Tire Pressure Monitoring System Market - Industry Analysis, Market - Forecast(2024 - 2030)

Tire Pressure Monitoring System Market Overview

Tire Pressure Monitoring System Market is anticipated to reach $14.3 billion by 2030 with a CAGR of 9.8% in the forecast period 2024-2030. The Tire-Pressure Monitoring (TPM) market has experienced significant growth in recent years, driven by increasing emphasis on vehicle safety, government regulations mandating the use of TPM systems, and advancements in automotive technology.    

Major trends in the TPM market include the growing adoption of wireless and sensor-based monitoring systems, which offer real-time data on tire pressure and temperature. These systems provide drivers with instant alerts in case of underinflated or overinflated tires, helping to prevent accidents and improve fuel efficiency.

Another key trend is the integration of TPM systems into advanced driver-assistance systems (ADAS) and connected car platforms. This allows for more seamless monitoring and control of tire pressure across a fleet of vehicles, enabling proactive maintenance and reducing downtime. Additionally, there is a rising demand for aftermarket TPM solutions, as vehicle owners seek to retrofit older vehicles with monitoring capabilities. This presents opportunities for aftermarket suppliers and service providers to cater to this growing market segment. Overall, the TPM market is expected to continue its growth trajectory, driven by technological advancements, regulatory mandates, and increasing awareness of the importance of tire safety among consumers and fleet operators.

Market Snapshot :-

Tire Pressure Monitoring System Market Report Coverage

The report: “Tire Pressure Monitoring System Market Forecast (2024-2030)”, by Industry ARC, covers an in-depth analysis of the following segments of the Tire Pressure Monitoring System Market.
By Type: Direct TPMS, Indirect TPMS.
By Vehicle Type: PC, LCV, and HCV.
By Sales Channel: OEM, After Market.
By Geography: North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina and Rest of South America), and Rest of the World (Middle East and Africa).

Key Takeaways

• North America dominated the Tire Pressure Monitoring System Market size with more than 38%. This is largely attributed to key automotive manufacturing hubs, rising vehicle production, strict safety regulations, increased consumer awareness, and demand for advanced automotive technologies, particularly in U.S.
• The integration of tire-pressure monitoring systems (TPMS) as a crucial component of ADAS is increasing, driven by the growing demand for vehicle safety features.

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By Type- Segment Analysis

Direct TPMS holds the majority market share in the Tire Pressure Monitoring System Market. Direct TPMS systems utilize sensors mounted on each tire's valve stem to measure tire pressure and transmit real-time data to the vehicle's onboard computer. This segment's dominance is attributed to its accurate and reliable tire pressure monitoring capabilities, which help enhance vehicle safety and fuel efficiency. Additionally, advancements in direct TPMS technology, such as integration with advanced driver-assistance systems (ADAS), further drive its market share growth by offering comprehensive vehicle safety features.

By Vehicle Type - Segment Analysis

In the segmentation of the Tire Pressure Monitoring System Market by vehicle type, the Passenger Car (PC) segment holds the majority market share. This dominance is attributed to the widespread adoption of tire-pressure monitoring systems in passenger vehicles, driven by increasing concerns about road safety and regulatory mandates mandating the installation of such systems in new passenger vehicles. With a growing focus on vehicle safety features and the rising demand for advanced driver-assistance systems (ADAS), the passenger car segment is expected to continue leading the market in the foreseeable future.

By Geography - Segment Analysis

In 2023, North America dominated the Tire Pressure Monitoring System Market share with more than 38%. This dominance is driven by factors such as the presence of key automotive manufacturing hubs, increasing vehicle production, and stringent safety regulations mandating the installation of tire-pressure monitoring systems. Additionally, rising consumer awareness regarding vehicle safety and the adoption of advanced automotive technologies further contribute to the growth of the APAC market. With countries like U.S leading the demand for automotive safety features, the North America region is expected to maintain its market leadership in the tire-pressure monitoring industry.

Drivers – Tire Pressure Monitoring System Market

• Regulatory Mandates and Safety Standards

Regulatory mandates and safety standards play a pivotal role in driving the growth of the Tire-Pressure Monitoring (TPMS) Market. Across the globe, governmental bodies have enforced stringent regulations requiring the installation of TPMS in all new vehicles. These mandates aim to bolster road safety by ensuring that vehicles maintain optimal tire pressure levels, thereby reducing the risk of accidents due to underinflated tires. As automotive manufacturers strive to comply with these regulations, the demand for TPMS systems in both passenger and commercial vehicles continues to surge. This trend creates significant opportunities for TPMS manufacturers and suppliers to capitalize on the growing market demand. Moreover, as governments persist in prioritizing vehicle safety measures, the TPMS market is poised for further expansion, driven by the increasing need for compliance and enhanced road safety standards.

• Increasing Vehicle Production and Sales

The expansion of the automotive industry, alongside escalating vehicle sales worldwide, serves as a pivotal catalyst for driving the Tire-Pressure Monitoring System (TPMS) market. Vehicle manufacturers are compelled to incorporate TPMS into their products to stand out in the competitive market landscape and adhere to stringent safety standards. This integration is prevalent across diverse vehicle segments, reflecting the industry's commitment to enhancing road safety. Furthermore, the surging demand for advanced driver-assistance systems (ADAS) amplifies the adoption of TPMS, as it plays a crucial role in ensuring vehicle safety and preventing accidents. As a result, TPMS has evolved into an indispensable component of contemporary vehicle safety technology, positioning itself as a fundamental feature in modern vehicles worldwide. This trend is expected to persist and drive further growth in the TPMS market as automotive production and sales continue to rise globally.

Challenges –Tire Pressure Monitoring System Market

Complexity of Integration

One significant challenge facing the Tire Pressure Monitoring System Market is the complexity of integrating TPMS into existing vehicle systems. Retrofitting older vehicles with TPMS or integrating it into new vehicle designs requires coordination between manufacturers, suppliers, and automotive engineers. This process involves ensuring compatibility with various vehicle models, electronic architectures, and sensor technologies, which can be time-consuming and costly. Additionally, the incorporation of TPMS into vehicles with different powertrain configurations and sensor placements poses technical challenges. Overcoming these integration complexities requires robust engineering solutions, close collaboration across the automotive supply chain, and adherence to strict regulatory standards, all of which contribute to the overall challenges faced by the TPMS industry.

Market Landscape

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Tire Pressure Monitoring System Market. In 2023, the market of Tire Pressure Monitoring System Market has been fragmented by several companies vying for top share. Tire-Pressure Monitoring top 10 companies include 

1. ZF Friedrichshafen AG
2. Continental AG
3. Sensata Technologies, Inc.
4. Denso Corporation
5. Pacific Industrial Co., Ltd.
6. NXP Semiconductors
7. WABCO
8. NIRA Dynamics AB
9. Bendix Commercial Vehicles Systems LLC
10. DUNLOP TECH GmbH

Acquisitions/Technology Launches

• In March 2022, Sensata Technologies and Nira Dynamics collaborate to develop a robust tire tread depth monitoring (TDM) solution. This partnership aims to enhance vehicle safety, efficiency, and uptime by providing accurate tread wear estimation. The TDM solution alerts vehicle OEMs, drivers, and fleets promptly, contributing to the Tire Pressure Monitoring System Market's advancement.
• In May 2022, Continental introduced ContiPressureCheck, an innovative tire monitoring system for CombineMaster and CombineMaster VF tires, aimed at monitoring tire pressure and temperature. This advancement caters to the growing demand for comprehensive tire monitoring solutions, enhancing safety and efficiency in the Tire Pressure Monitoring System Market.

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