Market Size of North Commercial Vehicle Tire Pressure Monitoring Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North Commercial Vehicle Tire Pressure Monitoring Systems Market Analysis
The North America Commercial Vehicle TPMS Market is projected to grow with a CAGR of more than 6 % during the forecast period.
- Because of the ongoing trade tensions between two major economies of the world China and United States, the automobile sector is witnessing a decline in demand across the world, the impact got worst when the world was hit by the pandemic COVID-19. However, the demand for automobiles is expected to gain during the second half of the year 2021, when things are expected to become normal.
- During the period 2015-2019, commercial vehicles sales in United States increased with 4.33 % and in Canada the growth rate is 3.8 %. The demand is majorly driven by the government spending on economic activities and the growth in supply chain by the e-commerce giants in the region.
- The awareness about safety of passengers and reducing accidents are enhancing the demand for tire pressure monitoring systems in the region.
- However, there is lack of regulations that makes TPMS mandatory in commercial vehicles unlike the passenger vehicles market, it is restraining growth in the market.
