The global tire pressure monitoring system market was valued at more than $3 billion in 2015 and is expected to surpass $6 billion by 2020, says Technavio.
Technavio has announced its latest market research report on tire pressure monitoring system during the forecast period, 2016-2020. This market analysis, under the automotive electronics vertical, discusses the major drivers and key emerging trends that will influence the growth of the global tire pressure monitoring system(TMPS) market during the forecast period. Some of the top vendors listed in this industry analysis include Continental, DENSO, NXP, WABCO, and ZF TRW.
In terms of geographical analysis, the Americas will be the fastest-growing region in the global market, and is expected to reach revenues of around $2 billion by 2020. The US and Canada will emerge as the key revenue-generators.
“The OEMs are developing and launching micro-electromechanical systems (MEMS) sensors, and these are designed to measure pressure and temperature in the tire accurately. This method uses RFID sensor technology that results in easy and convenient measurement process. The process of measurement involves moving the vehicle over the drive-over mats or with the aid of remote handheld devices. The use of advanced technology results in durable and reliable systems,” says Siddharth Jaiswal, a lead analyst at Technavio for research on automotive electronics.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Reduction in fuel consumption and carbon emissions from vehicles
The vendors in the automotive industry are developing new and innovative technologies that offer safer, comfortable, and convenient driving experience, in addition to making it more eco-friendly. The manufacturers are launching tires that help in providing optimum fuel efficiency and level of exhaust emission from the vehicle. TMPS continuously monitor tire pressure to increase fuel efficiency by alerting the driver in case of underinflated tires.
Strict government mandates to curb vehicular emissions and increase fuel efficiency
Several government organizations across the globe are encouraging the use of advanced systems and technologies that can help in the reduction of vehicular emissions for a cleaner and healthier environment. Several countries are implementing rules and regulations that promote the use of energy-efficient technologies. The government bodies are issuing mandated emission standards to control greenhouse effects and deteriorating air quality due to vehicular emissions. The use of TMPS will help end-users to meet the regulations established by the governing bodies and help promote a sustainable environment.
TPMS form a part of rapidly growing ADAS market
The advantage of using ADAS systems with additional features provide assistance that ensures safety, comfort, and convenience to drivers of the modern day vehicles. The implementation of stringent safety regulations is encouraging vendors to develop technologies meet the regulatory requirements and help vendors to sustain competition in the form of product differentiators.
Other prominent vendors identified in this report are Infineon Technologies, Pacific Industrial, and Schrader Electronics.
This research report includes an in-depth analysis, market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Tire Pressure Monitoring System Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Automotive Defogger System Market 2016-2020
- Global Commercial Vehicle Advance Driver Assistance Systems Market 2016-2020
- Global Automotive Tiptronic Transmission Market 2016-2020
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