#Tire #Pressure #Monitoring #System #Market #Reach
Portland, OR, Oct. 03, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global tire pressure monitoring system market generated $5.32 billion in 2021, and is projected to reach $12.32 billion by 2031, growing at a CAGR of 8.6% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Automotive TPMS Market Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $5.32 billion |
| Market Size in 2031 | $12.32 billion |
| CAGR | 8.6% |
| No. of Pages in Report | 371 |
| Segments Covered | Type, sales channel, vehicle type, propulsion, and region |
| Drivers | Surge in demand for safety features in automobiles |
| Growth in implementation of electronic systems in vehicles | |
| Opportunities | Surge in need for comfortable driving |
| Technological advancements related to tire pressure management | |
| Restrains | Extortionate cost and complex structure |
| Software failures associated with sensors |
COVID-19 Scenario:
- The outbreak of COVID-19 has had a negative impact on the growth of the global tire pressure monitoring system market, owing to the presence of lockdowns in various countries across the globe.
- Lockdowns had a devastating impact on the automotive sector as all sorts of manufacturing facilities in the automotive sector were closed, which adversely impacted market growth.
- In addition, reduction in workforce, shortage of skilled workforce and…
Read on GNW: Tire Pressure Monitoring System Market to Reach $12.32
