Major players in the automotive tire pressure monitoring system market are Continental AG, Sensata Technologies Inc. , Denso Corporation, Pacific Industrial Co. Ltd, NXP Semiconductors, Huf Hülsbeck & Fürst GmbH & Co.
New York, June 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Tire Pressure Monitoring System Global Market Report 2022" - https://www.reportlinker.com/p06284141/?utm_source=GNW
KG, Nira Dynamics AB, Hamaton Automotive Technology Co. Ltd., ATEQ TPMS, Alligator Ventilfabrik GmbH, Alps Alpine Co. Ltd, Doran Manufacturing, Bartec USA LLC, Dill Air Controls Products, ZF Friedrichshafen AG, and DUNLOP TECH GmbH.
The global automotive tire pressure monitoring systems market is expected to grow from $6.00 billion in 2021 to $7.14 billion in 2022 at a compound annual growth rate (CAGR) of 19.0%. The automotive tire pressure monitoring systems market is expected to grow to $12.61 billion in 2026 at a CAGR of 15.3%.
The automotive tire pressure monitoring systems market consists of the sales of automotive tire pressure monitoring systems by entities (organizations, partnerships, and sole proprietors) that are used to monitor the pressure of tires in vehicles by using pressure sensors.The automotive tire pressure monitoring system (TPMS) is an electronic system that monitors the tire’s internal air pressure and gives real-time data on tire pressure.
It also helps to warn the driver about the underinflated tires.
The main types of automotive tire pressure monitoring systems are direct TPMS and indirect TPMS.Direct TPMS uses pressure monitoring sensors within each tire to monitor specific pressure levels and to provide wheel revolution data from the anti-lock brake system and tire temperature.
The various vehicle types include passenger vehicles, light commercial vehicles (LCV), and heavy commercial vehicles (HCV). The different sales channels for automotive tire pressure monitoring systems are OEM and aftermarket.
North America was the largest region in the automotive tire pressure monitoring system market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the automotive tire pressure monitoring systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The growing number of accidents is expected to propel the growth of the automotive tire pressure monitoring systems market over the coming years.Accidents are unexpected, unwanted, and sudden events that are associated with injury or loss of life.
The subsequent road fatalities and accidents prompted the regulatory authorities to mandate the installation and employment of tire pressure monitoring systems in automotive, thereby promoting the production of automotive tire pressure monitoring systems. For instance, according to the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA), in the US, about 20,000 people lost lives in motor vehicle crashes in the first half of 2021, a 20% increase from 2020. Therefore, the growing number of accidents and subsequent road fatalities are driving the growth of the automotive tire pressure monitoring systems market.
Technological advancements have emerged as the key trend gaining popularity in the automotive tire pressure monitoring systems market.Major companies operating in the automotive TPMS sector are focused on research activities and new product innovations with advanced technologies for market growth.
For instance, in December 2020, Continental, a Germany-based automotive parts manufacturing company launched the ContiConnect Live system, a cloud-based tire monitoring system equipped with sensor technology. This system will send real-time data on tire pressure and temperature to the cloud using a central telematics unit and records the operating hours of the tires as well as the vehicle’s location using GPS.
In April 2021, Sensata Technologies, a US-based company that provides sensors, sensor-based solutions, including controllers and software, and other mission-critical products acquired Xirgo Technologies LLC for $400 million.Through this acquisition, Xirgo will be part of Sensata and expand its business in transportation and logistics end-markets.
Xirgo Technologies LLC is a US-based company that develops tire pressure monitoring systems.
The countries covered in the automotive tire pressure monitoring system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06284141/?utm_source=GNW
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