Tire Pressure Monitoring System Market Outlook
According to the report by Expert Market Research (EMR), the global tire pressure monitoring system market size reached a value of USD 7.01 billion in 2023. Aided by the increasing vehicle safety standards and advancements in automotive technologies, the market is projected to further grow at a CAGR of 9.4% between 2024 and 2032 to reach a value of USD 15.81 billion by 2032.
Tire Pressure Monitoring Systems are sophisticated safety devices integrated into vehicles to monitor the air pressure inside the pneumatic tires on various types of vehicles. These systems report real-time tire pressure information to the driver of the vehicle, either via a gauge, a pictogram display, or a simple low-pressure warning light. TPMS are crucial for ensuring optimal vehicle performance, enhancing road safety, and reducing tire wear, thereby improving fuel efficiency.
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The tire pressure monitoring system market growth is driven by several key factors. Primarily, the stringent vehicle safety regulations implemented by governments worldwide necessitate the inclusion of TPMS in new vehicles to enhance road safety and reduce accident rates caused by under-inflated tires. For instance, in the United States, Europe, and many Asian countries, TPMS installation has become mandatory for all new passenger vehicles, significantly boosting the market.
Moreover, the rising consumer awareness about vehicle safety features and the benefits of maintaining proper tire pressure is increasing the demand for TPMS and propelling the tire pressure monitoring system market expansion. The growing adoption of advanced automotive technologies and the increasing prevalence of luxury and high-end vehicles equipped with state-of-the-art safety systems are further contributing to market expansion. The evolution of wireless communication technologies and the Internet of Things (IoT) offers potential for the development of more efficient, accurate, and cost-effective TPMS solutions. Furthermore, the expanding electric vehicle (EV) market and the need for specialised TPMS tailored for EVs provide a lucrative opportunity for market players.
As per the tire pressure monitoring system market analysis, global emphasis on environmental sustainability intensifies, TPMS are being recognised for their role in improving fuel efficiency and reducing vehicle emissions. Properly inflated tires reduce rolling resistance, which in turn lowers fuel consumption and CO2 emissions. This environmental benefit is driving regulatory bodies to mandate TPMS in more regions and vehicle types, and encouraging manufacturers to innovate in TPMS technologies that contribute to greener driving.
As per the tire pressure monitoring system market outlook, TPMS are increasingly being integrated with other vehicle safety systems, such as electronic stability control (ESC), anti-lock braking systems (ABS), and advanced driver assistance systems (ADAS). This integration enhances overall vehicle safety and performance by providing more comprehensive data on vehicle dynamics and enabling coordinated responses to potential safety issues. As vehicles become more connected and autonomous features more common, this trend is expected to accelerate, offering a holistic approach to vehicle safety.
Additionally, technological advancements in tire pressure monitoring system market, such as the development of direct and indirect monitoring systems and the integration of TPMS data with vehicle telematics and driver assistance systems, are opening new avenues for market growth. The advent of smart tires equipped with sensors for real-time monitoring and predictive maintenance is also anticipated to spur the demand for advanced TPMS.
Regionally, North America and Europe hold a significant tire pressure monitoring system market share, attributed to the stringent safety regulations and high vehicle safety awareness among consumers. However, Asia-Pacific is projected to exhibit the highest growth rate during the forecast period, driven by the rapidly expanding automotive sector, increasing adoption of advanced vehicle technologies, and the implementation of vehicle safety regulations in emerging economies like China and India.
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Tire Pressure Monitoring System Market Segmentation
The market can be divided based on type, vehicle type, sales channel, and region.
Market Breakup by Type
- Direct TPMS
- Indirect TPMS
Market Breakup by Vehicle Type
- Passenger Cars
- Commercial Vehicles
Market Breakup by Sales Channel
- OEM
- Aftermarket
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Tire Pressure Monitoring System Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global tire pressure monitoring system market. Some of the major players explored in the report by Expert Market Research are as follows:
- DENSO Corporation
- Robert Bosch GmbH
- Hella KGaA Hueck and Co.
- Continental AG
- ZF Friedrichshafen AG
- Pacific Industrial Co., Ltd.
- Sensata Technologies, Inc.
- Huf Hülsbeck & Fürst GmbH & Co. KG
- ATEQ Corp.
- Others
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