Market Research Report
Tire Pressure Monitoring System (TPMS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||976005|
|Published||Content info||141 Pages
Delivery time: 2-3 business days
|Tire Pressure Monitoring System (TPMS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: December 5, 2020||Content info: 141 Pages||
The global tire pressure monitoring system (TPMS) market grew at a CAGR of around 11% during 2014-2019. A tire pressure monitoring system (TPMS) refers to an electronic solution to maintain adequate air pressure in the tires of vehicles. Two of the commonly used TPMS include direct and indirect TPMS. Direct TPMS uses a sensor mounted on the wheels to measure the pressure in each tire. On the other hand, indirect TPMS works with antilock braking system (ABS) speed sensors to monitor the air pressure. They provide real-time information about the tire pressure to the driver through a pictogram display and sound an alarm in case the tires are underinflated. This, in turn, aids in improving vehicle safety, fuel economy and minimizing carbon emissions.
Significant growth in the automotive industry across the globe is one of the key factors creating a positive outlook for the market. Furthermore, the increasing consumer preference for advanced driver-assistance systems (ADASs) for enhanced safety on the road is providing a thrust to the market growth. Various technological advancements, such as the integration of energy harvesting and display systems to provide information about the health of the vehicle, are acting as other growth-inducing factors. There is also increasing preference for direct TPMS as it uses advanced sensors to gather accurate pressure information from the tire valves and transmit the information in real-time. Other factors, including the implementation of favorable government policies mandating the installation of TPMS in automobiles to minimize the instances of road accidents and casualties, along with extensive research and development (R&D) activities, are some of the other factors anticipated to drive the market further. Looking forward, IMARC Group expects the global tire pressure monitoring system (TPMS) market to continue its strong growth during the next five years.