Global Tire Pressure Monitoring Systems Market Report Overview:
The latest market study by MarkNtel Advisors titled “Global Tire Pressure Monitoring Systems Market Size, Share, Trends, Growth, Opportunity Analysis 2023-2028” presents a thorough examination of market drivers, opportunities, and challenges.
Utilizing a quantitative approach, it offers precise insights into market size, share, and growth. Crafted by industry experts, the report delves into consumption patterns, geographical analysis, and competitive landscapes. Its objective is to furnish valuable insights for clients seeking to comprehend and leverage market dynamics. With a dual focus on historical achievements and future projections, it furnishes a nuanced understanding of the market terrain.
Global Tire Pressure Monitoring Systems Market Insight:
The Global Tire Pressure Monitoring Systems Market is projected to grow at a CAGR of around 9.0% during the forecast period, i.e., 2023-28.
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Key Driver: Rising Installation of Accident Preventive Safety Systems:
The continuous occurrence of automobile accidents has urged manufacturers, and consumers to adapt and improve the safety features in the vehicle to prevent damage and causality by focusing on the improvement of automotive vehicles with the installation of new safety features. This has resulted in continuous research and development into the issue and coming up with more minor, complementing designs and systems, leading to the higher installation of such sensor systems, thereby driving the industry. As a solution, TMPS provides safety by improving vehicle handling, decreasing tire wear, reducing braking distance, and better fuel economy. In addition, the concerns over the higher number of accidents occurring due to tire failures have accelerated the market growth.
Competitor Insight: Tire Pressure Monitoring Systems Market
This report focuses on major market participants like:
- Continental AG
- Denso corporation
- Delphi Automotive
- Sensata Technologies
- Dunlop Tech Gbmh
- Wabco
- Bendix Commercial Vehicle systems LLC
- Schrader Electronics
- Pacific Industrial Co., Ltd.
- Huf and Hlsbeck & Frst Gmbh & Co.
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Segmentation Summary: Tire Pressure Monitoring Systems Market
This segmentation analysis outlines prominent sections in the report’s table of contents. Each segment undergoes thorough analysis, including sub-segments, to showcase both current and historical market sizes. The analysis underscores investment opportunities for rapid growth, particularly in the Tire Pressure Monitoring Systems Market, with notable highlighting on:
-By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Between the two, Passenger Vehicle dominated the market with the largest market share during the historical period and is anticipated to follow the same trend in the forecast years. It is attributed to the fact that TPMS is primarily found in passenger vehicles, as tire pressure is a critical safety feature. Besides, the increase in demand for passenger vehicles in the automotive market and the affordable safety feature through tire pressure sensors add to the market growth.
-By Technology
- Direct Tire Pressure Monitoring System
- Indirect Tire Pressure Monitoring System
-By Sales Channel
- OEMs
- Aftermarket
Tire Pressure Monitoring Systems Market Geographical Reach:
- North America
- South America
- Europe
- Middle East
- Africa
- Asia-Pacific
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