iCrowd Newswire – Jul 29, 2020
Global Tire-Pressure Monitoring System Market, By Technology (Direct TPMS and Indirect TPMS), by Vehicle Type (Passenger Vehicles, Light Commercial Vehicles and Heavy Commercial vehicles), by Sales Channel (OEM, Aftermarket) – Forecast 2023
As global traffic increases, the demands for better on road safety methods are also rising. The tire-pressure monitoring system is a step forward in this direction. This system provides real time information about the tire pressure and temperature, which reduces the chances of an untimely accident by displaying all the information on the screen and alerting the driver about the adverse condition. Also, adequate tire pressure increases fuel efficiency, enhances vehicle performance, and tire life, which has boosted the demands of such useful technologies.
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The authorities have introduced rigid rules for road safety and environmental concerns from vehicles, which has further boosted the market growth to new levels. As the automotive industry expands, the demands for better safety enhanced vehicles and other features have provided desired growth to this market. The regulating authorities are now making advanced systems mandatory to decrease the accidental conditions, propelling the market towards stable futures.
The companies are active towards developing advanced feature loaded systems for which they invest in research & development programs hence creating a suitable environment for these systems and providing significant growth opportunities. Apart from the uses and features, the global tire-pressure monitoring system market is facing challenges against the high implementation costs, which has restrained the market growth globally. This report will shed light on the competition, opportunities, drivers & restraints, and other factors affecting the local and global tire-pressure monitoring system market. The global market is expected to register nearly a 08 % annual growth rate during the survey.
The global tire pressure monitoring market report by Market Research Future includes a profiling of various important participants in the market. Some of these noteworthy players include Sensata Technologies Inc. (U.S), Continental AG (Germany), Pacific Industrial Co. Ltd (Japan), and Huf Hülsbeck & Fürst GmbH & Co. KG (Germany). ZF Friedrichshafen AG (Germany), Schrader Electronics (U.K), AVE technologies (Australia), Bartec USA LLC (U.S), DUNLOP TECH GmbH (Germany), and Delphi Automotive LLP. (U.K).
The global tire pressure monitoring system market has gained speeds as the demands for better safety systems increases. The direct monitoring system is estimated to dominate the market during the survey period. The Asia Pacific region leads the global market, followed by The European and North American markets in the respective order.
The global tire-pressure monitoring system market is segmented into classes as follows:
The global tire-pressure monitoring system market is segmented into direct and indirect tire-pressure monitoring systems based on technology.
The global tire-pressure monitoring system market is characterized by original equipment manufacturer (OEM) and aftermarket based on supply medium.
Based on vehicle types, the global tire-pressure monitoring system market is segmented into passenger and commercial vehicles.
The tire-pressure monitoring system has gained global adoption worldwide due to rising environmental concerns from vehicular emissions and rising disposable incomes, leading to increased vehicle counts and accidents. The Asia Pacific, North America, Europe, and the rest of the world are the major market studies for the global tire-pressure monitoring system market. The Asia Pacific region is leading the market due to the vast population covers, demands for better alternatives, high disposable incomes, demand greener alternates, increasing investments in research & development programs, expanding automotive industry, government initiatives for safer travel, and other factors. The European region will also show fast growth rates due to the presence of key vehicle manufacturers, raising awareness, raising awareness, and other factors.
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