Tire Pressure Monitoring System Market will witness notable growth in the forecast timeframe. Rising necessity for tire inspection to ensure passenger safety remains the key factor driving industry growth. Efficient product operation indicating the warning message more than once will propel product demand.
Growth in the global automotive industry due to increasing consumer spending on automobiles will drive the industry 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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TPMS 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.
Rise in travelling frequencies due to rapid urbanization and changing lifestyles has enhanced the demand for regular monitoring systems. Introduction of strict government controls that order the need to check vehicular emissions and increment fuel proficiency as one of the essential growth factor for the tire pressure monitoring systems market.
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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Asia Pacific 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.
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.
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.
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