Global Tire Pressure Monitoring System Market was valued at US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 7.87% during a forecast period.
Major driving factors of the Tire Pressure Monitoring System Market are increasing production in automotive Industry. Government strict policy and regulation are creating new opportunity in automotive sectors via allowing new technology advances to make better safety system for drivers. Rise in adoption of Pressure sensor detects, measures, and transmits the information which helps in analyzing the performance of a vehicle via device also booming the market around the globe. The Automotive industry relies on achieving high fuel economies to reduce costs and demonstrate the economic impact of proper sensor growth. Changing Technology and High cost will act as a restraint to the market.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Based on the Technology, Direct TPMS is expected to hold the largest share in the market during the forecast period. Direct TPMS have reducing tremendously the handling of multiple components via different size of the printed circuit board and removed the cost adding to external components. Small size gives suppliers the opportunity to use one solution in a wide variety of models. Direct TPMS in heavy-duty tractor/trailer trucks can have 18 or more tires, maintaining properly inflated tires saving thousands of dollars in fuel and tire servicing costs per vehicle over the course of its several hundred-thousand-mile lifetimes. Direct TPMS units do not require specialized tools to program or reset, making them much simpler to use. In Sales Channel, OEM is also expected to lead the market growth.
In terms of region, Asia Pacific is expected to hold the largest share in the market during the forecast period. Asia pacific have identified its main drivers, including rising research and development (R&D) investment, trade openness, and FDI. Improved education, changing economically in forward growth for infrastructure, and changes in regulatory environments may permit more market opportunity in this region. the forefront of the global economy, accounting for more than 60 percent of Asia growth and projected to grow at 8.6 percent in forecast period. Europe region is also expected to grow at a significant rate during the forecast period.
The report includes a detailed study of Porter’s Five Forces model to analyze the different factors affecting the growth of the market. Moreover, the study also covers a market attractiveness analysis, brand portfolio expansion, mergers, collaborations, joint ventures, acquisitions, PESTLE analysis, Value Chain Analysis, and SWOT analysis.
Scope of the Report for Tire Pressure Monitoring System Market
Global Tire Pressure Monitoring System Market, By Vehicle
• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicle (HCV)
• Passenger Vehicle
Global Tire Pressure Monitoring System Market, By Technology
• Direct TPMS
• Indirect TPMS
Global Tire Pressure Monitoring System Market, By Sales Channel
Global Tire Pressure Monitoring System Market, by Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating in Tire Pressure Monitoring System Market
• Alligator Gmbh
• Pacific Industrial
• Schrader Electronics
• Delphi Automotive LLP
• Huf Hulsbeck & Furst GmbH & Co. KG
• ZF Friedrichshafen
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