A tire-pressure monitoring system is an automated system that is used to calculate and monitor the air pressure of tires on dissimilar types of vehicles. TPMS show real-time tire-pressure data of the vehicle, either through a pictogram display, a gauge, or through a simple low-pressure cautionary light. The determination of this tire pressure monitoring system (TPMS) in automobile is to notify or advice when at least one or more tire of the vehicle is significantly under-inflated that would create unsafe driving circumstances. By informing the tire pressure, TPMS can increase the safety of vehicle and passengers on the road by upgrading the vehicle’s supervision, decreasing tire wear, reducing braking distance and upgrading fuel economy.
According to the study, ‘Global Automotive tire pressure monitoring system Market to reach USD XX billion by 2026’ the regional research of global Automotive tire pressure monitoring system market review for the key regions such as North America, Europe, Asia Pacific, Latin America and Rest of the World. Asia-Pacific is expecting to control and show highest increasing rate / CAGR over the forecast period 2019-2026. Factors such as booming automotive sector shoot up demand for luxury vehicles and aftermarket setting up of TPMS would generate lucrative growth chances for the Automotive tire pressure monitoring system market through Asia-Pacific region. While, the huge investments in the sector through key market players which comprise Dill Air Controls Products, LLC , Denso Corporation, Pacific Industrial Co., ZF Friedrichshafen AG, Ltd. ,WABCO Holdings Inc., NXP Semiconductors N.V., Nira Dynamics, Bendix Commercial Vehicle Systems LLC , AB Dunlop Tech GmbH , Sensate Technologies, Inc. Separately from this, rising sales of luxury cars and increasing consumer desire for better safety features are projected to create beneficial growing prospects for the global TPMS market during the forecast period of 2019-2026. For instance, as per the Statista, Luxury car sales are expected worldwide to reach 181 thousand units by 2023 from 176.5 thousand units in the year of 2018. On the other hand, high cost of TPMS is expected to impede the development of the market over the forecast period of 2019-2026.
Additionally, there are several companies which presently operating across the globe in this market for leading the highest market growth and dominating the handsome value of market share during the short span of time while spreading the awareness related to the applications of such, advancing the specifications of the production technologies, collaborating with the giants, adopting the favourable strategies and policies of the government and employing the young work force.
Not only has this, it is predicting that the North America region going to dominate the effective value of market share during the forecast duration owing the speedy advancement in the technologies, huge investment by the market players, prominent growth in the disposable income of the consumers and growth in the sale of luxury cars. Therefore, it is predicted that the market of automotive tire pressure monitoring system will increase around the globe more effectively over the near future.
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Ankur Gupta, Head Marketing & Communications