As per current published report by Markntel Advisors the Tire Pressure Monitoring Systems Market is estimated to grow at a CAGR of around 9.0% during the forecast period, i.e., 2023-28. A detailed discussion of industry behavior is presented. It will assist companies and other stakeholders in making decisions that assure strong earnings in the upcoming years, and also describes the future trend. In order to assist readers in making defensible choices on market projects, this research will offer a useful summary of the market and its dynamic environment. The growth prospects that will enable the market to extend its operations in current markets will be the main focus of this analysis.
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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.
The Tire Pressure Monitoring Systems Market has segmented the market into the following categories:
By Technology
(Direct Tire Pressure Monitoring System, Indirect Tire Pressure Monitoring System),
By Sales Channel
(OEMs, Aftermarket),
By Vehicle Type
(Passenger Vehicle, Commercial Vehicle)
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By Region
– North America
– South America
– Europe
– Middle East
– Africa
– Asia-Pacific
Competitive Environment Featuring Key Players:
Continental AG, Denso corporation, Delphi Automotive, Sensata Technologies, Dunlop Tech Gbmh, Wabco, Bendix Commercial Vehicle systems LLC, Schrader Electronics, Pacific Industrial Co., Ltd., Huf and Hlsbeck & Frst Gmbh & Co.
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