The Tire Pressure Monitoring System Market is projected to grow at a CAGR of 6.2% through 2034. It is expected to increase from USD 3.47 billion in 2024 to USD 6.34 billion by 2034.
The rising emphasis on prolonging tire service life and the growing need for vehicle safety are the two factors driving the growth of the TPMS industry. The demand for tire pressure monitoring systems is anticipated to increase as traction control systems become more commonplace in automobiles.
| Attributes | Details |
|---|---|
| Tire Pressure Monitoring System Market Value for 2024 | USD 3.47 billion |
| Projected Market Value for 2034 | USD 6.34 billion |
| CAGR (2024 to 2034) | 6.2% |
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The automotive tire pressure monitoring system (TPMS) market encompasses industries manufacturing, selling, and implementing tire pressure monitoring systems, which are crucial for modern automobiles to ensure proper tire inflation and reduce accidents.
The tire pressure monitoring system market has grown significantly in recent years, driven by government regulations in developed countries to improve road safety and fuel efficiency and reduce CO2 emissions, particularly in vehicles.
The tire pressure monitoring system market is expected to experience a significant increase due to the growing use of sensor technologies in passenger vehicles, driven by the need for improved road safety, fuel efficiency, and reduced tire wear, attracting both manufacturers and consumers.
Low air pressure in tires negatively affects tire life, safety, and performance, while properly inflated tires reduce accidents caused by poor tire conditions, leading to an anticipated rise in tire pressure monitoring systems demand.
The development of real-time monitoring, predictive maintenance, and wireless connection has increased safety, fuel efficiency, and less tire wear and tear, increasing demand for tire pressure monitoring systems globally.
The tire pressure monitoring system industry has experienced a positive trend over the past five years, with a historical CAGR of 3.1%. The global TPMS market is projected to develop at a moderate CAGR of 6.2% until 2034.
| Historical CAGR | 3.1% |
|---|
The high initial prices of monitoring systems, lack of knowledge among manufacturers and customers, and regional variations in legislation are likely to restrict the tire pressure monitoring system (TPMS) market.
Crucial factors that are anticipated to influence the demand for tire pressure monitoring system through 2034.
Opportunities exist in emerging economies with a growing demand for TPMS systems due to the growing automotive sector and increased awareness of road safety regulations.
Provide bespoke tire pressure monitoring system options suited to certain car models, markets, or clientele requirements to help competitors stand out in a highly competitive sector.
Collaboration to incorporate tire pressure monitoring systems into future automobiles and take advantage of current distribution networks to grow the market with the help of automakers, telematics firms, and technology suppliers.
To meet the increasing need to update antiquated TPMS systems and retrofit older cars, businesses offer aftermarket services, including TPMS installation, maintenance, and repair.
Industry participants are going to desire to be wise and flexible over the anticipated period since these difficult attributes position the industry for success in subsequent decades.
Principal Consultant
Rise of Electric and Autonomous Vehicles Skyrockets Demand for TPMS
The increasing popularity of electric vehicles (EVs) and autonomous vehicles (AVs) has led to a surge in demand for Tire Pressure Monitoring System (TPMS) solutions. EVs require real-time tire pressure monitoring to ensure correctly inflated tires, essential for enhancing energy efficiency and driving range.
AVs require accurate sensor data for safe operation, and tire pressure monitoring systems (TPMS) are crucial. These systems integrate with inputs like speed, acceleration, and road conditions for informed decisions.
They also offer predictive maintenance algorithms and real-time alerts to address tire issues, with the demand for these systems expected to grow in various industries.
The tire pressure monitoring system solutions are usually integrated with other vehicle systems, which enhances energy management and performance.
The growing adoption of EVs and AVs drives innovation in tire pressure monitoring system technology, focusing on energy efficiency, safety, and advanced sensor integration and developing high demand for tire pressure monitoring systems in manufacturing electric and autonomous vehicles in the forthcoming decade.
