The global market for Tire Pressure Monitoring Systems (TPMS) is projected to reach $14.2 billion by 2024, driven by the recovery in automobile production and Resurgence in the global automobile production.
Given the rise in automobile accidents either due to error in judgment on part of the driver or due to mechanical failures caused by poor maintenance, automotive safety technologies are rising in popularity. The growing consumer emphasis on safety and the renewed focus of automobile manufacturers on enhancing safety features are catalyzing the growth of automotive safety technologies. Also, adherence to international safety standards has received due importance from auto OEM majors as they strive to achieve customer satisfaction. Over the years, safety technologies have evolved from passive safety techniques designed to react and mitigate effects after the occurrence of accident to active safety measures that aim at proactively preventing accidents. As an active safety system designed to prevent accidents caused by over-inflated and under-inflated tires, Tire Pressure Monitoring Systems have been growing in prominence in the automotive industry. In the United States, the TREAD Act has played an instrumental role in shaping growth. In Europe, a similar legislation that imposes mandatory adoption of TPMS in M1 category of vehicles is helping foster demand for TPMS in the OEM market. Growing consumer emphasis on fuel efficiency, compounded by the government’s push towards reducing vehicular emissions will also continue to spur growth in demand for TPMS. Low tire pressure results in millions of gallons of fuel wastages each year. Under inflated tires tend to increase both wear and tear of the tire and fuel consumption.
The research report titled ” Global Tire Pressure Monitoring Systems Market Analysis: 2018-2024″ announced by GMR Analytics, provides a comprehensive review of trends, issues, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa and Latin America (Brazil, Mexico and Rest of Latin America).