The global Tire Pressure Monitoring System Market size occupied USD 6.3 Billion in 2022 and is projected to achieve a size of around USD 15.7 Billion by 2032 rising with a CAGR of 9.6% during the forecasted years, as reported by Acumen Research & Consulting
As the emphasis on vehicle safety and regulatory requirements has increased, the tire pressure monitoring system (TPMS) market has seen significant expansion and transformation. The tire pressure monitoring system (TPMS) is meant to monitor tire pressure in real time and inform drivers when it goes below a safe level, assisting in the prevention of accidents and improving fuel economy. This business has seen a boom in demand, largely as a result of rigorous government laws mandating the installation of TPMS in new vehicles in numerous regions, notably the United States and Europe. As a result, the market for TPMS sensor manufacturers, software developers, and related service providers has grown significantly. Furthermore, the introduction of sophisticated TPMS technologies, such as direct and indirect systems, has improved the user experience by providing more accurate data and predictive maintenance capabilities. As car safety remains a key issue, and technological improvements continue to make these systems more complex and efficient, the TPMS sector is primed for continued expansion.
Despite the industry's positive outlook, there are still significant hurdles. Increasing rivalry among TPMS producers, as well as the increasing complexity of cars with electric and autonomous features, needs TPMS makers being inventive and adapting to evolving automotive technology. Furthermore, market saturation in developed nations, along with the impact of the COVID-19 epidemic on car manufacturing, briefly halted the development trajectory. As the business evolves, firms must prioritise growing into emerging markets, providing dependable and cost-effective solutions, and investing in R&D to handle new trends such as electric and autonomous cars, which may necessitate various TPMS setups. Collaboration with manufacturers, as well as TPMS integration into vehicle safety systems, will be key to maintaining market relevance and competitiveness.
Tire Pressure Monitoring System Market Statistics
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Tire Pressure Monitoring System Market Dynamics
Government regulations mandating TPMS installations in vehicles to enhance road safety Fuels the Tire Pressure Monitoring System Market
Government rules requiring the installation of Tire Pressure Monitoring Systems (TPMS) in automobiles have played a critical role in propelling the TPMS industry forward. These laws are largely motivated by a desire to improve road safety by decreasing accidents caused by underinflated tires. In the United States, for example, the Tire Pressure Monitoring System is required for all new passenger cars and light trucks made after September 1, 2007. Similarly, rigorous restrictions mandating TPMS installation in new vehicles have been enacted throughout Europe. These rules increase not just driver safety but also fuel economy and environmental issues by lowering fuel consumption and emissions. As a result, TPMS manufacturers and service providers have experienced a surge in demand, creating a thriving market.
Furthermore, regulatory restrictions have fueled innovation in the TPMS business, resulting in the creation of increasingly complex and dependable systems. Manufacturers are continually enhancing TPMS sensor accuracy and performance, resulting in a better user experience and predictive maintenance capabilities. As governments throughout the world continue to prioritise road safety, the TPMS industry is expected to expand. This market history also shows how legislative actions may play an important role in promoting automobile technology, benefitting both drivers and the environment.
Continued Advancements in Sensor Technology Will Generate Numerous Opportunities for the Tire Pressure Monitoring System Industry
Continued advancements in sensor technology have been a driving force behind the evolution of various industries, particularly in automotive and consumer electronics. In the automotive sector, sensor technology has been instrumental in enhancing vehicle safety, efficiency, and autonomous capabilities. Advanced sensors, including LiDAR, radar, and cameras, enable vehicles to perceive their surroundings with greater accuracy and respond to changing conditions in real time. These developments are essential for the realization of self-driving vehicles, as they provide the data necessary for navigation, collision avoidance, and adaptive cruise control. As sensor technology becomes more compact, affordable, and energy-efficient, its adoption is expected to grow, further propelling the autonomous vehicle market.
Beyond the automotive sector, sensor technology has revolutionized the consumer electronics industry. Smartphones, wearables, and IoT devices rely heavily on sensors like accelerometers, gyroscopes, and ambient light sensors to provide users with a seamless and intuitive experience. These sensors enable features such as gesture control, step tracking, and automatic screen brightness adjustment. Moreover, sensor technology is crucial in the healthcare sector, where it powers wearable health monitoring devices and facilitates telemedicine through the collection of vital data. As sensors continue to become smaller, more versatile, and connected, they are expected to play an even more significant role in the development of innovative applications across industries, from smart homes and healthcare to industrial automation and environmental monitoring.
Tire Pressure Monitoring System Market Segmentation
The global market for tire pressure monitoring system has been categorized into technology, vehicle type, sales channel, and region.
Tire Pressure Monitoring System Market Share
According to the tire pressure monitoring system industry analysis, direct TPMS held largest market share in 2022.
As per the tire pressure monitoring system market forecast, the passenger vehicle type is expected to gather significant market share from 2023 to 2032.
The OEMs application sales channel gathered utmost market shares in the entire market, whereas aftermarket is likely to gain significant impetus.
Tire Pressure Monitoring System Market Regional Outlook
North America, and more specifically the United States, has been a primary driver of TPMS implementation due to stringent regulatory requirements. TPMS is required in all new passenger cars and light trucks built after September 1, 2007. As a result, the TPMS market in North America is mature, with a strong emphasis on safety and compliance. As older cars are upgraded with these systems, the area sees a continuous demand for aftermarket TPMS solutions. Furthermore, the rising popularity of electrified and self-driving automobiles in North America opens up new potential for TPMS suppliers.
Europe has also established severe TPMS standards, which has fueled market expansion. Since November 2014, all new passenger automobiles built in the European Union must have TPMS installed. The European TPMS market is distinguished by innovation, with an emphasis on direct TPMS systems that provide greater accuracy. The growing need for sophisticated TPMS technology, along with rising environmental consciousness, has fueled the expansion of this industry. Aside from the OEM market, the aftermarket for TPMS is expanding in Europe as consumers seek to upgrade older vehicles with these systems.
The Asia-Pacific region is seeing strong expansion in the TPMS market, owing to rising vehicle use in emerging nations and increased awareness of vehicle safety. TPMS usage is increasing in nations such as China and India, where road safety is a major concern. Because many vehicles on the road lack factory-installed TPMS, the aftermarket business is particularly significant in Asia-Pacific. Furthermore, as the region's adoption of electric and driverless vehicles develops, TPMS technology will play a critical role in assuring vehicle safety and performance.
Tire Pressure Monitoring System Market Players
Some prominent tire pressure monitoring system companies covered in the industry include Continental AG, SENSATA TECHNOLOGIES INC., Goodyear Tire & Rubber Company, VALEO, Huf Hülsbeck & Fürst Co., Pacific Industrial Co. Ltd, ZF Friedrichshafen AG, Schrader Electronics, Renesas Electronics Corporation Ltd., NIRA Dynamics AB, Delphi Automotive LLP, Hampton Automotive Technology Co. Ltd, and ORANGE ELECTRONIC CO LTD.
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Mr. Frank Wilson
Acumen Research and Consulting