A study conducted by Persistence Market Research has found that the direct tyre-pressure monitoring system (TPMS) market is estimated to grow at a CAGR (value) of 9.3% by the end of the forecast period (2018-2026). According to the study, the estimated value of the global TPMS market exceeded US$11,651.2 million in 2018, and is predicted to reach US$23,620.5 million by the end of 2026.
This market growth will be largely driven by the increasing production of vehicles across the globe, as well as wider adoption of regulations in new territories. The report has also identified challenges that TPMS manufacturers may be facing though, such as negative sentiment to TPMS sensors being able to help in tracking vehicles, as well as inaccuracies in some TPMS technologies, though leading players in the market are investing in research & development as part of their strategy to launch new and innovative products.
By type, the direct TPMS segment will play a pivotal role in building market revenue and is expected to occupy a major share of the market, according to the report, which also suggests that the passenger car TPMS segment, by vehicle type, will account for a value share of 80% in the global market by 2018. Amongst the major markets, North America will show promising results during the forecast period and is estimated to hold 42.2% market value share in 2018, expanding at a CAGR of 8.5% during the stipulated time period. The sales revenue of Europe will reach US$8,162.4 million by the end of 2026 while growing at a CAGR of 9.6%.
Some of the key market participants reported in this study include ZF Friedrichshafen AG, Continental AG, Sensata Technologies, Denso Corporation, Pacific Industrial, NXP Semiconductors, Wabco, Huf Hülsbeck & Fürst GmbH & Co. KG, NIRA Dynamics AB, Bendix Commercial Vehicles Systems, Dunlop Tech GmbH, Hamaton Automotive Technology, Bartec USA LLC and ATEQ.