Tire Pressure Monitoring Systems Market CAGR of 6.7% by 2024
Stringent government regulations to equip TPMS in passenger vehicles, growing adoption of automotive safety systems and rising focus on improving fuel economy and reducing property damage as a result of accidents associated with low tire pressure are key factors expected to fuel demand for automotive TPMS over the forecast period (2016-2024).
Direct TPMS is estimated to account for leading market revenue share of 99% by 2016 end. Global sales of direct TPMS is estimated to increase at a CAGR of 6.7% from 2016 to 2024.
This high growth is due to expected implementation of legislations related to the TPMS in countries such as China, India, Japan, and Russia.
By vehicle type, passenger car segment is the largest segment in the global automotive TPMS market. This segment is estimated to account for 79% value share of the market by 2016 end.
Growing demand for luxury cars is expected to continue to push demand for automotive TPMS in passenger car segment. Mandatory use of TPMS in passenger vehicles in the U.S., South Korea, and the European Union is further fueling the growth of the passenger cars segment in the global automotive TPMS market.
Aftermarket segment is projected to continue to account for a major market share in 2016. Direct TPMS requires replacement after a certain period of time and increasing vehicle parc is expected to drive sales through the aftermarket, especially in the U.S.
and the European Union where the TPMS use mandatory for passenger vehicles.
North America is estimated to remain the largest market for automotive TPMS, accounting for 47.3% revenue share of the market by 2016 end. Demand is expected to be robust in Europe, where adoption of TPMS mandating legislation would drive the growth of the market.
Sensata Technologies Inc., Continental AG, and Pacific Industrial Co., Ltd. are projected to continue to be the top three players in the global automotive TPMS market.
Mergers & acquisitions remains a key business strategy for leading players in the global automotive TPMS market. Major players in the global TPMS market are also focusing on expanding their aftermarket businesses, as the aftermarket sales is a major revenue generation source for TPMS manufacturers.
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PMR Long-term Outlook on Global TPMS Market: The global automotive TPMS market is expected to expand at a CAGR of 6.7% in terms of value during the forecast period. Presently, North America is the largest market for automotive TPMS, however, Asia-Pacific is expected to emerge as the largest market for automotive TPMS over the forecast period.
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