Lithium Ion Battery Type will Hold Maximum Market Share in the Global TPMS Battery Market During 2018-2026
Date : Jul 23, 2018 Author : PMR Editorial Staff Category : Automotive and Transportation
Global TPMS Battery Market to Witness Significant Growth in the Near Future, Driven by a Burgeoning Automotive Industry Across the Globe
The global market for TPMS battery is expected to increase over the assessment period. Various positive modifications are anticipated to drive the market growth. The Tire Pressure Monitoring Systems (TPMS) are dynamic safety systems which aids in monitoring the vehicles tire pressure by utilizing the wheel speed sensors of ESC/ABS systems or through pressure sensors.
The CR type battery is considered to play an essential part in making market revenue as well as is likely to engage a noteworthy amount of market share. The lithium ion battery type will hold a market share of about 92.0% in value terms of the global market towards 2018 end. Amid the prominent markets, the North America market will be showing promising outcomes within the assessment period. The region is likely to comprise a market value share of 40.1% during 2018 and is likely to increase at an 8.1% CAGR within the set time frame. The Europe regional market will increase up to US$ 261.0 Million revenue sales all through the end of 2026 with a rising 7.8% CAGR.
The worldwide market is evaluated to be driven by the expanding production of vehicles worldwide. Sound expansion in the automotive sector will likewise be a prime indicator supplementing market expansion. Increasing regulations which consent the establishment of TPMS in emerged regions, for example, China, Europe and North America perform as an impetus in the overall expansion of the market for TPMS battery showcase. Additionally, the expanding implementation of automotive safety systems is the prominent aspect fuelling the expansion of the TPMS market. This is likely to moreover upsurge the requirement for TPMS batteries all through the assessment period. Product advancement is projected to be the significant focus region for driving players in the market.
However, one of the significant difficulties faced by TPMS battery producers is that new TPMS sensors necessitate no batteries that are anticipated to hamper the expansion of the market for over the set time frame. In addition, TPMS sensors aid in tracking vehicles that are additionally anticipated to obstruct the expansion of the TPMS battery market in the approaching years. Prominent players in the market are seen to utilize R&D as a noteworthy part of their strategy to launch innovative and new products.
According to the latest market research published by Persistence Market Research, the global market for TPMS battery is projected to be estimated at US$ 451.6 Million towards the end of 2018 as well as will touch US$ 847.4 Million towards 2026 end, recording an 8.2% CAGR during the assessment period. The global market is projected to signify an incremental prospect of US$ 395.8 Million throughout the assessment period 2018-2026.