By region, the market Europe held the largest share in 2021, accounting for more than one-third of the market. Moreover, the region is anticipated to register the highest CAGR of 9.5% during the forecast period.
Allied Market Research published a research report on the global tire pressure monitoring system market. The research states that the global tire pressure monitoring system market $5.32 billion in 2021, and is estimated to reach $12.32 billion by 2031, registering a CAGR of 8.6% from 2022 to 2031. The research offers comprehensive information about top investment pockets, market dynamics, major segments, and competitive scenarios for major market players, new market entrants, investors, and shareholders.
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Mayank Halmare, a lead analyst of Automation and Transportation at Allied Market Research, said, “The global tire pressure monitoring system market across Europe held the largest share in 2021, accounting for more than one-third of the market.”
The report provides insights on market dynamics such as drivers, restraints, and opportunities to help market players formulate growth strategies and capitalize on opportunities. Rise in demand for safety features, technological developments regarding tire pressure management, and growth in implementation of electronic systems in vehicles have boosted the growth of the global tire pressure monitoring system market. However, high initial costs and complex structure along with software failures of sensors hinder the market growth. On the contrary, integration of automatic tire inflation system with telematics and surge in demand for comfort while driving would open new opportunities in the future.
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The report provides a comprehensive study of the impact of the Covid-19 pandemic on the market globally. The report is crucial for investors, new entrants, and market players to devise business strategies concerning the current scenario and improve the business model for the future. The Covid-19 pandemic has presented challenges such as production capacity and disruption of the supply chain. In addition, a shortage of raw materials resulted in a supply-demand gap in the market.
The report provides an in-depth segmentation of the global tire pressure monitoring system market based on type, sales channel, vehicle type, propulsion, and region. This study is instrumental for market investors to understand the largest revenue gathering segments and fastest-growing segments during the historic period and forecast period.
By type, the direct tire pressure monitoring system segment would showcase the highest CAGR of 9.0% from 2022 to 2031. In addition, the segment held the largest share in 2021, contributing to more than four-fifths of the total revenue of the market.
By sales channel, the aftermarket segment would manifest the highest CAGR of 11.8% during the forecast period. However, the OEM segment held the largest share in 2021, accounting for more than 90% of the market.
By vehicle type, the passenger vehicle segment dominated the market in terms of revenue in 2021, accounting for nearly three-fifths of the market. However, the heavy commercial vehicles segment is projected to showcase the fastest CAGR of 9.3% during the forecast period.
By region, the market Europe held the largest share in 2021, accounting for more than one-third of the market. Moreover, the region is anticipated to register the highest CAGR of 9.5% during the forecast period.
The major market players of the global tire pressure monitoring system market are studied in the report such as Delphi Technologies (BorgWarner Inc.), Continental AG, Hamaton Automotive Technology Co., Ltd., Denso Corporation, Hitachi Astemo, Ltd., Hampton Auto Repair, InnotechRV (WiPath Communications LLC.), Huf Hülsbeck & Fürst GmbH & Co. KG, Orange Electronic Co., Ltd., NIRA Dynamics AB., Renesas Electronics Corporation, Pacific Industrial Co. Ltd., Sensata Technologies Inc., Robert Bosch GmbH, The Goodyear Tire & Rubber Company, Valeo, and ZF Friedrichshafen AG.
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