The latest Tire Pressure Monitoring System Market Research Report 2024 contains complete Industry outlook, market manufacturers and key statistics analysis. The industry sales & Share, trends are all discussed, explained and analyzed. It provides marketing strategy analysis, distributors/traders list, raw materials analysis, import and export analysis, key success factors and supply chain analysis.
Tire pressure monitoring system market is further segmented based on vehicle as light commercial vehicle, heavy commercial vehicle and passenger vehicles. Based on system, the industry is segmented as direct and indirect TPMS. On the basis of end-use, industry is further segmented as OEM and aftermarket.
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Tire Pressure Monitoring System Market basically focuses on the safety and security of the consumers and technological advancement. In technology advancement many safety measures are initiated for the root cause of the accidents that are under and over inflated tires. According to the WHO it is been witnessed that there is a need of safety and security which can help in minimizing the road accidents. The vehicle tires provide basic comfort and safety. The motorist presumes that the tires are less important which leads to accidents. If they maintain the correct amount of pressure in the tire, the chances of accident and damages decreases. TPMS gives a real-time information to the motorist in a pictorial form. Installation of TPMS will lower the accident rates and its impact on the people.
Europe accounts for a notable share in the global tire pressure monitoring system market share. Presence of the major automotive manufacturers in the region will support the industry demand. Moreover, increase in driving regulations to ensure passenger safety will drive the regional demand.
North America tire pressure monitoring system market will witness notable gains in forecast period. The U.S. Transportation Department rates the manufacturers according to safety and security will drive the industry demand.
APAC tire pressure monitoring system market is anticipated to witness significant growth. Major industry participants in automotive sector are heading towards encouraging safety and security for consumers. Rapid industrialization in the country due to favorable socio-economic conditions will support industry demand.
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By understanding the destructive impacts of greenhouse gasses and the breaking down air quality, the administrations of a few economies around the world have just mandated emission standards to be trailed by the car manufacturers. This will incite merchants in the car business to introduce a few car security frameworks. Furthermore, the expanding worries about traveler security will likewise urge makers to introduce different propelled driver help frameworks (ADAS), for example, tire checking frameworks, which can be combined with anti-lock braking systems (ABS) to limit accidents and enhance the overall safety of the vehicle.
Growth in the global automotive industry due to increasing consumer spending on automobiles will drive the tire pressure monitoring system market growth. Technological advancement and innovations have enhancing cost-effective solutions in the automotive industry will propel the automotive sales. Moreover, recovery from economic recession particularly in Europe has stimulated product penetration.
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Global tire pressure monitoring system market share is consolidated due to presence of few players. Continental, Schrader Electronics, Huf Electronics, Pacific Industrial, TRW Automotive are the top five players accounting major industry share. Increasing product demand has encouraged several new players in the TPMS market. Key industry participants are involved in strategies including mergers, acquisitions, collaborations, supply agreements and joint ventures.