NEW YORK, July 12, 2018 /PRNewswire/ --
Global TPMS Battery Market to Witness Significant Growth in the Near Future, Driven by a Burgeoning Automotive Industry across the Globe
Persistence Market Research digs deep into the global TPMS battery market and fetches key information through structured market research. The report, "TPMS Battery Market Global Industry Analysis 2013-2017 and Forecast 2018-2026" gauges the market and predicts the future demographic and changes. The report reveals that the CR type battery will dominate the market and is estimated to hold more than an 80% market value share. It is expected to grow with a CAGR (Value) of 8.4% by the end of the forecast period (2018 - 2026). The present estimated value of the global TPMS Battery market is more than US$ 451.6 Mn in 2018 and the market will expand with a CAGR of 8.2% to reach US$ 847.4 Mn by the end of 2026.
Global TPMS Battery Market Dynamics
The global TPMS battery market is estimated to be driven by the increasing production of vehicles across the globe. Healthy growth in the automotive industry will also be a prime factor supplementing market growth. Growing regulations that mandate the installation of TPMS in developed regions such as North America, Europe and China act as a catalyst in the overall growth of the TPMS battery market. Moreover, the increasing adoption of automotive safety systems is the key factor driving the growth of the tire pressure monitoring systems (TPMS) market. This will further upsurge the demand for TPMS batteries over the forecast period. Product development is expected to remain the major focus area for leading players in the market.
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On the other hand, one of the major challenges faced by TPMS battery manufacturers is that new TPMS sensors requires no batteries, which is anticipated to hamper the growth of the TPMS battery market over the forecast period. Moreover, TPMS sensors help in tracking vehicles, which is also expected to hinder the growth of the TPMS & TPMS battery market in the near future. Leading players in the market are observed to use research & development as a major part of their strategy to launch new and innovative products.
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Global TPMS Battery Market Forecast
Market insights suggests that the overall width of the global TPMS battery market will expand within the forecast period. Several positive changes are expected to fuel the growth of the market. The market is relatively small and each portion has a crucial role to play. By battery type, the CR type battery segment will play a pivotal role in building market revenue and is expected to occupy a major share of the market. The report hints that the lithium ion segment by type will account for a value share of 92.0% in the global TPMS battery market by 2018. Amongst the major markets, North America will show promising results within the forecast period. The region is estimated to represent a 40.1% market value share in 2018 and the market will expand at a CAGR of 8.1% within the stipulated time period. The sales revenue of Europe will surge up to US$ 261.0 Mn by the end of 2026 with an increasing CAGR of 7.8%. The markets globally will remain fertile and vibrant during the forecast period.
Global TPMS Battery Market: Competitive Landscape
Some of the key market participants reported in this study of the global TPMS battery market include Murata Manufacturing Co., Ltd., Panasonic Corporation, Maxell, Ltd., Duracell Inc., The Swatch Group (Renata SA), BE-Power GmbH, EVE Energy Co., Ltd., Guangzhou Mai Sheng Energy Technology Co Ltd, Suzhou South Large Battery Co., Ltd. and Shenzhen Pkcell Battery Co., Ltd.
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Global TPMS battery market analysis, by region
From a regional perspective, North America is estimated to represent 39.6% of the market volume share in 2018. The market is expected to increase at a volume CAGR of 8.2% over the forecast period. The sales revenue of TPMS batteries in North America is expected to reach US$ 261.0 Mn by the end of 2026 at a CAGR of 7.8% over the forecast period. Market growth in China and SEA & Pacific is expected to remain high compared to the global average between 2018 and 2026 at CAGR of 9.0% & 9.1% respectively.
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