A recent report published by Infinium Global Research on tire pressure monitoring system market provides in-depth analysis of segments and sub-segments in the global as well as regional tire pressure monitoring system market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional tire pressure monitoring system market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global tire pressure monitoring system market. According to the report, the global tire pressure monitoring system market is projected to grow at a CAGR of 5.7% over the forecast period of 2018-2024.
Tire pressure monitoring system (TMPS) is an electronic system in the vehicle that monitors the pneumatic tire air pressure and alerts the driver when it falls low. The TPMS low tire pressure indicator is a yellow horseshoe-shaped symbol that resembles the shape of a tire cross-section with an exclamation mark that illuminates on the dashboard instrument panel. TPMS are provided both at an OEM (factory) level as well as an aftermarket solution. There are two different types of systems being used: Direct (DTPMS) and Indirect (ITPMS). DTPMS comes with a sensor mounted in the wheel to measure the air pressure in each tire. When air pressure in the tire drops below 25% of the manufacturer’s recommended level, the sensor transmits that information to the car’s computer system and triggers dashboard indicator light. In ITPMS, the car’s antilock braking systems (ABS) wheel speed sensors detect the tire’s pressure by its speed. The tire will roll at a different wheel speed than the other tires if its pressure is low. This information is transmitted to the car’s computer system, which triggers the dashboard indicator light.
TPMS was developed with an alliance of TREAD act passed by the US Congress keeping in mind the road safety issues. By the TREAD act, the cars manufactured after 2006 have to have TPMS. Hence, road safety remains the prime driving force for the TPMS market. Furthermore, advantages of TPMS including increased fuel efficiency, MPG, and stability of the vehicle and low tire wear add to the growing demand of TPMS. Additionally, the growing production of vehicles with advanced features has also helped the TPMS market to grow. However, the maintenance cost and cost of TPMS itself is high, it may hamper the growth of the market. Having said that many of the automobile manufacturers are still adopting TPMS and its demand is growing among the car manufacturers.
Geographically, Asia-Pacific region is the leader in global TPMS market. Growing population, which leads to the growing number of vehicle users, and increasing salaries of individuals which leads to their improved living standards are the major factors influencing the growth of TPMS market in Asia-Pacific region. Besides, the economies in the Asia-Pacific region such as China, India, Japan, and South Korea are expanding and thus are demanding for the vehicles with advanced features.
The report on global tire pressure monitoring system market covers segments such as type, technology, vehicle type, and sales channel. On the basis of type, the sub-markets include direct tire pressure monitoring system (TPMS), and indirect tire pressure monitoring system (TPMS). On the basis of technology, the sub-markets include conventional TPMS and intelligent TPMS. On the basis of vehicle type, the sub-markets include commercial vehicles and passenger vehicles. On the basis of the sales channel, the sub-markets include aftermarket and OEMs.
The report provides profiles of the companies in the market such as Knorr-Bremse AG, WABCO, Pacific Industrial Co., Ltd., DENSO CORPORATION., Digi-Key Electronics., Continental AG, ZF Friedrichshafen AG, Bosch Limited, Valeo, and DUNLOP TECH GmbH.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of tire pressure monitoring system market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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