A major restraint for growth of global automotive TPMS market is the potential threat of the vehicle being tracked by TPMS sensors.
New York City, NY -- (SBWIRE) -- 03/02/2017 -- Rising focus on fuel economy improvement, reduction of property damage caused by accidents due to low tire pressure, increasing automotive safety systems adoption and austerity government regulations for TPMS equipment in passenger vehicles are factors influencing the growth in demand for global automotive tire pressure monitoring systems market during the forecast period, 2016 to 2024. The global market for automotive TPMS has witnessed steady growth in recent past with market revenue of US $7,593.7 million in 2016 and it is estimated to witness 6.7% CAGR during the forecast period in terms of value according to the report by Persistence Market Research (PMR).
Automotive TPMS Market:
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Factors Influencing the Demand for Automotive TPMS Market Include
Mandatory regulations on TPMS installation in passenger cars, and growth in automotive safety systems adoption.
Provision of various benefits from automotive TPMS such as fuel economy improvement, reduction in damage to property such as roadside shops, vehicles, etc. owing to accidents caused by low tire pressure.
A major restraint for growth of global automotive TPMS market is the potential threat of the vehicle being tracked by TPMS sensors. Inaccurate indirect TPMS results are expected to result into reduction of demand for indirect TPMS in few regions.
Direct TPMS to Exhibit 6.7% CAGR During 2016 to 2024
The global market for automotive TPMS is divided mainly into product type, sales channel, vehicle type and regions. Based on product type, the market is categorized into indirect TPMS and direct TPMS. In 2016, direct TPMS segment led the market accounting for 99% market revenue share in the global automotive TPMS market. Global sales of this segment is estimated to witness 6.7% CAGR during the forecast period.
Aftermarket to be Lucrative for TPMS During 2016 to 2024
Based on sales channel, the market is categorized into aftermarket and original equipment manufacturer (OEM). In 2016, aftermarket segment accounted for a major market share of global automotive TPMS market as compared to OEM. Owing to necessity of replacement of direct TPMS and increasing vehicle parc, sales are estimated to be driven through aftermarket, especially in European Union and the U.S. where TPMS use is compulsory for passenger vehicles.
Passenger Car Segment Remains Dominant in Automotive TPMS Market
Based on vehicle type, the market is categorized into heavy commercial vehicle (HCV), light commercial vehicle (LCV) and passenger car. Passenger car segment is estimated to remain dominant in the global automotive TPMS market during the forecast period.
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APAC and MEA Expected to Witness Fastest Growth in Automotive TPMS Market During 2016 to 2024
Region-wise, the global tire pressue monitoring systems market is categorized into North America, Europe, Middle East & Africa (MEA), Latin America and Asia Pacific (APAC). North America held 47.3% market revenue share and was dominant in automotive TPMS market in 2016. Owing to adoption of mandating legislation of TPMS, Europe is estimated to witness robust growth in automotive TPMS market during the forecast period. In terms of value, APAC and MEA are estimated to witness the fastest growth in automotive TPMS market registering 16% CAGR and 15% CAGR respectively during the forecast period.
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Sensata Technologies to hold Dominance over the Global Automotive TPMS Market
Key market players participating in the global automotive TPMS market include Continental AG, Huf Hulsbeck & Furst GmBH & Co. KG, Sensata Technologies Inc., Pacific Industrial Co. Ltd. and ZF Friedrichshafen AG. Sensata Technologies Inc is estimated to dominate the overall automotive TPMS market during 2016 to 2024.
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