Over the forecast period of 2022 to 2032, the tire pressure monitoring system market is expected to grow at a CAGR of 10.3% to reach a value of US$ 7.7 billion by 2032.
Commercial trucks are heavier and more prone to tyre bursts because of poor road conditions, despite having properly inflated tyres. By warning the driver when a vehicle’s tyres are low on air or flat, TPMS eliminates any guesswork. As a result, the likelihood of accidents is decreased, and fuel efficiency is further increased. A tyre with optimal air pressure also propels a vehicle more smoothly.
Government agencies from all around the world have enforced strict passenger safety rules on the production of automobiles. Opportunities for market expansion are anticipated to arise from the automotive industry’s expansion, endeavours to adopt cutting-edge technology, the development of structured safety features, and a growing trend of government and consumer adoption of autonomous vehicles.
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Over the course of the forecast period, rising per capita income in developing nations and increased desire for high-end and opulent features in automobiles are both anticipated to boost the worldwide TPMS market. Tyre pressure monitoring systems (TPMS) will be used as standard equipment in heavy commercial vehicles in nations with sizable trucking industries, which is expected to increase sales.
TPMS is becoming into a cutting-edge auto part. Additionally, it is projected that the market would develop as more important manufacturers throughout the world implement higher safety standards. In the upcoming years, rising sales of electric vehicles are also anticipated to fuel demand for tyre pressure monitoring systems.
The quick adaptation of technologies in the automotive sector will fuel the adoption of TPMS. The market for Advance driver assistance systems is benefiting from rising demand for safe care driving, government regulation on road safety, which is expected to have a direct impact on the TMPS market,” says an FMI analyst.
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Key Takeaways:
- Based on technology type, demand for pressure sensor is expected to increase at a CAGR of about 10% over the assessment period.
- By region, Europe and East Asia are expected to be collectively account for a market share of more than 70.9% by 2032.
- In terms of vehicle type, passenger vehicle segment is estimated to dominate the market holding more than 75.0% of the total market share.
- Total sales in the U.S. market will reach a valuation of US$ 0.3 Bn in 2022.
- China will offer an incremental opportunity of more than US$ 2.9 Bn over the forecast period.
- Germany will account for more than 25.9% of the Europe tire pressure monitoring system market in 2022.
Competitive Landscape
Texas Instruments Incorporated, Intel Corporation, NVIDIA Corporation, Continental AG, and others are among the industry’s key market participants.
Manufacturers and developers of tire pressure monitoring systems are constantly investing in improving the system’s application while reducing human interference and increasing accountability.
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Tire Pressure Monitoring Systems Market: Segmentation
TPMS Market by Category
By Technology:
- Ultrasonic Sensor
- Lidar Sensor
- Radar Sensor
- Camera Sensor
- Infrared Sensor
- Pressure Sensor
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
By Vehicle Type:
- Passenger Vehicle
- Heavy Commercial Vehicle
- Light Commercial Vehicle
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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