Over the forecast period of 2022 to 2032, the tire pressure monitoring system market size is expected to grow at a CAGR of 10.3% to reach a value of US$ 7.7 Billion by 2032.
Market Overview:
The TPMS Market is driven by increasing awareness of tire safety, regulatory mandates, and technological advancements in automotive safety systems.
TPMS solutions are installed in vehicles to monitor tire pressure and temperature in real-time, alerting drivers to potential issues through dashboard displays, warning lights, or audio alerts.
The market includes both direct TPMS, which use pressure sensors inside the tires, and indirect TPMS, which utilize wheel speed sensors to estimate tire pressure based on wheel rotation.
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Key Players:
TPMS Manufacturers: Leading players in the TPMS market include companies like Continental AG, Denso Corporation, Schrader Electronics, Sensata Technologies, ZF Friedrichshafen AG, NIRA Dynamics AB, and Pacific Industrial Co. Ltd.
Automotive OEMs: Vehicle manufacturers integrate TPMS solutions into their vehicles as standard or optional features to comply with regulatory requirements and enhance vehicle safety.
Aftermarket Suppliers: Aftermarket suppliers offer TPMS kits and solutions for retrofitting older vehicles or replacing malfunctioning TPMS components, catering to vehicle owners seeking to improve safety and compliance.
Market Drivers:
Regulatory Mandates: Government regulations mandating the installation of TPMS in vehicles to improve road safety and reduce accidents are a significant driver of market growth. Regulations such as FMVSS 138 in the United States and ECE R64 in Europe have spurred widespread adoption.
Safety Awareness: Increasing awareness among consumers and fleet operators about the importance of tire safety, fuel efficiency, and environmental impact drives demand for TPMS solutions that help maintain proper tire pressure and reduce the risk of blowouts and accidents.
Fuel Efficiency and Environmental Concerns: Properly inflated tires contribute to improved fuel efficiency and reduced greenhouse gas emissions. TPMS helps drivers maintain optimal tire pressure, enhancing vehicle fuel economy and reducing environmental impact.
Vehicle Automation and Connectivity: Integration of TPMS with vehicle telematics systems, connected car platforms, and autonomous driving technologies enables data sharing, remote monitoring, and predictive maintenance, enhancing vehicle safety and performance.
Market Challenges:
Cost Constraints: Cost considerations, particularly for aftermarket TPMS solutions, may pose a challenge for vehicle owners or fleet operators looking to retrofit older vehicles or replace faulty TPMS components.
Technology Integration: Integrating TPMS with other vehicle systems, such as ABS, ESC, and vehicle diagnostics, requires coordination between automotive OEMs, TPMS suppliers, and software developers to ensure seamless operation and compatibility.
Sensor Reliability: Ensuring the reliability, accuracy, and durability of TPMS sensors, especially in harsh environmental conditions or high-speed driving situations, is critical to maintaining driver confidence and system effectiveness.
Data Privacy and Cybersecurity: Protecting TPMS data, sensor communications, and vehicle networks from unauthorized access, data breaches, and cyber threats requires robust encryption, authentication, and security measures to safeguard driver privacy and vehicle integrity.
Market Trends:
Smart TPMS Solutions: Integration of advanced sensor technologies, wireless connectivity, and cloud-based analytics enables smart TPMS solutions capable of real-time monitoring, predictive maintenance, and data-driven insights for vehicle owners and fleet operators.
Integration with ADAS: Collaboration between TPMS suppliers and ADAS providers enables integration of tire pressure data with advanced driver assistance systems, enabling predictive tire maintenance, adaptive cruise control, and collision avoidance features.
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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.
- Total sales in the U.S. market will reach a valuation of US$ 0.3 Bn in 2022.
- 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.
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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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