Global Tire Pressure Monitoring System Market By Technology (Direct Tire Pressure Monitoring System & Indirect Tire Pressure Monitoring System), By Vehicle Type (Passenger Vehicle & Commercial Vehicle), By Sales Channel (OEM & Aftermarket), By Region, Competition, Forecast & Opportunities, 2024
Global Tire Pressure Monitoring System Market Overview
Global tire pressure monitoring system market is projected to grow from $ 4.78 billion in 2018 to $ 13.13 billion by 2024, exhibiting a double-digit CAGR of over 21% during the forecast period, backed by safety regulations and norms imposed by governments across the globe. Automotive Tire Pressure Monitoring Systems (TPMS) are active safety systems that help to monitor vehicle pressure by using pressure sensors. Moreover, the system provides crucial information related to the number of tires that are underinflated. Additionally, properly inflated tires help in reducing the number of accidents which are caused by poor condition of tires. The system displays the real time information to the driver in the form of pictogram.
Global Tire Pressure Monitoring System Market Segments
In terms of technology, the market for tire pressure monitoring system has been bifurcated into Direct Tire Pressure Monitoring System (TPMS) and Indirect Tire Pressure Monitoring System (TPMS). Direct TPMS captured the dominant share in 2018 and is expected to continue its market dominance during the forecast period, as indirect TPMS does not use pressure sensors to measure the tire inflation which results in inaccurate monitoring of the tire pressure. Based on the vehicle type, global tire pressure monitoring system market has been categorized into passenger car and commercial vehicle (CV). Passenger car accounted for the major market share in 2018 and the trend is expected to continue during the forecast period. In terms of sales channel, tire pressure monitoring system market can be bifurcated into original equipment manufacturers and aftermarket. The traction of the aftermarket is increasing, and the segment is expected to grow over the next few years, as the new government norms mandate the use of these TPMS and increasing awareness of the TPMS as advanced safety technology.
Global Tire Pressure Monitoring System Market Regional Insights
Europe is the leading region in global tire pressure monitoring system market, owing to government regulations in the developed economies. Asia-Pacific tire pressure monitoring system market is expected to grow at the highest rate during the forecast period, on account of increasing demand for automobiles in developing economies such as China, Japan and South Korea.
Global Tire Pressure Monitoring System Market Competitive Landscape
Some of the major players operating in global tire pressure monitoring system market are Sensata Technologies Inc., Continental AG, Pacific Industrial Co. Ltd, NIRA Dynamics, Denso Corporation and NXP Semiconductors. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. In 2017, Continental AG launched new range of TPMS, which makes use of high-frequency signal to send information to the receiver.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study:
- To analyze and forecast global tire pressure monitoring system market size.
- To classify and forecast global tire pressure monitoring system market based on technology, vehicle type, sales channel and regional distribution.
- To identify drivers and challenges for global tire pressure monitoring system market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global tire pressure monitoring system market.
- To conduct the pricing analysis for global tire pressure monitoring system market.
- To identify and analyze the profile of leading players operating in global tire pressure monitoring system market.
Some of the leading players in global tire pressure monitoring system market are Sensata Technologies Inc., Continental AG, Pacific Industrial Co. Ltd, NIRA Dynamics, Denso Corporation and NXP Semiconductors.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the product offerings, distribution channels and presence of all major manufacturers across the globe.
TechSci Research calculated global tire pressure monitoring system market size using a bottom-up approach, where data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Tire pressure monitoring system manufacturers and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to tire pressure monitoring system market
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as manufacturers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global tire pressure monitoring system market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market, by Technology:
- Direct Tire Pressure Monitoring System (TPMS)
- Indirect Tire Pressure Monitoring System (TPMS)
- Market, by Vehicle Type:
- Commercial Vehicle (CV)
- Passenger Vehicle
- Market, by Sales Channel:
- Market, by Region:
- South Korea
- Europe & CIS
- United Kingdom
- North America
- United States
- Middle East & Africa
- South Africa
- Saudi Arabia
- South America
Company Profiles: Detailed analysis of the major companies present in global tire pressure monitoring system market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).
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