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.
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.
Attributes |
Details |
Report Title |
Asia Pacific Automotive TPMS Market -Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2021 |
Historic Data |
2019–2020 |
Forecast Period |
2021–2028 |
Segmentation |
Direct TPMS and Indirect TPMS |
Regional Scope |
India, China, Japan, Australia, and Rest of Asia Pacific |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Continental AG, Pacific industrial Co. Ltd, Schrader TPMS Solution, and Denso |
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.
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.
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 Covered in the Report
The Asia Pacific automotive TPMS market is segmented on the basis of
Types
End-users
Regions
Key Players
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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