Tire Pressure Monitoring System Market Share, Growth, Emerging Trends, Key Manufacturers, Competitive Analysis and Future Opportunities till 2023-2033: SPER Market Research
A tire pressure monitoring system (TPMS) is an electrical device that monitors tire air pressure. By using the light-illuminating feature of the TPMS, the driver is alerted of high or low tire pressure. In recent years, the market for tires that improve fuel efficiency has expanded. To increase traction, safety, and mileage, tire producers have therefore concentrated on enhancing currently available technologies. Maintaining tire pressure is essential for safe driving, extending tire life, and optimizing fuel efficiency. TPMS contributes to overall CO2 emissions reduction, increased vehicle safety, and enhanced fuel efficiency. Additionally, the tire’s total weight and rolling resistance are decreased.
According to SPER market research, ‘Tire Pressure Monitoring System Market Size- By Type, By Sales Channel, By Vehicle Type, By Propulsion – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Tire Pressure Monitoring System Market is predicted to reach USD 9.40 billion by 2033 with a CAGR of 10.51%.
Drivers: The market for tire pressure monitoring systems will develop significantly as a result of government spending on active safety systems, vehicle automation, and modifications to road and highway laws.
The increasing use of sensor technology in automobiles and the rapid advancement of integrated sensor systems are expected to drive up demand for car tire pressure monitoring systems. The rapid development of integrated sensor systems and the expanding use of sensor technology in automobiles are expected to drive up sales of automotive tire pressure monitoring systems.
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Both the rise in high-end car sales with modern safety features and technical improvements are driving the tire pressure monitoring system market.
Challenges: The market may not expand due to the high cost of TPMS sensors and the high cost of replacing them. When the battery on one tire dies, the other three sensors on the tire are also likely to die. This would require customers to replace all four sensors, which could be challenging and hamper market expansion. Installment fees and tire balance are examples of costs and services that are added to the customer’s bill and could delay or discourage sensor reinstallation, which could be dangerous and restrict the business.
The market may not expand due to the high cost of TPMS sensors and the high cost of replacing them.
Global governments were driven by the COVID-19 pandemic to impose strict lockdowns and prohibit the import or export of goods needed for raw materials for the majority of 2020 and a few months of 2021. The supply of essential raw materials for auto parts consequently fell off a cliff. Auto sales and output suffered as a result of the COVID-19 pandemic’s severe disruption of supply chains and manufacturing schedules. As a result, in 2020, the market share of tire pressure monitoring devices decreased.
Furthermore, North America dominated the worldwide Tire Pressure Monitoring System market in 2020, and it is expected to remain the fastest-growing sector during the forecast period. This is due to increased urbanization, which has resulted in an increase in wastewater management operations, which is likely to raise demand for Tire Pressure Monitoring System systems and may function as the primary driving force for the market. Additionally, some of the market key players are InnoTechRV, The Goodyear Tire & Rubber Company, Orange Electronic Co., Ltd., Sensata Technologies Inc., DENSO CORPORATION, VALEO, NIRA Dynamics AB.
Automotive TPMS Market Segmentation:
By Type: Based on the Type, Global Tire Pressure Monitoring System Market is segmented as; Direct Tire Pressure Monitoring System, Indirect Tire Pressure Monitoring System.
By Sales Channel: Based on the Sales Channel, Global Tire Pressure Monitoring System Market is segmented as; Aftermarket, OEM.
By Vehicle Type: Based on the Vehicle Type, Global Tire Pressure Monitoring System Market is segmented as; Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Vehicles.
By Propulsion: Based on the Propulsion, Global Tire Pressure Monitoring System Market is segmented as; Alternate fuel Vehicle, Electric and Hybrid, ICE.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Tire Pressure Monitoring System Market Forecast
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