DUBLIN--(BUSINESS WIRE)--The "Automotive Tire Pressure Monitoring System Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global automotive tire pressure monitoring system market grew from $7.25 billion in 2022 to $8.6 billion in 2023 at a compound annual growth rate (CAGR) of 18.6%. The automotive tire pressure monitoring system market is expected to grow to $15.74 billion in 2027 at a CAGR of 16.3%.
North America was the largest region in the automotive tire pressure monitoring system market in 2022. 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 tyre 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 tyre pressure monitoring systems in automobiles, thereby promoting the production of automotive tyre 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 their 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 is driving the growth of the automotive tyre pressure monitoring systems market.
Technological advancements have emerged as the key trend gaining popularity in the automotive tyre 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 tyre monitoring system equipped with sensor technology. This system will send real-time data on tyre pressure and temperature to the cloud using a central telematics unit and record the operating hours of the tyres as well as the vehicle's location using GPS.
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Scope
Markets Covered:
1) By Type: Direct TPMS; Indirect TPMS
2) By Vehicle Type: Passenger Vehicle; Light Commercial Vehicle (LCV); Heavy Commercial Vehicle (HCV)
3) By Sales Channel Type: OEM; Aftermarket
Key Topics Covered:
1. Executive Summary
2. Automotive Tire Pressure Monitoring System Market Characteristics
3. Automotive Tire Pressure Monitoring System Market Trends And Strategies
4. Automotive Tire Pressure Monitoring System Market - Macro Economic Scenario
5. Automotive Tire Pressure Monitoring System Market Size And Growth
6. Automotive Tire Pressure Monitoring System Market Segmentation
7. Automotive Tire Pressure Monitoring System Market Regional And Country Analysis
8. Asia-Pacific Automotive Tire Pressure Monitoring System Market
9. China Automotive Tire Pressure Monitoring System Market
10. India Automotive Tire Pressure Monitoring System Market
11. Japan Automotive Tire Pressure Monitoring System Market
12. Australia Automotive Tire Pressure Monitoring System Market
13. Indonesia Automotive Tire Pressure Monitoring System Market
14. South Korea Automotive Tire Pressure Monitoring System Market
15. Western Europe Automotive Tire Pressure Monitoring System Market
16. UK Automotive Tire Pressure Monitoring System Market
17. Germany Automotive Tire Pressure Monitoring System Market
18. France Automotive Tire Pressure Monitoring System Market
19. Eastern Europe Automotive Tire Pressure Monitoring System Market
20. Russia Automotive Tire Pressure Monitoring System Market
21. North America Automotive Tire Pressure Monitoring System Market
22. USA Automotive Tire Pressure Monitoring System Market
23. South America Automotive Tire Pressure Monitoring System Market
24. Brazil Automotive Tire Pressure Monitoring System Market
25. Middle East Automotive Tire Pressure Monitoring System Market
26. Africa Automotive Tire Pressure Monitoring System Market
27. Automotive Tire Pressure Monitoring System Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Automotive Tire Pressure Monitoring System Market
29. Automotive Tire Pressure Monitoring System Market Future Outlook and Potential Analysis
30. Appendix
A selection of companies mentioned in this report includes
- Continental AG
- Sensata Technologies Inc.
- Denso Corporation
- Pacific Industrial Co. Ltd
- NXP Semiconductors
- Huf Hulsbeck & Furst GmbH & Co. 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
- DUNLOP TECH GmbH
For more information about this report visit https://www.researchandmarkets.com/r/8ze595
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