Global Tire Pressure Monitoring System (TPMS) Industry: Key Statistics and Insights in 2024-2032

Summary:

• The global tire pressure monitoring system market size reached USD 6.9 Billion in 2023.
• The market is expected to reach USD 14.3 Billion by 2032, exhibiting a growth rate (CAGR) of 8.2% during 2024-2032.
• Asia Pacific leads the market, accounting for the largest tire pressure monitoring system market share.
• Direct TMPS accounts for the majority of the market share in the type segmentas it offers enhanced accuracy and reliability.
• Conventional TPMS holds the largest share in the tire pressure monitoring system industry.
• Passenger vehicles remain a dominant segment in the market due to the rising focus on improved road safety.
• OEMs represent the leading distribution channel segment.
• Government regulations and safety mandates activities is a primary driver of the tire pressure monitoring system market.
• The rising demand for fuel efficiency and the increasing awareness of vehicle maintenance are reshaping the tire pressure monitoring system market.

• Government Regulations and Safety Mandates:

Governing agencies of various countries are implementing several regulations to encourage the adoption of tire pressure monitoring systems (TPMS). In regions, such as the United States and Europe, regulatory bodies are mandating the inclusion of TPMS in vehicles to ensure safety standards are met. The European Union (EU) also requires all new vehicles that aim to reduce tire-related accidents caused by underinflated tires, which can lead to blowouts and loss of vehicle control. By making TPMS a mandatory feature, these laws encourage automakers to integrate advanced systems into both passenger and commercial vehicles. As more countries adopt similar regulations to improve road safety, the demand for TPMS is set to grow, particularly in emerging markets where safety standards are becoming stricter.

• Rising Demand for Fuel Efficiency:

The growing demand for TPMS due to the increasing focus on fuel efficiency is offering a favorable market outlook. With fuel prices fluctuating and environmental concerns rising, fuel efficiency is becoming a priority for both individuals and manufacturers. Underinflated tires increase rolling resistance, requiring more energy to move the vehicle, thus consuming more fuel. TPMS provides real time tire pressure data, allowing drivers to maintain optimal tire conditions, which leads to improved fuel efficiency. Apart from this, automakers are increasingly incorporating TPMS in their models as a selling point to meet consumer demand for cost-saving and eco-friendly vehicles. This focus on energy efficiency is particularly relevant in regions that emphasize reducing carbon emissions, such as Europe and North America.

• Increasing Awareness of Vehicle Maintenance:

People are becoming more conscious of vehicle maintenance as part of efforts to reduce long-term costs and improve safety. A critical component of this is tire health, as improperly inflated tires can wear out prematurely, leading to frequent replacements and higher maintenance costs. TPMS offers a convenient solution by providing continuous monitoring of tire pressure and alerting drivers to any issues before they become serious. This not only enhances safety but also extends the lifespan of tires, contributing to lower maintenance expenses. As vehicle owners become more aware of these benefits, particularly through educational campaigns and technological advancements in automotive systems, the adoption of TPMS is rising.

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Tire Pressure Monitoring System Market Report Segmentation:

Breakup By Type:

• Direct TPMS
• Indirect TPMS

Direct TMPS accounts for the majority of shares as it offers enhanced accuracy and reliability.

Breakup By Technology:

• Intelligent TPMS
• Conventional TPMS

Conventional TPMS dominates the market, which can be attributed to its ability to measure air pressure and temperature directly.

Breakup By Vehicle Type:

• Passenger Vehicles
• Commercial Vehicles

Passenger vehicles represent the majority of shares due to the rising focus on improved road safety.

Breakup By Distribution Channel:

• OEMs
• Aftermarket

OEMs hold the majority of shares on account of stringent safety regulations.

Breakup By Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific enjoys the leading position owing to a large market for tire pressure monitoring system driven by the increasing demand for premium cars among individuals.

Top Tire Pressure Monitoring System Market Leaders:

The tire pressure monitoring system market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

• ATEQ, Bartec USA LLC
• Bendix Commercial Vehicle Systems LLC (Knorr Brake Holding Corporation)
• Continental Aktiengesellschaft
• Denso Corporation
• Hamaton Automotive Technology Co. Ltd. (Hangzhou Hamaton Intelligent Control Holdings Co. Ltd.)
• Huf Hülsbeck & Fürst GmbH & Co. KG
• Nira Dynamics AB
• NXP Semiconductors N.V.
• Pacific Industrial Co. Ltd.
• Sensata Technologies Inc.
• WABCO Holdings Inc. (ZF Friedrichshafen AG).
• Note: If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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