Market Overview
This Automotive Tire Pressure Monitoring System (TPMS) market is an operational safety system which monitors tire pressure using pressure sensors or ABC or ESC unit wheel sensors. The longest service life of the cells used in the TPMS is typically 6 to 10 years. Additionally, it is fully reliant on batteries and must be changed if the battery is dead. The International Tire Pressure Monitoring System market was worth $11,651 million in 2018 and is expected to be worth roughly $20,620 million through the end of the forecast period.
Tire Pressure Monitoring System Market is estimated to increase at a 7% CAGR between 2023 and 2030. The tire pressure monitoring system is an electronic device that monitors the tire's air temperature and pressure and displays the real-time temperature and pressure on the screen. This warns the driver if there is a risk associated with the change in pressure on the automobile's tires.
During the Covid-19 pandemic, the market experienced a drop in manufacture and production. The pandemic has affected most industries, which are currently rebuilding. The Worldwide Tire Pressure Monitoring System market has shown a negative influence in sales for these systems since the entire globe was placed under lockdown, affecting all large countries. However, now that life is returning to normal, the market for the items is expected to rise in the typical manner.
Market Segmentation
The Tire Pressure Monitoring System Market is divided into four sections: Technology, Vehicle Type, Sales Channel, and Region. Technology is separated into two categories, direct TPMS & indirect TPMS.
The industry is divided into two categories by type, passenger automobiles and commercial vehicles. Passenger Vehicles account for the majority of market shares, and this trend is expected to persist during the projection period. The TPMS market is classified into two segments based on the sales channel, original equipment manufacturers plus aftermarkets. The aftermarket has expanded share of the market in this area, and it is projected that this will continue in the coming years.
Regional Classification
Because of government regulations in developed economies, Europe is one of the major areas in the Tire Pressure Monitoring System market, according to regional data. APAC is predicted to expand the most throughout the forecast period, as the usage of such systems has grown in this region, and the automotive industry is expanding in this region, as manufacturing is increasing rapidly. The APAC region generates 60% of market revenue and is expected to expand at an 8.6% annual rate during the forecast period. Tire Pressure Monitoring Systems are in high demand in vehicle emerging economies including such Japan, China, and South Korea.
Industry News
● The automotive active safety mechanism has progressed from an anti-lock braking technology to vehicle stability for the driver, causing the automobile industry to flourish in the market in order to attain maximum market share.
● Microsoft and Bridgestone worked together to develop the new monitoring systems, which detect tyre deterioration issues in real time by combining the Microsoft Connected Vehicle Platform (MCVP) cloud infrastructure with sensors. The algorithms will detect the incident affecting the tire's surface, and the attached hardware will show live information on the screen.
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