The tire pressure monitoring system market is anticipated to exhibit a CAGR of 6.2% through 2034. The market valuation is projected to increase from USD 3.47 billion in 2024 to USD 6.34 Billion by 2034. The tire pressure monitoring systems (TPMS) industry is being propelled by two major factors: the pressing need to extend the lifespan of tires and the growing concern for vehicle safety. With the increasing deployment of traction control systems in vehicles, the demand for TPMS is expected to surge globally.
The tire pressure monitoring systems market is anticipated to have a notable increase in demand due to the growing integration of sensor technologies in passenger cars. The requirement for decreased tire wear, increased fuel efficiency, and greater road safety explain this increase. Therefore, tire pressure monitoring devices are gaining popularity among car manufacturers and owners.
Introducing sophisticated systems with wireless connectivity, real-time monitoring, and predictive maintenance capabilities has led to an international boom in the tire pressure monitoring system market. The characteristics above allow the efficient and effective monitoring of tire pressure, augmenting safety, optimizing fuel efficiency, and mitigating tire wear and tear.
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Key Takeaways from the Tire Pressure Monitoring System Market Report:
- The United States tire pressure monitoring system industry is projected to experience a CAGR of 1% through 2034.
- Japan’s tire pressure monitoring system (TPMS) market is expected to demonstrate a CAGR of 9% through 2034.
- The United Kingdom’s TPMS industry is anticipated to witness a CAGR of 1% through 2034.
- The Indian tire pressure monitoring system industry is expected to showcase a significant CAGR of 8% through 2034.
- The Chinese TPMS market is expected to display a CAGR of 1% through 2034.
Competitive Landscape:
The automotive industry’s need for high precision and durability is driving substantial expansion of the tire pressure monitoring system (TPMS) market. Advanced driver assistance systems are becoming a result of major manufacturers spending on research and development to integrate TPMS with other safety technologies.
With several tire pressure monitoring system producers, automakers, and service providers, the tire pressure monitoring system market is expanding significantly. By establishing enduring connections with OEMs and ADAS TPMS makers in key markets like Europe and India, TPMS manufacturers are creating new sources of income. To stay dominant in the market and satisfy changing needs from the automobile sector, leading companies in the TPMS market make investments in state-of-the-art sensor technologies.
Leading Key Players:
- Continental AG
- ZF Friedrichshafen AG
- DENSO Corporation
- Mobileye
- Aptiv Plc
- Veoneer Inc.
- Autoliv Inc.
- Valeo SA
- Magna International
- Aisin Seiki Co., Ltd.
- Panasonic Corporation
- Texas Instruments Incorporated
- NVIDIA Corporation
- NXP Semiconductors N.V.
- Renesas Electronics Corporation
- Intel Corporation
- Hitachi, Ltd
- Harman International Industries, Inc.
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Recent Developments:
- Parker Meggitt’s iPRESS wireless tire pressure gauge for aviation, which offers an improved user experience and tire pressure status feature incorporated into an app for smartphones and tablets, was granted a Supplemental Type Certificate in October 2023.
- With the introduction of the XENSIV SP49 tire pressure-monitoring sensor in September 2023, Infineon Technologies AG combined its knowledge of automobiles with a proprietary glass-silicon-glass MEMS sensor. The sensor offers smart tire functions, including load recognition, tire blowout warning, tire inflation assistance, and on-tire auto-position sensing by integrating MEMS sensors with ASIC.
Tire Pressure Monitoring System Market Segmentation:
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
- Oceania
- Middle East and Africa
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