MarkNtel Advisors – Leading Market Research Company found Global Tire Pressure Monitoring Systems Market is expected to reach 9.0% CAGR Growth By 2028.
This report provides a comprehensive analysis of the Global Tire Pressure Monitoring Systems Market, with a focus on market size, segmentation, key players, geographical analysis, and growth in the coming years. The expert team of analysts invested considerable time and effort in collecting and analyzing the latest market data, producing a comprehensive and current report that provides valuable insights for decision-makers, including business owners and analysts.
Comprehensive Analysis of the Tire Pressure Monitoring Systems Market
Base Year: 2022
Forecast Years: 2023-2028
Historical Years: 2018-2021
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Scope of the Tire Pressure Monitoring Systems Market Report:
The Global Tire Pressure Monitoring Systems Market is projected to grow at a CAGR of around 9.0% during the forecast period, i.e., 2023-28. The market growth is attributed to rising safety concerns, government regulations, and the surging number of passenger & commercial vehicles. Additionally, the elevating number of luxury vehicles, increasing economic and environmental policies, shifting consumer and manufacturer preference for advanced safety features, and the need to reduce vehicular emissions and improve vehicle fuel efficiency are also aiding in market expansion.
Which prominent factor is expected to drive the Tire Pressure Monitoring Systems Market during 2023-28?
The continuous occurrence of automobile accidents has urged manufacturers, and consumers to adapt and improve the safety features in the vehicle to prevent damage and causality by focusing on the improvement of automotive vehicles with the installation of new safety features. This has resulted in continuous research and development into the issue and coming up with more minor, complementing designs and systems, leading to the higher installation of such sensor systems, thereby driving the industry. As a solution, TMPS provides safety by improving vehicle handling, decreasing tire wear, reducing braking distance, and better fuel economy. In addition, the concerns over the higher number of accidents occurring due to tire failures have accelerated the market growth.
What are the different Segment Available in the Tire Pressure Monitoring Systems Market?
By Technology
- Direct Tire Pressure Monitoring System
- Indirect Tire Pressure Monitoring System
By Sales Channel
- OEMs
- Aftermarket
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Region
- North America
- South America
- Europe
- Middle East
- Africa
- Asia-Pacific.
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Leading Tire Pressure Monitoring Systems companies operating in the Market
- Continental AG
- Denso corporation
- Delphi Automotive
- Sensata Technologies
- Dunlop Tech Gbmh
- Wabco
- Bendix Commercial Vehicle systems LLC
- Schrader Electronics
- Pacific Industrial Co., Ltd.
- Huf and Hlsbeck & Frst Gmbh & Co.
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