According to a new report released by Persistence Market Research, TPMS will dominate the market and is estimated to hold more than 95% market value share. It is expected to grow with a CAGR (Value) of 9.3% by the end of the forecast period (2018 – 2026). The present estimated value of the global TPMS market is more than US$ 11,651.2 Mn in 2018 and the market will expand with a CAGR of 9.2% to reach US$ 23,620.5 Mn by the end of 2026.
Global TPMS Market Dynamics
The global TPMS market is estimated to be driven by the increasing production of vehicles across the globe. Healthy growth in the automotive industry will also be a prime factor supplementing market growth. Growing regulations that mandate the installation of TPMS in developed regions, such as North America, Europe and China, will act as a catalyst in the overall growth of the TPMS market. Moreover, increasing adoption of automotive safety systems is the key factor driving the growth of the tire pressure monitoring systems (TPMS) market over the forecast period. Furthermore, increasing demand for direct tire pressure monitoring systems (TPMS) from dedicated automotive OEMs will also give traction to the growth of the TPMS market in the coming decade.
On the other hand, one of the major challenges faced by TPMS manufacturers is that TPMS sensors help in tracking vehicles, which is also expected to hinder the growth of the TPMS market in near future. Moreover, inaccurate results of indirect TPMS will also act as a restraining factor for the growth of the market. Leading players in the market are observed to use research & development as a major part of their strategy to launch new and innovative products.
Global TPMS Market Forecast
Market insights suggests that the overall width of the global TPMS market will expand during the forecast period. Several positive changes are expected to fuel the growth of the market. The market is relatively small and each portion has a crucial role to play. By type, the direct type segment will play a pivotal role in building market revenue and is expected to occupy a major share of the market. The report hints that the passenger car segment, by vehicle type, will account for a value share of 80.0% in the global TPMS market by 2018. Amongst the major markets, North America will show promising results during the forecast period. The region is estimated to hold 42.2% market value share in 2018 and the market will expand at a CAGR of 8.5% during the stipulated time period. The sales revenue of Europe will reach US$ 8,162.4 Mn by the end of 2026 while growing at a CAGR of 9.6%. The markets globally will remain fertile and vibrant during the forecast period.