Global Tire Pressure Monitoring System (TPMS) Market is expected to grow at a significant CAGR in the upcoming years as the scope and its applications are increasing across the globe. An electronic system in a vehicle that monitors the tire air pressure and signals when it falls dangerously low is referred to a Tire Pressure Monitoring System (TPMS). There are mainly two types of TPMS namely direct TPMS and indirect TPMS.
It is very advantageous as it increases safety on the road by improving vehicle’s handling, decreasing braking distance, reducing tire wear, enhancing fuel economy, etc. The factors that propel the growth of the Tire Pressure Monitoring System (TPMS) Market include increasing demand, rapid urbanization & industrialization, and product development & technological innovations.
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In addition, key factors such as growing awareness among consumers regarding health and safety, stringent safety rules and rise in disposable income significantly contribute to the growth of the market. On the other hand, there are also factors that may hamper the growth of the market such as high cost of Tire Pressure Monitoring System (TPMS). TPMS Market is classified on the basis of technology, vehicle type, sales channel and geography.
Tire Pressure Monitoring System (TPMS) Market is segmented by technology as direct TPMS and indirect TPMS. TPMS Industry is classified on vehicle type as passenger, light commercial and heavy commercial. The market is segmented by sales channel as original equipment manufacturer (OEM) and Aftermarket. Tire Pressure Monitoring System (TPMS) Market is classified on the basis of geography as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa.
The North American region consists of the U.S., and Canada. Latin America region consists of Mexico and Brazil. The Western European region consists of Germany, Italy, France, England and Spain. The Eastern European region consists of Poland and Russia. Asia Pacific region consists of China, India, ASEAN, Australia & New Zealand. The Middle East and African region consists of GCC, South Africa and North Africa.
By geography, North America is projected to account a significant share in the Tire Pressure Monitoring System (TPMS) Market. Some of the key players that fuel the growth of the Tire Pressure Monitoring System (TPMS) Market include AVE technologies, Bartec USA LLC, Continental AG, DUNLOP TECH GmBH, Delphi Automotive LLP, Sensata Technologies Inc., Pacific Industrial Co. Ltd, Huf Hülsbeck & Fürst GmbH & Co. KG, Schrader Electronics, ZF Friedrichshafen AG, and others. The key players are focusing on inorganic growth to sustain themselves amidst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
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