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 system (TPMS) market is experiencing robust growth, driven by increasing safety regulations and consumer awareness about the importance of maintaining optimal tire pressure. TPMS is designed to monitor the air pressure inside pneumatic tires and provide real-time information to the driver, ensuring safer driving conditions and preventing potential accidents caused by under-inflated or over-inflated tires. The adoption of TPMS is being fueled by government mandates in many regions, such as the United States and Europe, which require all new vehicles to be equipped with these systems to enhance road safety.
Technological advancements are playing a significant role in the evolution of the TPMS market. Modern TPMS can be broadly categorized into two types: direct TPMS and indirect TPMS. 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, the integration of TPMS with other vehicle systems, such as advanced driver-assistance systems (ADAS) and vehicle telematics, is enhancing the overall driving experience by providing comprehensive vehicle health monitoring.
The market is also being driven by the increasing focus on fuel efficiency and tire longevity. Properly inflated tires reduce rolling resistance, which can significantly improve fuel efficiency and reduce 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 that are compatible with the latest automotive technologies. As the automotive industry continues to prioritize safety and efficiency, the TPMS market is poised 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.
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 Segments:
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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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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