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 |
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.
North Commercial Vehicle Tire Pressure Monitoring Systems Industry Segmentation
The North America Commercial Vehicle TPMS Market report covers a detailed study on the latest trends and innovations in the market which is segmented by Type (Direct TPMS and Indirect TPMS), by Sales Channel (OEM and Aftermarket) and Country. Along with the major players, their strategies, innovations, technological advancements and financials are also covered in the report.
| Sales Channel | |
| OEM | |
| Aftermarket |
| Type | |
| Direct TPMS | |
| Indirect TPMS |
North Commercial Vehicle Tire Pressure Monitoring Systems Market Size Summary
The North America Commercial Vehicle Tire Pressure Monitoring Systems (TPMS) market is anticipated to experience significant growth over the forecast period, driven by increasing awareness of vehicle safety and accident reduction. The demand for TPMS is bolstered by government investments in economic activities and the expansion of supply chains by e-commerce giants, which have been pivotal in boosting commercial vehicle sales in the region. Despite the positive outlook, the market faces challenges due to the absence of mandatory regulations for TPMS in commercial vehicles, unlike in the passenger vehicle sector. This regulatory gap is a key factor restraining market growth, even as major original equipment manufacturers (OEMs) invest heavily in integrating safety features into vehicles.
The market landscape is characterized by a fragmented structure with numerous players holding small market shares. Prominent companies such as Pacific Industrial Co. Ltd., Pressure Pro, Schrader TPMS Solution, Continental AG, and Denso are actively participating in the market. These companies are engaging in strategic partnerships and introducing innovative products to enhance their market presence. For instance, the introduction of solutions like PSI's TireView and Continental AG's intelligent steer tires highlights the ongoing technological advancements in TPMS. Additionally, the growing consumer focus on vehicle safety and the increasing fatalities involving large trucks are prompting OEMs to prioritize the development of advanced driver assistance systems, further fueling the demand for TPMS in commercial vehicles across North America.
North Commercial Vehicle Tire Pressure Monitoring Systems 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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North Commercial Vehicle Tire Pressure Monitoring Systems Market Size FAQs
What is the current North Commercial Vehicle Tire Pressure Monitoring Systems Market size?
The North Commercial Vehicle Tire Pressure Monitoring Systems Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in North Commercial Vehicle Tire Pressure Monitoring Systems Market?
Pacific Industrial Co. Ltd., Pressure Pro, Schrader TPMS, Continental AG and Denso are the major companies operating in the North Commercial Vehicle Tire Pressure Monitoring Systems Market.
