NEW YORK, August 8, 2018 /PRNewswire/ --
TPMS Market Revenue to Register Significant Growth in the Near Future Owing to the Increasing Production of Vehicles
The global tire pressure monitoring system (TPMS) market is projected to witness a significant growth over the forecast period of 2018-2026. Tire inspection has become an important part of routine vehicle checks, to ensure passenger safety. Moreover, stringent government regulations governing the automotive industry regarding the safety and security is projected to propel the demand for tire pressure monitoring systems in the coming years.
Persistence Market Research (PMR) recently analyzed the global tire pressure monitoring systems and its demand from automotive OEMs and independent aftermarket. The report assess the demand both in terms of volume and value over the forecast period of 2018-2026. The global tire pressure monitoring system is likely to reach a market valuation of US$ 23.6 Bn, expanding at a stellar CAGR of 9.2% through 2026.
Automotive TPMS is an active safety system to monitor tire pressure of vehicles by using pressure sensors or through the wheel speed sensors of ABS/ESC systems. Moreover, roads lacking maintenance coupled with rash driving conditions are major factors supporting tire pressure monitoring systems adoption.
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Market Consolidation Through Strategic M&A to Remain Key Expansion Strategy Among TPMS Manufacturers
Key players in the global tire pressure monitoring systems market are focusing on research and development activities to develop innovative and cost effective products-likely to further increase the overall cost of TPMS. Major players in the global tire pressure monitoring system market are focusing on strategic mergers and acquisitions with other players in the market in order to enhance their product offerings and increase their global footprint. Europe and North America, with the U.S. in the dominant position, are expected to dominate the demand for TPMS, owing to stringent automotive regulations in these regions.
Inaccurate Monitoring by Indirect TPMS to Restrict Market Growth, Predicts Persistence Market Research
Tire pressure monitoring systems consists of pressure sensors attached to the care tire, used for real time pressure monitoring. However, inaccurate results of indirect TPMS inhibits market growth to a certain extent. Indirect TPMS calculates tire inflation using ABS/ESC sensors, and does not apply pressure sensors to measure tire inflation. According to the market research by PMR, this will possibly limit growth in revenue of the global tire pressure monitoring systems market, to some extent, in the coming years-paving way for direct tire pressure monitoring systems.
Tire Pressure Monitoring System (TPMS) Market Research Report Overview@ https://www.persistencemarketresearch.com/market-research/tire-pressure-monitoring-systems-market.asp
Key Manufacturers Strategizing on Novel Technological Innovations to Propel TPMS Adoption
The automotive industry has been rapidly adopting advanced technology, leveraging the advancements in sensor and tracking technology to improve on-road tire functionality. Moreover, increased adoption of automotive safety systems is projected to drive the global market for tire pressure monitoring systems. Manufacturers are also working on reducing the size of the monitoring systems, increased battery life along with battery-less TPMS. The latest technologies adopted by key players in TPMS Sensors is MEMS (Micro Electro Mechanical Systems) and SAW (surface acoustic wave) sensor. Most companies are launching new product series that feature their existing products integrated with advanced technologies.
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Aftermarket Sales of TPMS to Pick Up Through 2026
Owing to increased awareness of TPMS as an advance safety technology and augmented adoption rate of automotive safety system, aftermarket sales of TPMS is expected to increase significantly over the next few years, almost exceeding sales through OEM channel-with major suppliers capitalizing on lucrative growth opportunities and expanding their aftermarket business. Expected replacement cycle of existing TPMS and increasing retrofitting of passenger vehicles with the system is expected to drive growth of the TPMS market.
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