Direct TPMS is estimated to account for leading market revenue share of 99% by 2016 end. Global sales of direct TPMS is usually estimated to increase at a CAGR of 6.7% from 2016 to 2024. This high growth is due to expected implementation of legislations related to the TPMS in countries such as China, India, Japan, and Russia.
By vehicle type, passenger car segment is the largest segment in the global automotive TPMS market. This segment is estimated to take into account 79% value discuss of the market by 2016 end. Growing demand for luxury cars is expected to continue to push demand for auto TPMS in passenger car segment. Mandatory use of TPMS in passenger vehicles in the U.S., South Korea, and the European Union is further fueling the development of the passenger vehicles segment in the global automotive TPMS market.
Aftermarket segment is projected to continue to account for a major market share in 2016. Direct TPMS requires replacement after a certain period of time and increasing vehicle parc is likely to drive product sales through the aftermarket, especially in the U.S. and europe where the TPMS use mandatory for passenger automobiles.
North America is estimated to remain the largest market for auto TPMS, accounting for 47.3% revenue reveal of the marketplace by 2016 end. Demand is expected to be robust in Europe, where adoption of TPMS mandating legislation would drive the growth of the market.
Sensata Technologies Inc., Continental AG, and Pacific Industrial Co., Ltd. are projected to keep to be the top three players in the global automotive TPMS marketplace. Mergers & acquisitions remains a key business strategy for leading players in the global auto TPMS market. Major players in the global TPMS market are also focusing on expanding their aftermarket businesses, as the aftermarket sales is a significant revenue generation source for TPMS manufacturers.
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