The tire pressure monitoring system (TPMS) market is expected to grow at a CAGR of 10.3% to reach a value of US$ 7.7 Billion by 2032.
The tire pressure monitoring system (TPMS) market is experiencing significant growth driven by increasing vehicle safety regulations, growing awareness about tire maintenance, and advancements in automotive technology. TPMS is an essential safety feature that monitors the air pressure in tires and alerts drivers to low tire pressure, helping prevent accidents, improve fuel efficiency, and prolong tire life. As automotive manufacturers integrate TPMS into new vehicles and aftermarket demand for TPMS retrofit kits grows, the TPMS market continues to expand, propelled by several key factors.
Key Drivers Fueling Growth in the Tire Pressure Monitoring System Market:
- Vehicle Safety Regulations: Stringent safety regulations mandating the inclusion of TPMS in new vehicles drive the adoption of TPMS technology across global automotive markets. Regulatory bodies such as the National Highway Traffic Safety Administration (NHTSA) in the United States and the European Union (EU) require TPMS to enhance vehicle safety, reduce the risk of tire-related accidents, and improve driver awareness of tire pressure issues, creating a favorable regulatory environment for TPMS adoption.
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- Emphasis on Fuel Efficiency and Emissions Reduction: Increasing focus on fuel efficiency and environmental sustainability encourages vehicle manufacturers to integrate TPMS as a standard feature in new vehicles. Properly inflated tires contribute to better fuel economy and reduced carbon emissions by minimizing rolling resistance and improving vehicle performance. TPMS helps drivers maintain optimal tire pressure levels, resulting in fuel savings, lower emissions, and reduced environmental impact over the vehicle’s lifespan.
- Growing Awareness of Tire Safety and Maintenance: Rising awareness among consumers about the importance of tire safety and maintenance drives demand for TPMS technology in both passenger and commercial vehicles. TPMS alerts drivers to underinflated or overinflated tires, reducing the risk of tire blowouts, tread wear, and handling issues caused by improper tire pressure. As drivers become more proactive about tire maintenance, the demand for TPMS-equipped vehicles and aftermarket TPMS solutions increases.
- Advancements in Sensor Technology: Ongoing advancements in sensor technology, including pressure sensors, temperature sensors, and wireless communication systems, enhance the performance, reliability, and accuracy of TPMS solutions. Advanced TPMS sensors offer improved sensitivity, faster response times, and greater durability, ensuring accurate tire pressure monitoring in diverse driving conditions and environments. Technological innovations drive the development of TPMS solutions with enhanced features such as individual tire pressure monitoring, predictive maintenance, and remote monitoring capabilities.
- Retrofit and Aftermarket Demand: Growing aftermarket demand for TPMS retrofit kits and replacement sensors presents opportunities for TPMS manufacturers and aftermarket suppliers. Vehicle owners retrofit older vehicles with TPMS systems to enhance safety, compliance, and performance, especially in regions where TPMS regulations are mandated or encouraged. Aftermarket TPMS solutions cater to a diverse range of vehicles, including passenger cars, light trucks, commercial vehicles, and recreational vehicles, providing retrofit options for vehicles without factory-installed TPMS.
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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.
- 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
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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