Tyre Pressure Monitoring System (TPMS) Market Analysis and Latest Trends
Tyre Pressure Monitoring System (TPMS) is a safety feature in vehicles that monitors the air pressure in the tires and alerts the driver if the pressure is too low. This system helps improve fuel efficiency, prolong tire life, and enhance overall vehicle safety by reducing the risk of tire blowouts and accidents caused by underinflated tires.
The Tyre Pressure Monitoring System (TPMS) Market is expected to grow at a CAGR of 13.1% during the forecast period. The growth of the market can be attributed to increasing demand for passenger and commercial vehicles globally, rising concerns about road safety, and government regulations mandating the installation of TPMS in vehicles. Additionally, technological advancements such as integration with smartphone apps and the development of wireless TPMS sensors are further driving the market growth.
Moreover, the increasing trend of connected vehicles and autonomous driving technology is expected to create new opportunities for TPMS manufacturers. These systems are becoming increasingly sophisticated, providing not only tire pressure information but also temperature data, tread wear monitoring, and real-time alerts to drivers. Overall, the TPMS market is set to witness significant growth in the coming years.
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Tyre Pressure Monitoring System (TPMS) Major Market Players
The global Tyre Pressure Monitoring System (TPMS) market is highly competitive, with key players such as Schrader (Sensata), Continental, Baolong Automotive, Steelmate, DIAS, Shenzhen Autotech, Pacific Industrial, Topsystem, Nanjing Top Sun, Sata Auto, CUB Elecparts, and Orange Electronic.
Schrader (Sensata) is one of the leading players in the TPMS market, offering advanced solutions for vehicle safety. They have a strong market presence and a wide range of products catering to different vehicles. Continental is also a major player in the TPMS market, known for its innovative technology and high-quality products. The company has a global presence and is continuously expanding its product portfolio.
In terms of market growth, the TPMS market is expected to witness significant growth in the coming years due to the increasing demand for vehicle safety features and the growing automotive industry. The market size of TPMS is expected to reach $2.8 billion by 2026, with a CAGR of 6.4% from 2021 to 2026.
Among the mentioned companies, Schrader (Sensata) and Continental have reported significant sales revenue. Schrader (Sensata) reported sales revenue of $1.1 billion in 2020, while Continental reported sales revenue of $44.5 billion in the same year. These companies are expected to maintain their market leadership and continue to expand their market presence in the future.
Overall, the TPMS market is highly competitive, with key players focusing on innovation, product development, and strategic partnerships to gain a competitive edge. Companies like Schrader (Sensata) and Continental are expected to drive market growth and maintain their position as market leaders in the coming years.
What Are The Key Opportunities For Tyre Pressure Monitoring System (TPMS) Manufacturers?
The global Tyre Pressure Monitoring System (TPMS) market is expected to witness significant growth in the coming years due to increasing focus on vehicle safety and the rising demand for technologically advanced automotive components. The market is projected to expand at a CAGR of over 15% during the forecast period. Factors such as stringent government regulations regarding vehicle safety, growing awareness among consumers about the importance of maintaining optimal tyre pressure, and the increasing adoption of connected technologies in vehicles are expected to drive the market forward. The future outlook for the TPMS market looks promising, with technology advancements and increasing automotive production contributing to its growth.
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Market Segmentation
The Tyre Pressure Monitoring System (TPMS) Market Analysis by types is segmented into:
Direct TPMS uses sensors inside the tires to directly monitor the air pressure and temperature, providing real-time data to the driver. This system is more accurate, reliable, and provides immediate alerts in case of pressure fluctuations. On the other hand, Indirect TPMS relies on the wheel speed sensors of the anti-lock braking system to monitor pressure changes by measuring differences in tire rotation. Although indirect TPMS is less expensive, it is generally less accurate and responsive compared to direct TPMS.
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