Tire Pressure Monitoring System Market For Automotive is Expected To Surpass Us$ 8 Bn By 2026
According to a new market report published by Transparency Market Research , “Tire Pressure Monitoring System Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026” is expected to surpass US$ 8 Bn by 2026, expanding at a CAGR of more than 4% during the forecast period.
The global tire pressure monitoring system market for automotive is projected to expand at a CAGR of more than 4% between 2018 and 2026, according to a new research report by Transparency Market Research (TMR). According to the report, the global market is likely to be influenced by a range of political, economic, social, technical, and industry-specific factors. Latin America is likely to witness rapid rise in demand for tire pressure monitoring system, with the market in the region anticipated to expand at a CAGR of about 7% during the forecast period.
Vehicle tires functioning below the prescribed inflation level place the complete performance of automobile and the safety of passengers at danger. The tire pressure monitoring system of the vehicle assists in increasing safety on the highway by enhancing the vehicle’s motility, decreasing its braking displacement, reducing the wear of tires, and enhancing fuel economy of the vehicle.
The passenger vehicles segment held more than 70% share of the global market in 2017. Tire pressure monitoring system is an additional safety feature provided in the vehicle. Majority of OEMs provide this feature as optional in passenger vehicles. The U. S. is home to a significant number of with commercial vehicles, and the tire pressure monitoring system is mandatory in all vehicles in the U. S. Therefore, the commercial vehicles segment held a relatively higher share of the tire pressure monitoring system as compared to the vehicle production ratio of commercial vehicles and passenger vehicles.
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