The Asia Pacific automotive TPMS market size is projected to expand at a CAGR of 8% during the forecast period. Growth of the market is attributed to increasing demand for advance driving assistance.
Tires are used in automobiles for safe, comfortable, and fuel-efficient driving. TPMS are vital because without them, drivers would have no way of knowing how much air is left in the tire, which could result in an accident. Various factors, such as developing environmental and economic policies and increased demand for high-end luxury cars, have contributed to the rise of the TPMS market in emerging nations around the world.
The Covid-19 pandemic affected the demand and supply of Asia-Pacific automotive TPMS market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Consumers’ growing interest in vehicle safety is expected to drive the market during the forecast period.
- It is estimated that the continuous installation and implementation of TPMS in mid- to high-end vehicles, increasing demand for tire monitoring systems in the aviation industry, and rising government attention to road safety is estimated to drive the market.
- Factors such as high cost of TPMS and lack of standardization in TPMS systems is projected to hamper the market growth.
- Inaccurate results are expected to restrict market growth in certain regions.
- Encouragement by new car safety program has provided immense opportunities for several market players.
Scope of the Report
The report on the Asia Pacific automotive TPMS market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Asia Pacific Automotive TPMS Market -Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2019–2020
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Forecast Period
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2021–2028
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Segmentation
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Direct TPMS and Indirect TPMS
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Regional Scope
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India, China, Japan, Australia, and Rest of Asia Pacific
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Continental AG, Pacific industrial Co. Ltd, Schrader TPMS Solution, and Denso
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Market Segment Insights:
The direct TPMS segment is projected to hold a major market share
Based on types, the Asia Pacific automotive TPMS market is segregated into direct TPMS and indirect TPMS. The direct TPMS segment is anticipated to expand at a high CAGR during the forecast period. Direct TPMS improves the car protection through tracking tire stress with the help of sensors. It additionally consists of automated resetting when the rotation of tire is done. The indirect system helps to record data and determine the air pressure loss caused by the increase in wheel speed.
The passenger car segment is anticipated to expand during the forecast period
On the basis of end-users, the Asia-Pacific automotive TPMS market is segregated into commercial vehicles and passenger vehicles. The passenger car segment holds the major market share. Growth of the market is attributed to rising sales of passenger cars and development of luxury cars manufacturing industry.
The market in China is projected to hold a major market share
In terms of country, the Asia Pacific automotive TPMS market is classified as India, China, Japan, Australia, and Rest of Asia Pacific. China dominates the market. China aims to lessen the fuel consumption and focus towards road safety. A large number of relevant air pressure tests in China show that at least 35% of all vehicles used have negative air pressure, which is estimated to save approximately 3.1 million liters of fuel in the region while reducing emissions of pollutants.
Segments
Segments Covered in the Report
The Asia Pacific automotive TPMS market is segmented on the basis of
Types
- Direct TPMS
- Indirect TPMS
End-users
- Commercial Vehicles
- Passenger Vehicles
Regions
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
Key Players
- Continental AG
- Pacific industrial Co. Ltd
- Schrader TPMS Solution
- Denso
Competitive Landscape
Key players in the Asia Pacific automotive TPMS market include Continental AG, Pacific industrial Co. Ltd, Schrader TPMS Solution, and Denso.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
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