Overview of the global tire pressure monitoring system (TPMS) market
Market research analysts at Technavio predict that the global tire pressure monitoring system (TPMS) market will grow steadily during the next four years and post a CAGR of almost 15% by 2020. This market research analysis identifies the introduction of strict government regulations that mandate the need to curb vehicular emissions and increase fuel efficiency as one of the primary growth factors for the tire pressure monitoring systems market. By realizing the harmful effects of greenhouse gasses and the deteriorating air quality, the governments of several economies around the globe have already mandated emission standards to be followed by the automotive manufacturers. This will induce vendors in the automobile industry to install several automotive safety systems. Additionally, the increasing concerns about passenger safety will also compel manufacturers to install various advanced driver assistance systems (ADAS) such as tire monitoring systems, which can be coupled with anti-lock braking systems (ABS) to minimize accidents and improve the overall safety of the vehicle.
The growth of the automotive market in the emerging economies in the APAC due to various factors such as the increasing demand for high-end luxury cars and the growing economic and environmental policies will increase the focus of customers towards advanced safety systems such as ABS, tire pressure indicators, and electronic stability control (ESC) in their vehicles. This will result in the growth of the automotive aftermarket. Regulations that demand the installation of TPMS, which were introduced in countries such as South Korea, will result in the increasing demand for aftermarket tire pressure monitoring systems.
Competitive landscape and key vendors
Characterized by the presence of numerous players who supply the tire pressure monitoring devices to automotive manufacturers and a number of vendors in the aftermarket, this global market appears to be highly fragmented. The market is competitive and tire pressure monitoring system manufacturers are focusing on increasing their R&D investments to develop innovative technologies that will enhance the capabilities of their tire pressure monitoring and regulating devices. In addition to the existing players, the market will also witness the entry of several new players in the coming years and as a result, the competitive environment among the existing players will intensify further. To gain a competitive edge and enhance their market shares, TPMS manufacturers have the need to stay updated on technological advancements and also have to distinguish their products with a clear and unique value proposition.
The leading vendors in the market are -
The other prominent vendors in the market are Infineon Technologies, Pacific Industrial, and Schrader Electronics.
Geographical segmentation and analysis of the tire pressure monitoring system market
Incentives from various governments in the region in the form of tax and fiscal benefits and the availability of raw materials and skilled labor have made APAC one of the prime offshore locations for automotive manufacturing. The introduction of stringent regulations that mandate the installation of tire monitoring systems in several countries and the increased availability of TPMS due to the growth of the automotive aftermarket in this region will drive the growth of the TPMS market in the next four years. According to this market research and analysis, APAC will contribute to the major revenue shares and dominate the market by the end of the forecast period.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global tire pressure monitoring system market?
What are the key market trends impacting the growth of the global tire pressure monitoring system market?
What are the challenges to market growth?
Who are the key vendors in the global tire pressure monitoring system market?
What are the market opportunities and threats faced by the vendors in the global tire pressure monitoring system market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global tire pressure monitoring system market?
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