Automotive Tire Pressure Monitoring System (TPMS) Is The Fastest Growing Segment Fueling The Growth Of Automotive Tire Pressure Monitoring System Market

https://www.coherentmarketinsights.com/market-insight/automotive-tire-pressure-monitoring-system-market-3272
Automotive Tire Pressure Monitoring System Market



Market Overview:

Automotive TPMS helps in real-time monitoring of tire pressure and temperature in vehicle. It alerts the driver in case of low pressure or temperature variation via display unit. This improves vehicle handling, fuel efficiency and prevents road accidents.

Market key trends:
One of the key trends fueling the growth is the mandating of TPMS by regulatory bodies in countries across regions. For instance, European New Car Assessment Program (Euro NCAP) made TPMS compulsory for all new vehicles launched from November 2014 onwards. Similarly, in North America, National Highway Traffic Safety Administration (NHTSA) mandated TPMS for all new passenger cars and light trucks since 2007 with an aim to enhance road safety. The regulation is increasing awareness and adoption of TPMS solutions globally.

The global Automotive Tire Pressure Monitoring System Market Size is estimated to be valued at US$ 7.17 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis
The automotive tire pressure monitoring system (TPMS) market is segmented by technology, vehicle type, and region. Based on technology, direct TPMS is dominating the market as it provides accurate tire pressure readings through sensors installed inside each tire. The direct technology does not require manual resetting of tire pressure thresholds.

Key Takeaways
The global automotive tire pressure monitoring system market is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing vehicle safety mandates.

Regional analysis
Asia Pacific dominates the global market and is estimated to maintain its dominance over the forecast period. This is attributed to the increasing vehicle production and sales in major economies like China and India. Stringent regulations regarding vehicle safety are also expected to boost the adoption of TPMS in the region.

Key players analysis
Key players operating in the automotive tire pressure monitoring system market are ZF Friedrichshafen AG, Continental AG, Sensata Technologie, Inc., Denso Corporation, NXP Semiconductors, WABCO, and Hamaton Automotive Technology CO., LTD.


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