Advance Smartphone Integration Drives the Tire Pressure Monitoring System Demand
Integrating tire pressure monitoring systems (TPMS) with vehicle dashboards and smartphone apps provides drivers convenience and safety. By providing real-time updates on tire pressure and temperature, TPMS systems enable drivers to identify issues quickly and take necessary actions, thus preventing accidents or damage.
Therefore, there is a high demand for a tire pressure monitoring system with smartphone connectivity.
TPMS systems can alert drivers when tire pressure drops below or exceeds recommended levels, which helps prevent accidents or damages; the users have the ability to monitor the tire pressure on their smartphones, which propels the demand for TPMS solutions.
The tire pressure monitoring system uses TPMS data to provide reminders for routine tire maintenance tasks, ensuring proactive maintenance and tire longevity. Remote access allows drivers to check tire status and receive alerts, enhancing safety and reducing accident risk, thus increasing demand for this system.
The data integration in the global tire pressure monitoring system market increases driver awareness and enables proactive maintenance, resulting in safer and more efficient driving experiences; developing the tire pressure monitoring system in the smartphone propels the demand for TPMS.
Advancements in Sensor Technology Demands for the Reliable TPMS Solutions
The tire pressure monitoring system (TPMS) market is undergoing significant advancements due to developing sensors with enhanced accuracy, reliability, and durability. The automobile sensors provide precise tire pressure and temperature measurements, enabling drivers to monitor tire conditions more effectively. The accuracy reduces the risk of underinflation or overinflation-related issues.
Driver trust is increased because of the enhanced sensor dependability, which guarantees a reliable data supply without frequent failures.
These sensors' increased resilience allows them to endure challenging environmental circumstances while maintaining operational dependability. Monitoring tire temperature and pressure in real-time is feasible, allowing drivers to spot abnormalities and implement remedial measures.
Because of these sensors' longer lifespan, there is less need for regular replacements or repairs, which lowers maintenance costs and ensures dependable and continuous tire monitoring. The development of advanced automobile sensors drives a high demand for tire pressure monitoring systems.
A comprehensive analysis of certain tire pressure monitoring system market segments is provided in this section. The original equipment manufacturer (OEM) as the sales channel segment and the pressure sensor segment are the two primary subjects of the study.
This section aims to give readers a deeper understanding of these segments and their significance within the TPMS solutions business through a thorough analysis.
| Attributes | Details |
|---|---|
| Top Technology | Pressure Sensor |
| Market share in 2024 | 71.7% |
Pressure sensor technology is expected to dominate the tire pressure monitoring system market, accounting for over 71.7% of the market share in 2024; the following drives displays the growth of the demand for pressure sensors for the TPMS solutions:
| Attributes | Details |
|---|---|
| Top Sales Channel | Original Equipment Manufacturer (OEM) |
| Market share in 2024 | 97.2% |
In 2024, the original equipment manufacturers boosted the demand for tire pressure monitoring systems, acquiring a predominant market share of 97.2%. The development of OEM sales channels from the following drivers:
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This section is highlights the growth rates of the tire pressure monitoring system market in the United States, China, Japan, India, and the United Kingdom, which are some of the most powerful countries in the global arena. Conduct a thorough analysis to examine the many factors impacting these countries' need for, acceptance of, and interactions with TPMS systems.
| Countries | CAGR from 2024 to 2034 |
|---|---|
| United States | 6.1% |
| United Kingdom | 5.1% |
| China | 13.1% |
| Japan | 12.9% |
| India | 12.8% |
The demand for tire pressure monitoring systems in the United States is expected to develop at a CAGR of 6.1%. The following factors are propelling the automobile industry's expanding demand for TPMS solutions:
The United Kingdom's automobile industry is developing the demand for TPMS solutions at a CAGR of 5.1% from 2024 to 2034. Here are a few of the major trends:
The vehicle manufacturing industry in China demands technological advancements in the tire pressure monitoring system, and the demand is predicted to extend at a CAGR of 13.1% between 2024 and 2034. Some of the primary trends in the industry are:
The tire pressure monitoring system market in Japan is expected to register a CAGR of 12.9% by 2034. Among the primary drivers are:
The demand for tire pressure monitoring systems in India is expected to register a CAGR of 12.8% from 2024 to 2034. Some of the primary trends are:
This section is highlights the growth rates of the tire pressure monitoring system market in the United States, China, Japan, India, and the United Kingdom, which are some of the most powerful countries in the global arena.
