ALBANY, New York, Feb. 27, 2019
ALBANY, New York, Feb. 27, 2019 /PRNewswire/ -- The global tire pressure monitoring system market for automotive depicts a consolidated business landscape according to a new report by Transparency Market Research (TMR). Major companies in the market are required to engage in monitoring systems. Most players through their expertise ensure that these systems are highly precise, reports TMR. Key players in the global tire pressure monitoring system for automotive market are Robert Bosch, Valeo, Continental AG, ZF Friedrichshafen AG, Denso Corporation, and Sensata Technologies, Inc.
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Apart from precision and expertise, the main players in the market also require innovative technology and face high investment costs. Additionally, key players are required to build their reputation in the market over a considerable period of time to gain a noteworthy market share. Hence, global companies hold a large share in the tire pressure monitoring system (TPMS) market for automotive. These players majorly invest huge sums in research and development for long periods of time. This is a key factor that has raised the entry barrier for small players. However, small firms are engaging in innovations and focusing on reaching niche market sectors to pull more than fair share of their weight in the market.
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The global TPMS market for automotive processes is expected to grow at a steady CAGR of 4% between 2018 and 2026, reports TMR. This market is also expected to surpass US$8 Bn by 2026. Rising demand for commercial vehicles segment is expected to drive growth of the market as stringent regulations mandate higher safety standards through these vehicles. The global tire pressure monitoring system market for automotive is expected to register significant growth in Latin America as well as Asia Pacific during 2018-2026.
Increasing Safety Concerns and Regulations Drive Growth of the Market
The global tire pressure monitoring system market for automotive is one of the few markets which has moved beyond conventional major regions to seek new growth opportunities. Government regulatory bodies increasingly play an important role in the manufacturing of vehicles with relation to safety standards. These bodies around the world aim to improve driving conditions for passengers as well as drivers through tightening of regulations. Pressure monitoring systems are critical for regularly ensuring the existence of optimum amount of air pressure in tires. Optimum air pressure provides increased safety, load carrying capacity, and fuel efficiency to vehicles. Regulations like the TREAD act in the US and similar considerations by governments in Asia Pacific are expected to drive integration of tire monitoring systems in a large number of vehicles.
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High Costs a Challenge, OEMs to Drive Growth
Conventional tire monitoring systems have dominated tire pressure monitoring system market for automotive processes in recent times. The conventional systems are expected to continue their dominance during 2018-2026 period. The systems drive market's growth due to easy installation and low costs. However, integration by automobile manufacturers presents an opportunity to boost growth of the intelligent tire pressure monitoring systems. Additionally, changing regulations regarding automobile manufacturing in Europe are expected to pose a challenge to the market. On the other hand, Original Equipment Manufacturers (OEMs) are adopting various intelligent systems driven by sensors to boost car sales. The intelligent tire pressure monitoring system are expected to drive growth of the next-gen vehicles and the tire pressure monitoring system market.
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This review is based on a TMR report, titled, "Tire Pressure Monitoring System Market for Automotive (Type - Direct Tire Pressure Monitoring System (TPMS), Indirect Tire Pressure Monitoring System (TPMS); Technology - Intelligent TPMS, Conventional TPMS; Vehicle Type - Passenger Vehicles, Commercial Vehicles; Sales Channel - OEMs, Aftermarket) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast - 2018–2026".
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The global Tire Pressure Monitoring System Market for Automotive has been segmented into:
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