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.
