Global Tire Pressure Monitoring Systems Market Outlook for 2023-28
Markntel Advisors has conducted a comprehensive study on the Global Tire Pressure Monitoring Systems Market is projected to grow at a CAGR of around 9.0% during the forecast period, i.e., 2023-28. The market growth is attributed to rising safety concerns, government regulations, and the surging number of passenger & commercial vehicles. Additionally, the elevating number of luxury vehicles, increasing economic and environmental policies, shifting consumer and manufacturer preference for advanced safety features, and the need to reduce vehicular emissions and improve vehicle fuel efficiency are also aiding in market expansion.
In addition, the Global Tire Pressure Monitoring Systems Market Study highlights the impact of domestic and localized market players, emerging revenue opportunities, strategic market growth analysis, product approvals, product launches, geographic expansions, and technological innovations. The objective of the report is to provide a detailed understanding of the industry, including its features, factors, and elements, along with insights into the regulatory scenario & regional dynamics that may impact market growth.
Key Driver: Rising Installation of Accident Preventive Safety Systems
The continuous occurrence of automobile accidents has urged manufacturers, and consumers to adapt and improve the safety features in the vehicle to prevent damage and causality by focusing on the improvement of automotive vehicles with the installation of new safety features. This has resulted in continuous research and development into the issue and coming up with more minor, complementing designs and systems, leading to the higher installation of such sensor systems, thereby driving the industry. As a solution, TMPS provides safety by improving vehicle handling, decreasing tire wear, reducing braking distance, and better fuel economy. In addition, the concerns over the higher number of accidents occurring due to tire failures have accelerated the market growth.
Global Tire Pressure Monitoring Systems Industry Breakdown: Key Revenue Generating Segments
To facilitate focused analysis, the Tire Pressure Monitoring Systems Market has been divided into different segments, providing shareholders with the opportunity to identify their areas of interest and the most profitable opportunities within the market. By incorporating technical trends, comprehensive analysis of the downstream & upstream value chain, as well as Porter’s five forces analysis, we have diligently forecasted the industry landscape for specific regions/countries, presenting critical pointers for informed decision-making. The segments are as follows:
-Direct Tire Pressure Monitoring System
-Indirect Tire Pressure Monitoring System
-By Sales Channel
-By Vehicle Type
Each sections offer valuable insights into the Tire Pressure Monitoring Systems Market. The report includes essential pillars of the industry study, such as drivers, restraints, opportunities, and challenges. The report also provides information on industry overview, specifications, definitions, suppliers, R&D status, cost structure analysis, sources, and technological advancements, potential for improvement, applications, among others.
Competitive Analysis of the Global Tire Pressure Monitoring Systems Industry
-Dunlop Tech Gbmh
-Bendix Commercial Vehicle systems LLC
-Pacific Industrial Co., Ltd.
-Huf and Hlsbeck & Frst Gmbh & Co.
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Global Tire Pressure Monitoring Systems Market Research Report Answers the Following Key Questions
- How big is the Global Tire Pressure Monitoring Systems Market?
- What is the projected growth rate or CAGR of the Global Tire Pressure Monitoring Systems Market during 2022-27?
- What are the key trends or growth opportunities for the key players in the Global Tire Pressure Monitoring Systems Market?
- Which ‘segment’ seems promising for companies operating in the Global Tire Pressure Monitoring Systems Market?
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