Global tire pressure monitoring system has witnessed gradual growth in recent years and is expected to witness steady growth in the forecast period. The Tire Pressure Monitoring System Market is primarily driven due to strict government regulations that mandate the need to curb vehicular emissions and increase fuel efficiency as one of the primary growth factors. The growth of the automotive market in the emerging economies around the world is due to various factors such as the increasing demand for high-end luxury cars, and the growing economic and environmental policies. These factors will increase the focus of the customers towards advanced safety systems such as anti-brake systems, tire pressure indicators, and electronic stability control in their vehicles. This will indirectly result in the growth of the automotive aftermarket. Regulations that demand installation of tire pressure monitoring systems, which were introduced in emerging nations, will result in the increasing demand for the aftermarket tire pressure monitoring systems.
Tire forms the basis for comfortable, safe and fuel efficient driving, if they are managed and maintained properly by owners and service providers. With demonstrated technology to successfully monitor tire pressure and to caution drivers of problems, regulations have emerged in every region to require carmakers to have tire pressure monitoring systems in almost all vehicle types. Tire pressure monitoring system gives real time information to the driver of the vehicle through a pictogram display. In present scenario, automotive safety systems have become advanced, sophisticated and efficient. Increasing adoption rate for automotive safety systems such as tire pressure monitoring system has reduced the number of accidents as well as they have lowered the impact if accidents on people.
The Global Tire Pressure Monitoring System Market is expected to grow at a CAGR of ~ 7% during the forecast period.
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The key players of global tire pressure monitoring system market are
- Sensata Technologies Inc. (U.S),
- Continental AG (Germany),
- Pacific Industrial Co. Ltd (Japan),
- Huf Hülsbeck & Fürst GmbH & Co. KG (Germany),
- ZF Friedrichshafen AG (Germany),
- Schrader Electronics (U.K),
- AVE technologies (Australia),
- Bartec USA LLC (U.S),
- DUNLOP TECH GmbH (Germany)
- Delphi Automotive LLP. (U.K)
Market Research Analysis
Passenger vehicle type, expected to grow at the highest CAGR
Passenger vehicle type will dominate the tire pressure monitoring system market. The significant rise in sales of passenger vehicles, with the development of multibillion dollar luxury and semi-luxury car manufacturing industry, will be the major driver for the growth of passenger vehicle in tire pressure monitoring system market. Also, factors such as adoption of safety regulations by government agencies, along with an increase in vehicle sales, and safety installations per vehicle, are fuelling the demand for automotive tire pressure monitoring system globally.
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