The tire pressure monitoring system (TPMS) market is projected to grow at a CAGR of 6.2% through 2034, with its valuation increasing from USD 3.47 billion in 2024 to USD 6.34 billion by 2034.
This robust growth is driven by increasing safety regulations and heightened consumer awareness about the importance of maintaining optimal tire pressure. TPMS ensures safer driving conditions by monitoring the air pressure inside pneumatic tires and providing real-time information to the driver, thereby preventing potential accidents caused by under-inflated or over-inflated tires. Government mandates in regions such as the United States and Europe, requiring all new vehicles to be equipped with TPMS, are further propelling market adoption.
Technological advancements significantly influence the evolution of the TPMS market. TPMS can be categorized into direct and indirect types. Direct TPMS uses sensors within each tire to provide precise pressure readings, while indirect TPMS estimates pressure based on wheel speed and other vehicle parameters. Innovations in sensor technology are making TPMS more accurate, reliable, and cost-effective. Additionally, integrating TPMS with other vehicle systems, such as advanced driver-assistance systems (ADAS) and vehicle telematics, enhances the overall driving experience by offering comprehensive vehicle health monitoring.
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The market’s growth is also fueled by the increasing focus on fuel efficiency and tire longevity. Properly inflated tires reduce rolling resistance, significantly improving fuel efficiency and reducing CO2 emissions. For fleet operators and commercial vehicles, TPMS offers substantial cost savings by minimizing tire wear and preventing costly downtimes due to tire failures. Moreover, the rise of electric vehicles (EVs) and smart vehicles is creating new opportunities for TPMS manufacturers to develop advanced systems compatible with the latest automotive technologies. As the automotive industry continues to prioritize safety and efficiency, the TPMS market is set for sustained growth and innovation.
Key Takeaways from the Tire Pressure Monitoring System Market
- The United States tire pressure monitoring system industry is projected to experience a CAGR of 6.1% through 2034.
- Japan’s tire pressure monitoring system (TPMS) market is expected to demonstrate a CAGR of 12.9% through 2034.
- The United Kingdom’s TPMS industry is anticipated to witness a CAGR of 5.1% through 2034.
- The Indian tire pressure monitoring system industry is expected to showcase a significant CAGR of 12.8% through 2034.
- The Chinese TPMS market is expected to display a CAGR of 13.1% through 2034.
Competitive Landscape of the Tire Pressure Monitoring System Market
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.
Key Companies in the Tire Pressure Monitoring System Market
- Continental AG
- ZF Friedrichshafen AG
- DENSO Corporation
- Mobileye
- Aptiv Plc
- Veoneer Inc.
- Autoliv Inc.
- Valeo SA
- Magna International
- Aisin Seiki Co., Ltd.
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Recent Developments in the Tire Pressure Monitoring System Market
- 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.
Key Segmentations
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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