Skip to main content

Tire Pressure Monitoring System Market Expected to Witness High Growth by 2032

 Tire Pressure Monitoring System Market is Estimated to Witness Two-Fold Growth by 2032 Amid Surging Adoption in Passenger Vehicles

Over the forecast period of 2022-2032, the tire pressure monitoring system market is expected to grow at a CAGR of 10.3% to reach a value of US$ 7.7 Bn by 2032.

Commercial vehicles are heavier and despite being well-equipped with tire pressure, suffer frequent tire burst due to poor road conditions. TPMS takes away the guesswork by alerting the driver when a vehicle's tires are low on air or flat. This information reduces the chances of accidents and further improves the efficiency for utilizing fuel, as optimized air pressure in a tire moves the vehicle smoothly.

Various government bodies all over the globe have imposed stringent passenger safety regulations on automobile manufacturing. The automotive industry's expansion, initiatives to adopt advanced technologies, develop structured safety features, and a growing trend of government and consumer adoption of autonomous vehicles is expected to create opportunities for growth in the market.

The global TPMS market is expected to be benefited from rising per-capita income in developing economies, as well as increasing demand for premium and luxurious features in vehicles over the forecast period. Countries with a large trucking industry plan to standardize the use of tire pressure monitoring systems (TPMS) in heavy commercial vehicles, resulting in higher sales.

TPMS is becoming an innovative component in a vehicle. Furthermore, increase in the safety standards adopted by the key manufacturers all over the globe is anticipated to benefit the growth in the market. Increasing sales of electric vehicles are also expected to propel the demand for tire pressure monitoring system in the forthcoming years.

“The quick adaptation of technologies in the automotive sector will fuel the adoption of TPMS. The market for Advance driver assistance systems is benefiting from rising demand for safe care driving, government regulation on road safety, which is expected to have a direct impact on the TMPS market,” says an FMI

Key Takeaways:

  • Based on technology type, demand for pressure sensor is expected to increase at a CAGR of about 10% over the assessment period.
  • By region, Europe and East Asia are expected to be collectively account for a market share of more than 9% by 2032.
  • In terms of vehicle type, passenger vehicle segment is estimated to dominate the market holding more than 0% of the total market share.
  • Total sales in the U.S. market will reach a valuation of US$ 0.3 Bn in 2022.
  • China will offer an incremental opportunity of more than US$ 2.9 Bn over the forecast period.
  • Germany will account for more than 25.9% of the Europe tire pressure monitoring system market in 2022.

Competitive Landscape

Texas Instruments Incorporated, Intel Corporation, NVIDIA Corporation, Continental AG, and others are among the industry's key market participants.

Manufacturers and developers of tire pressure monitoring systems are constantly investing in improving the system's application while reducing human interference and increasing accountability.

About FMI – Automotive and Transportation

The Automotive and Transportation division of FMI provides exclusive coverage and actionable insights about automotive and transportation industry encompassing automotive, aviation, shipping and marine, and railway sector. Market findings and competition intelligence of OEM, aftermarket, services and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners and service providers in taking informed decisions and keeping them up-to-date with market behavior.

For More Info @ https://www.futuremarketinsights.com/reports/tire-pressure-monitoring-systems-market

Comments

Post a Comment

Popular posts from this blog

Frozen Foods Market Demand, Supply, Growth Factors, Latest Rising Trend and Forecast to 2032

 The Frozen Foods Market has experienced a significant transformation in recent years and continues to be a prominent and dynamic segment of the global food industry. As we move into 2033, this market remains a crucial part of modern lifestyles, offering a wide variety of convenient and preserved food options for consumers. The growth of the Frozen Foods Market is fueled by changing consumer preferences, technological innovations, and an ever-increasing demand for convenient, time-saving, and nutritious meal solutions. In 2033, the Frozen Foods Market is expected to continue its upward trajectory, as more consumers seek the benefits of frozen products. This market encompasses an extensive range of items, from frozen vegetables and fruits to ready-to-eat meals, appetizers, and desserts. The versatility and extended shelf life of frozen foods have made them an essential staple in many households. Consumers are drawn to the convenience of having quick, easy-to-prepare, ...
Post a Comment
Read more

Global ADAS Calibration Equipment Market Projected to Witness a Measurable Downturn; COVID-19 Outbreak Remains a Threat to Growth in the Near Future

  ADAS Calibration Equipment Market Analysis 2019 - 2029 A recent market study published by FMI on the ADAS calibration equipment market includes global industry analysis for 2014 - 2018 & opportunity assessment for 2019-2029, and delivers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical as well as current growth parameters of the ADAS calibration equipment market, the growth prospects of the market are obtained with maximum precision. ADAS Calibration Equipment Market Taxonomy The global ADAS calibration equipment market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader. Vehicle Passenger Vehicles Commercial Vehicles End User Automotive OEMs Tier 1 Suppliers Service Stations Region North America Latin America Europe South Asia East Asia Oceania Middle East and Africa For more insights into the Market, request a sample of this report@  ...
Post a Comment
Read more

A New Future Market Insights Study Analyses Growth of High Barrier Packaging Films for Pharmaceuticals Market in Light of the Global Corona Virus Outbreak

A recent market study published by Future Market Insights on the high barrier packaging films for pharmaceuticals market includes global industry analysis of 2014-2018 and opportunity assessment for 2019-2029, and delivers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on historic as well as current growth parameters, growth prospects of the market are obtained with maximum precision. High Barrier Packaging Films for Pharmaceuticals Market Taxonomy The global  high barrier packaging films for pharmaceuticals market  is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers. Product Cold-formable Films Coextruded Films Thermo-formable Films Material Aluminium Plastics Polypropylene(PP) Ethylene Vinyl Alcohol(EVOH) Polyamide Polyethylene Terephthalate(PET) Polyethylene(PE) PVC/PvdC Others (COC, PFTFE, etc.) Application Bags &...
Post a Comment
Read more