The global tire pressure monitoring system market size is expected to hit around US$ 24,019.1 Mn by 2027 report says by Acumen Research and Consulting.
LOS ANGELES, May 12, 2020 (GLOBE NEWSWIRE) -- The global tire pressure monitoring system market is projected to grow at a CAGR of around 10.5% during the forecast period 2020 to 2027.
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Tire Pressure Monitoring System Market (By Technology: Direct TPMS, Indirect TPMS; By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle; By Sales Channel: OEMs, Aftermarket) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”.
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Tire pressure monitoring system or TPMS is used in vehicles to inform the driver about the incompetence of tire that can possibly create unsafe driving conditions. The electrical device is designed for the mentioned task which can be installed by the OEMs or available in the aftermarket. The global tire pressure monitoring system market is divided on the basis of technology, vehicle type, and sales channel. By technology, the market is bifurcated into direct TPMS, and indirect TPMS. Passenger vehicles, light commercial vehicles, and heavy commercial vehicles are the segments on the basis of vehicle type. Additionally, by sales channel, the market is divided into OEMs and aftermarket.
By vehicle type, the passenger vehicle segment accounted for the major share in terms of value. Stringent government regulations associated with the safety & security of passengers is driving the market growth. The emerging advanced driver assistance systems (ADAS) such as tire monitoring systems, which can be coupled with anti-lock braking systems (ABS) to improve the overall safety of the vehicle by minimizing accidents are further propelling the segmental growth.
On the basis of the sales channel, the OEMs segment accounted for the maximum share in the global tire pressure monitoring system market. The original equipment manufacturer (OEM) segment is contributing more than 50% share to the global market.
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In 2019, Asia Pacific held the major share of the global market for tire pressure monitoring systems. The emerging economies like China and India, ongoing industrialization, rising purchasing power, ongoing adoption of advance technology solutions, and rising awareness about the health and safety products are some of the major factors accelerating the regional market value. For instance, Tata Nexon XZ Plus S variants have been launched in 2020 in India with a price of Rs 10.10 lakh. The new variant is equipped with the tire Pressure Monitoring System (TPMS) along with other features such as leather-wrapped steering wheel and gear knob, automatic headlamps, rain-sensing wipers, and electric sunroof.
Some of the leading competitors are ATEQ, Bartec USA LLC, Bendix Commercial Vehicles Systems LLC, Continental AG, Denso Corporation, Dunlop Tech GmbH, Hamaton Automotive Technology Co., Ltd., Huf Hülsbeck & Fürst GmbH & Co. KG, NIRA Dynamics AB, NXP Semiconductors, Pacific Industrial Co., Ltd., Sensata Technologies, Inc., WABCO, and ZF Friedrichshafen AG. Tire pressure monitoring system companies have announced mergers and acquisitions to expand their position in the tire pressure monitoring system industry. Major players are also moving into new regions and advanced technologies for the expansion of market share. For instance, in 2020, Tata Motors has announced that the group is likely to separate subsidiary for passenger vehicles and EVs. The Tata Motors (TML) Board has an approved plan for a PV and EV business subsidiary. The will separation includes the transferring of relevant assets, IPs and employees directly relatable to the PV business. Additionally, certain shared services and central functions will be retained at TML to deliver cost efficiencies for the entire group.
Some of the key observations regarding tire pressure monitoring system industry include:
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