Conduct a thorough analysis to examine the many factors impacting these countries' need for, acceptance of, and interactions with TPMS systems.
In the automotive industry, the demand for high accuracy and durability has led automakers to prefer products from major TPMS manufacturers. These key players have actively invested in research and development to integrate tire pressure monitoring systems with other safety-related solutions.
This has resulted in the emergence of advanced driver assistance systems based on TPMS, thus improving automotive safety.
The tire pressure monitoring system market is witnessing significant growth with multiple big, medium, and small-scale TPMS developers, vehicle manufacturers, and service providers.
These established and emerging manufacturers are generating new sources of revenue by developing long-term relationships with original equipment manufacturers (OEMs) and advanced driver assistance systems (ADAS) TPMS manufacturers in target regions such as India and Europe.
Leading players in the TPMS market are also investing in cutting-edge sensor technologies to manufacture high-quality and multipurpose TPMS in the future. By doing so, the market players are poised to maintain their market dominance and meet the evolving demands of the automotive industry.
Recent Developments in the Tire Pressure Monitoring System Industry
| Countries | CAGR from 2024 to 2034 |
|---|---|
| United States | 6.1% |
| United Kingdom | 5.1% |
| China | 13.1% |
| Japan | 12.9% |
| India | 12.8% |
The demand for tire pressure monitoring systems in the United States is expected to develop at a CAGR of 6.1%. The following factors are propelling the automobile industry's expanding demand for TPMS solutions:
The United Kingdom's automobile industry is developing the demand for TPMS solutions at a CAGR of 5.1% from 2024 to 2034. Here are a few of the major trends:
The vehicle manufacturing industry in China demands technological advancements in the tire pressure monitoring system, and the demand is predicted to extend at a CAGR of 13.1% between 2024 and 2034. Some of the primary trends in the industry are:
The tire pressure monitoring system market in Japan is expected to register a CAGR of 12.9% by 2034. Among the primary drivers are:
The demand for tire pressure monitoring systems in India is expected to register a CAGR of 12.8% from 2024 to 2034. Some of the primary trends are:
The tire pressure monitoring system market was valued at USD 3.47 billion in 2024.
By 2034, the tire pressure monitoring system market is expected to be valued at USD 6.34 billion.
Continental AG, ZF Friedrichshafen AG, DENSO Corporation and others are some of the prominent players in the market.
The market is anticipated to expand at a CAGR of 6.2% from 2024 to 2034.
The demand for pressure sensors is high in the market, accounting for share of 71.7%.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Technology 5.1 Ultrasonic Sensor 5.2 Lidar Sensor 5.3 Radar Sensor 5.4 Camera Sensor 5.5 Infrared Sensor 5.6 Pressure Sensor 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Sales Channel 6.1 Original Equipment Manufacturer (OEM) 6.2 Aftermarket 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Vehicle Type 7.1 Passenger Vehicle 7.2 Heavy Commercial Vehicle 7.3 Light Commercial Vehicle 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 8.1 North America 8.2 Latin America 8.3 Western Europe 8.4 Eastern Europe 8.5 South Asia and Pacific 8.6 East Asia 8.7 Middle East and Africa 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1 Continental AG 18.2 ZF Friedrichshafen AG 18.3 Renesas Electronics Corporation 18.4 Veoneer Inc. 18.5 Autoliv Inc 18.6 Valeo SA 18.7 Magna International 18.8 Aisin Seiki Co., Ltd 18.9 Panasonic Corporation 18.10 Texas Instruments Incorporated 19. Assumptions & Acronyms Used 20. Research Methodology
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Tire Pressure Monitoring System Market
