Market Size of Asia-Pacific Automotive Tire Pressure Management System Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Automotive Tire Pressure Management System Market Analysis
The Asia-Pacific Automotive Tire Pressure Management System Market is projected to grow with a CAGR of more than 8 % during the forecast period.
- The demand for automotive vehicles in the region in spite of the ongoing slowdown in automotive industry is higher than the other parts of the world and still the region is the largest consumer of the automobiles in the world. the ongoing slowdown is the result of the trade war between two major economies United States and China, and the situation became worst when the world was hit by the ongoing pandemic i.e. COVID-19. The situations are expected to come to normalcy by the end of second half of 2021 and the demand is expected to boom again.
- TPMS provide safety for the vehicle from sudden explosion of tires which can occur because of either over or under inflated tires and avoid sudden road accidents. With introduction of high-speed internet and cloud-based services in the automobile industry, real time analysis and predictive maintenance are enhancing service industry in automotive world.
- The rising concerns for safety in passenger and commercial vehicles, and regulation introduced by governments in China and South Korea with Japan, India, Malaysia, the Philippines and Indonesia also moving towards legislation for the implementation of mandatory TPMS, will drive the growth in the market.
Asia-Pacific Automotive Tire Pressure Management System Industry Segmentation
The Asia-Pacific Automotive Tire Pressure Management System Market is Segmented by Vehicle Type (Commercial Vehicles and Passenger Vehicles), Sales Channel (OEM and Aftermarket), by Type (Direct TPMS and Indirect TPMS) and Country. Along with a detailed study on major players, their strategies, technological advancements, innovations and financials are also covered in the report.
| Sales Channel | |
| OEM | |
| Aftermarket |
| Type | |
| Direct TPMS | |
| Indirect TPMS |
| Vehicle Type | |
| Commercial Vehicle | |
| Passenger Cars |
Asia-Pacific Automotive Tire Pressure Management System Market Size Summary
The Asia-Pacific Automotive Tire Pressure Management System (TPMS) market is poised for significant growth, driven by the region's robust demand for automotive vehicles despite global industry slowdowns. This demand is fueled by the region's status as the largest consumer of automobiles worldwide, with countries like China leading the charge. The market is expected to rebound as economic conditions stabilize post-pandemic. TPMS technology is increasingly vital for enhancing vehicle safety by preventing tire-related accidents through real-time monitoring and predictive maintenance. Government regulations in countries such as China and South Korea are further propelling market growth by mandating the implementation of TPMS in vehicles, thereby addressing rising safety concerns in both passenger and commercial vehicles.
The market is characterized by a strong preference for direct TPMS due to its superior accuracy and precision in monitoring tire conditions. The introduction of smart tires equipped with direct TPMS sensors by major players underscores the industry's focus on integrating advanced technology to enhance vehicle safety and efficiency. China, in particular, remains a dominant force in the market, driven by high vehicle demand and stringent regulatory measures. The market is highly fragmented, with numerous players investing in research and development to innovate and meet both domestic and international demands. Strategic partnerships and technological advancements, such as those seen with AutoChips Inc. and JK Tyre, are key trends shaping the competitive landscape of the Asia-Pacific TPMS market.
Asia-Pacific Automotive Tire Pressure Management System Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porters Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Sales Channel
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2.1.1 OEM
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2.1.2 Aftermarket
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2.2 Type
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2.2.1 Direct TPMS
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2.2.2 Indirect TPMS
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2.3 Vehicle Type
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2.3.1 Commercial Vehicle
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2.3.2 Passenger Cars
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Asia-Pacific Automotive Tire Pressure Management System Market Size FAQs
What is the current Asia-Pacific Automotive Tire Pressure Management System Market size?
The Asia-Pacific Automotive Tire Pressure Management System Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Automotive Tire Pressure Management System Market?
Continental AG, Pacific Industrial Co. Ltd., Schrader TPMS Solution, Advantage PressurePro Enterprises Inc. and Denso are the major companies operating in the Asia-Pacific Automotive Tire Pressure Management System Market.
