The global for Tire Pressure Monitoring Systems (TPMS) market in the automotive sector reached a valuation of USD 6.42 billion in 2022 and is projected to achieve a substantial growth, reaching USD 11.8 billion by 2032. This growth is underpinned by a robust compound annual growth rate (CAGR) of 8% throughout the forecast period. The primary catalysts for this upward trajectory in market revenue are the increasing demand for safety features in vehicles and growing concerns surrounding traffic safety.
TPMS holds a critical role in ensuring road safety, as it helps avert issues associated with underinflated tires, such as reduced fuel efficiency, accelerated tire wear, and the potential for accidents. Regulatory mandates mandating the inclusion of TPMS in vehicles to reduce carbon emissions further fuel the adoption of these systems within the automotive industry.
Additionally, the escalating adoption of Electric Vehicles (EVs) is a pivotal driver in boosting market revenue. EVs rely heavily on tire pressure for their operational efficiency and driving range. TPMS systems prove invaluable in this context, as they provide real-time tire pressure data, allowing EV drivers to optimize their vehicle's performance and extend its range.
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Competitive Landscape:
- Continental AG
- Robert Bosch GmbH
- Denso Corporation
- Huf Hülsbeck Fürst GmbH Co. KG
- Sensata Technologies Holding N.V.
- Pacific Industrial Co., Ltd.
- ZF Friedrichshafen AG
- NXP Semiconductors N.V.
- WABCO Holdings Inc.
- Schrader International, Inc.
Key Trends of TPMS Automotive Market
- Mandatory Regulations: Many countries had already implemented or were in the process of mandating TPMS in all new vehicles. This trend was driven by safety concerns and fuel efficiency goals. The United States and the European Union were among the regions that had introduced regulations requiring TPMS in vehicles.
- Advanced TPMS Technology: The TPMS technology was becoming more advanced with the integration of direct and indirect systems. Direct TPMS involves sensors on each tire, providing more accurate data, while indirect systems use the ABS (Anti-lock Braking System) to monitor tire pressure. Advanced TPMS could provide real-time data on tire pressure and temperature.
- Integration with Other Vehicle Systems: TPMS systems were increasingly integrated with other vehicle safety and communication systems. This could include sharing tire data with the vehicle's onboard computer to improve stability control and integrate with advanced driver assistance systems (ADAS).
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Further market segmentation
Product Type Outlook:
- Indirect Tire Pressure Monitoring System (TPMS)
- Direct Tire Pressure Monitoring System (TPMS)
Vehicle Type Outlook:
- Passenger Cars
- Commercial Vehicles
Technology Type Outlook:
- Radio Frequency (RF)
- Light Detection and Ranging (LiDAR)
- Other Technologies
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