Press Release

Tire Pressure Monitoring System Market to Grow at Over 21% CAGR till 2024

Increasing accidents due to tire failure and rising safety concerns to fuel global tire pressure monitoring system market through 2024

According to TechSci Research report, Global Tire Pressure Monitoring System Market By Technology, By Vehicle Type, By Sales Channel, By Region, Competition, Forecast & Opportunities, 2024, global tire pressure monitoring system (TPMS) market is projected to register a CAGR growth of over 21% during the forecast period of 2019-2024, on account of increasing instances of accidents and growing awareness pertaining to the vehicle safety. TPMS helps to maintain proper tire pressure and can increase safety on the road by reducing vehicle distance, decreasing tire wear, and improving fuel economy and vehicle handling. Governments in leading automaker countries have regulations in place for the use of TPMS. Additionally, growing adoption of automotive safety systems is expected to positively influence global tire pressure monitoring system (TPMS) market during the forecast period.

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Passenger car segment accounted for the largest share in global tire pressure monitoring system market in 2018 and is likely to continue its market dominance during the forecast period, on the back of expanding passenger car fleet size, rising sales of passenger cars, growing disposable income and increasing consumer preference for safety features in passenger cars. On the basis of technology, direct TPMS is the leading segment, as it measures accurate pressure for every tire unlike indirect TPMS which uses ABS sensors to measure the tire inflation.

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Prominent automotive component giants such as Sensata Technologies Inc., Continental AG, Pacific Industrial Co. Ltd, NIRA Dynamics, Denso Corporation and NXP Semiconductors are continuously enhancing and expanding their product offerings to attract customer focus towards their products. In February 2019, Continental AG launched VDO TPMS Go device, a new universal service tool for tire pressure monitoring systems (TPMS).

“Europe is the leading region in global tire pressure monitoring system (TPMS) market, owing to the legislature adopted by the region mandating TPMS in all vehicles from 2014 and presence of major automotive manufacturers in the region. Asia-Pacific tire pressure monitoring system (TPMS) market is expected to witness significant growth in coming years, on account of increasing demand for vehicles in economies such as China, Japan and South Korea, in addition to new TPMS regulations in China.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Tire Pressure Monitoring System Market By Technology, By Vehicle Type, By Sales Channel, By Region, Competition, Forecast & Opportunities, 2024 has evaluated the future growth potential of global tire pressure monitoring system market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global tire pressure monitoring system market. 


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