Global truck TPMS market to grow 10% by 2021

Research and Markets published its “Global Commercial Vehicle Tire Pressure Management System (TPMS) Market 2017-2021” report in December. In it the analysts forecast the global commercial vehicle tyre pressure management system (TPMS) market to grow at a CAGR of 10.38 per cent during the period 2017-2021.

The report, Global Commercial Vehicle Tire Pressure Management System (TPMS) Market 2017-2021, covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

One trend in the market is development of Bluetooth-enabled TPMS. TPMS is undergoing many developments that are mostly focused on increasing the efficiency of the system. The development of battery-powered sensors allowed wireless transmission of the readings from the sensors to the ECU. The recent development of the Bluetooth-enabled TPMS is the latest addition to the TPMS market, which is gaining popularity among customers.

According to the report, one driver in the market is discount in insurance premium for adoption of vehicle safety system like TPMS. The active safety systems are the preferred device to increase safety quotient of the vehicles. However, their adoption is not limited to the customers preferring safety. Other factors like legislation and discounts are pushing the demand for the same. For instance, insurance providers are offering discounts on the automobile insurance if the vehicle is equipped with safety systems like ABS, TPMS, etc. These discounts range from 5 to 10 per cent depending on the provider and region.