Tire pressure monitoring system (TPMS) is an electronic component that helps to monitor the air pressure inside the tires of the vehicle. A TPMS alerts the driver by displaying real-time air pressure data on the infotainment display or giving a simple low air-pressure warning. Furthermore, low air-pressure of an automobile tire has a negative impact on tire life, safety, mileage and performance of the vehicle. However, properly inflated tires help in reducing the number of accidents which are caused by poor condition of tires. Therefore, rise in travelling rates due to speedy development and changing lifestyles has boosted the demand for global tire pressure monitoring system.

Market scope and structure analysis:

COVID-19 scenario analysis: 

• Majority of global tire pressure monitoring system manufacturers are facing issues such as closure of factories and unavailability of workforce due to the lockdowns which further affects the production of cars as well.
• Global tire pressure monitoring system is an evolving sector which is hampered due to an ongoing virus, because of which all type of production and installation across the affected countries had been shut down & all operations were disrupted due to the pandemic.
• The vendors in tire pressure monitoring industry across the globe is being affected severely due to the restrictions on producers as well as the declared lockdowns which in turn affecting the global tire pressure monitoring system manufacturers worldwide.
• As the governments all over the world have declared lockdowns over the past few months, the demand and supply cycle of many global tire pressure monitoring system manufacturers is vulnerable.
• The pandemic has had a negative impact on the global tire pressure monitoring system market size for the year 2020, a major deviation is noticed in the growth of tire pressure monitoring system manufacturers due to coronavirus.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

Stringent government regulations regarding safety and security such as compulsion for manufacturers to equip the vehicles with a TPMS are driving the growth of the market. However, lack of road maintenance and increasing deterioration due to climatic changes & unsafe driving conditions is expected to hamper the growth of the market. On the contrary, rise in penetration of tire pressure monitoring systems in automobiles across the globe can be seen as an opportunity for the market investments.

The tire pressure monitoring systems market trends are as follows:

Stringent government regulations regarding safety and security 

A subsequent increase in the number of accidents due to the rise in traffic movement is observed. Additionally, several government policies & regulations such as compulsion for producers to equip every four-wheeler with a TPMS have helped in the growth of global tire pressure monitoring system market. Further, Indian roads are branded to be one of the most dangerous roads in the world & prone to fatal accidents were people are severely injured which requires stringent law for TPMS. Therefore, a significant growth in the demand for passenger safety will boost the growth of the global tire pressure monitoring system market. 

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the global tire pressure monitoring systems industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with challenges of the global tire pressure monitoring systems market.
• The current market is quantitatively analyzed from 2019 to 2027 to highlight the global tire pressure monitoring systems market growth scenario.
• We can also determine TPMS will remain a significant revenue shareholder in the global tire pressure monitoring systems market through the predictable future.

Questions answered in the tire pressure monitoring systems market research report:

• Which are the leading market players active in the global tire pressure monitoring systems market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?