Tire Pressure Monitoring System Market 2019 Study By Manufacturers, Regions, Type And Application Forecast 2025
Europe accounts for a notable share in the global tire pressure monitoring system market share. Presence of the major automotive manufacturers in the region will support the industry demand.
Selbyville, United States – June 28, 2019 /MarketersMedia/ —
The study on the global tire pressure monitoring system market evaluated the historical and current performance of this market, especially highlighting the key trends and growth opportunities. According to the study, the rising demand for this product is driving the global market significantly. The expansion in the various related industry is also expected to reflect positively on the sales of the product over the next few years.
Tire Pressure Monitoring System Market size will witness notable growth in the forecast timeframe. Rising necessity for tire inspection to ensure passenger safety remains the key factor driving industry growth. Efficient product operation indicating the warning message more than once will propel product demand.
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Stringent government regulations regarding safety & security of passengers are major factors supporting industry growth. Lack of road maintenance and increasing deterioration due to climatic changes accompanied by unsafe driving conditions have enhanced the product demand. Low tire pressure sign with yellow light on the dashboard indicates the warning message.
Tire Pressure Monitoring System Market basically focuses on the safety and security of the consumers and technological advancement. In technology advancement many safety measures are initiated for the root cause of the accidents that are under and over inflated tires. According to the WHO it is been witnessed that there is a need of safety and security which can help in minimizing the road accidents. The vehicle tires provide basic comfort and safety. The motorist presumes that the tires are less important which leads to accidents. If they maintain the correct amount of pressure in the tire, the chances of accident and damages decreases. TPMS gives a real-time information to the motorist in a pictorial form. Installation of TPMS will lower the accident rates and its impact on the people.
Tire pressure monitoring system market is further segmented based on vehicle as light commercial vehicle, heavy commercial vehicle and passenger vehicles. Based on system, the industry is segmented as direct and indirect TPMS. On the basis of end-use, industry is further segmented as OEM and aftermarket.
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Europe accounts for a notable share in the global tire pressure monitoring system market share. Presence of the major automotive manufacturers in the region will support the industry demand. Moreover, increase in driving regulations to ensure passenger safety will drive the regional demand. North America tire pressure monitoring system market will witness notable gains in forecast period. The U.S. Transportation Department rates the manufacturers according to safety and security will drive the industry demand.
Global tire pressure monitoring system market share is consolidated due to presence of few players. Continental, Schrader Electronics, Huf Electronics, Pacific Industrial, TRW Automotive are the top five players accounting major industry share.
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