September 20, 2023 07:03 ET | Source: Research and Markets Research and Markets
Dublin, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The "Tire Pressure Monitoring System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering. Front Parking Sensors
The global Tire Pressure Monitoring System (TPMS) market is experiencing significant growth, with a projected compound annual growth rate (CAGR) of 9.4%. This growth is expected to take the market from an estimated US$6.3 billion in 2022 to a forecasted US$11.1 billion by 2028.
A Tire Pressure Monitoring System (TPMS) is an electronic solution that helps maintain the proper air pressure in vehicle tires. There are two common types of TPMS: direct and indirect. Direct TPMS uses sensors mounted on the wheels to measure tire pressure directly, while indirect TPMS works with antilock braking system (ABS) speed sensors to monitor tire air pressure. TPMS provides real-time information about tire pressure to the driver through displays and alarms, enhancing vehicle safety, fuel economy, and reducing carbon emissions.
The TPMS market is experiencing positive growth due to several key factors:
The TPMS market is segmented by type, technology, vehicle type, distribution channel, and region.
Key Questions Answered in This Report:
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