Tire Pressure Monitoring Systems Market will reach $12.32
Portland, OR, Oct. 03, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the tire pressure monitoring systems market generated $5.32 billion in 2021 and is expected to reach $12.32 billion by 2031, growing at a CAGR of 8.6% from 2022 to 2031. changing market trends, market size and estimates, value chain, key investment pockets, drivers and opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, early adopters and stockholders in introducing necessary strategies for the future and taking essential actions to significantly strengthen and increase their position in the market.
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Automotive TPMS Market Report Coverage and Details:
|Year of reference||2021|
|Market size in 2021||$5.32 billion|
|Market size in 2031||$12.32 billion|
|Number of pages in the report||371|
|Segments Covered||Type, sales channel, vehicle type, propulsion and region|
|Drivers||Rise in demand for security devices in automobiles|
|Growth in the implementation of electronic systems in vehicles|
|Opportunities||Increased need for a comfortable ride|
|Technological advances related to tire pressure management|
|holds back||Exorbitant cost and complex structure|
|Software failures associated with sensors|
- COVID-19 outbreak has negatively impacted the growth of the global tire pressure monitoring systems market, owing to the presence of lockdowns in various countries across the globe.
- The lockdowns have had a devastating impact on the automotive sector as all sorts of manufacturing facilities in the automotive sector have been shut down which negatively impacted the growth of the market.
- In addition, the reduction in manpower, the shortage of skilled labor and raw materials due to the strict ban on the import and export of goods have further aggravated the impact on the market.
- Additionally, the significant decline in automobile sales and reduction in consumer spending during the pandemic has also impacted the growth of the market.
The report offers detailed segmentation of the global tire pressure monitoring systems market on the basis of type, sales channel, vehicle type, propulsion, and region. The report provides a comprehensive analysis of each segment and their respective sub-segment using graphical and tabular representation. This analysis can essentially help market players, investors and new entrants to determine and design strategies based on the fastest growing and highest revenue generating segments mentioned in the report.
On the basis of type, the direct tire pressure monitoring system segment held the largest market share in 2021, holding more than four-fifths of the global market, and is expected to maintain its leading status during the period of forecast. Moreover, the same segment is expected to quote the fastest CAGR of 9.0% during the forecast period. The market also analyzes other segments such as indirect tire pressure monitoring system.
Based on sales channel, OEM segment held the largest market share in 2021, holding nearly 90% of the global market, and is expected to maintain its leading status during the forecast period. The secondary market segment, on the other hand, is expected to quote the fastest CAGR of 11.8% during the forecast period.
According to vehicle type, the passenger vehicle segment held the largest market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leading status during the forecast period. The heavy-duty vehicle segment, on the other hand, is expected to quote the fastest CAGR of 9.3% during the forecast period.
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Based on the region, the market across Europe held the dominant market share in 2021, holding more than a third of the global market, and is expected to maintain its leading status over the forecast period. Also, the same segment is expected to quote the fastest CAGR of 9.5% during the forecast period. The report also includes regions such as North America, Asia-Pacific, and LAMEA.
Key players analyzed in the Global Tire Pressure Monitoring Systems Market report are Continental AG, Delphi Technologies (BorgWarner Inc.), Denso Corporation, Hamaton Automotive Technology Co., Ltd., Hampton Auto Repair, Hitachi Astemo , Ltd., Huf Hülsbeck & Fürst GmbH & Co. KG, InnotechRV (WiPath Communications LLC.), NIRA Dynamics AB. Orange Electronic Co., Ltd., Pacific Industrial Co. Ltd., Renesas Electronics Corporation, Robert Bosch GmbH, Sensata Technologies Inc., The Goodyear Tire & Rubber Company, Valeo and ZF Friedrichshafen AG.
The report analyzes these key players in the global tire pressure monitoring systems market. These market players have effectively used strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is useful for analyzing recent developments, product portfolio, business performance, and operating segments of major market players.
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