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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.
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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 analyst.
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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.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post 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 appeared first on Future Market Insights.
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