems (TPMS) in heavy commercial vehicles, resulting in higher sales.
TPMS is becoming an innovative component in a vehicle. Furthermore, increase in the safety standards adopted by the key manufacturers all over the globe is anticipated to benefit the growth in the market. Increasing sales of electric vehicles are also expected to propel the demand for tire pressure monitoring system in the forthcoming years.
“The quick adaptation of technologies in the automotive sector will fuel the adoption of TPMS. The market for Advance driver assistance systems is benefiting from rising demand for safe care driving, government regulation on road safety, which is expected to have a direct impact on the TMPS market,” says an FMI analyst.
Competitive Landscape
Texas Instruments Incorporated, Intel Corporation, NVIDIA Corporation, Continental AG, and others are among the industry’s key market participants.
Manufacturers and developers of tire pressure monitoring systems are constantly investing in improving the system’s application while reducing human interference and increasing accountability.
Ask the Analyst:
https://www.futuremarketinsights.com/ask-question/rep-gb-719
Tire Pressure Monitoring Systems Market: Segmentation
TPMS Market by Category
By Technology:
- Ultrasonic Sensor
- Lidar Sensor
- Radar Sensor
- Camera Sensor
- Infrared Sensor
- Pressure Sensor
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
By Vehicle Type:
- Passenger Vehicle
- Heavy Commercial Vehicle
- Light Commercial Vehicle
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
