REPORT HIGHLIGHT
Tire Pressure Monitoring System (TPMS) Market size was valued at USD 5,500.8 Million in 2022, expanding at a CAGR of 9.1% from 2023 to 2030.
A Tire Pressure Monitoring device (TPMS) is a computerized device that measures the air pressure in pneumatic tires on various types of automobiles. The primary goal of the TPMS is to inform the driver when tire pressure is too low or too high, as incorrect tire pressure can result in poor fuel efficiency, reduced tire life, and even tire failure, all of which can jeopardize safety. TPMS sensors are classified into two categories. Direct sensors are small, wireless devices installed inside each tire that send pressure readings to the controls. Indirect sensors measure wheel spin and can only detect low tire pressure. Currently, regulation in Europe, the United States, and China requires that all vehicles be equipped with Tire Pressure Monitoring Systems (TPMS). A TPMS car tire pressure alarm sensor monitoring system can inform the driver when a tire's pressure levels are low, which can lead to unsafe or inefficient driving circumstances.
Tire Pressure Monitoring System (TPMS) Market - Market Dynamics:
- Increase demand for vehicle safety is expected to drive market growth
- The global increase in vehicle production, particularly in emerging economies, means that there are more vehicles on the road. This, in conjunction with safety requirements and consumer desire for safer vehicles, will certainly propel the TPMS market. Furthermore, the demand for TPMS is expected to rise as consumers become more aware of the benefits of maintaining optimum tire pressure, such as longer tire life, and a lower chance of accidents. A total of 27 countries - including Sweden, Canada, and the United Kingdom - saw the fuel economy of their fleets stagnate or worsen from 2015 to 2017. Safety is an important consideration in purchase decisions, and automobiles with sophisticated safety technologies such as TPMS may be more tempting. Moreover, Consumers are more inclined to prioritize vehicles with TPMS or upgrade their existing vehicles as they become more aware of the safety and economic benefits of regular tire pressure management. However, Advanced TPMS systems can be costly, which may hinder price-conscious consumers or manufacturers targeting the low-cost vehicle niche.
Tire Pressure Monitoring System (TPMS) Market - Key Insights:
- As per the analysis shared by our research analyst, the global Tire Pressure Monitoring System (TPMS) market is estimated to grow annually at a CAGR of around 9.1% over the forecast period (2023-2030)
- Based on Vehicle Type segmentation, Passenger Vehicle was predicted to show maximum market share in the year 2022
- Based on Technology segmentation, Direct TPMS was the leading type in 2022
- Based on Distribution channel segmentation, Aftermarket was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Tire Pressure Monitoring System (TPMS) Market- Segmentation Analysis:
- The Global Tire Pressure Monitoring System (TPMS) Market is segmented on the basis of Vehicle Type, Technology, Distribution, and Region.
- The market is divided into three categories based on Vehicle type: Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), and Passenger Vehicle. Passenger Vehicle segment dominates the market. A Tire Pressure Monitoring device (TPMS) is an advanced device that measures the air pressure within pneumatic tires on many types of automobiles. When it comes to passenger vehicles, the value of TPMS becomes clear in terms of safety, fuel efficiency, and tire longevity.
- The market is divided into two categories based on Technology: Direct TPMS and Indirect TPMS. The Direct TPMS sector dominates the market and is likely to maintain its dominance during the forecast period. One of the primary benefits of Direct TPMS is its precision. Unlike Indirect TPMS, which calculates tire pressure based on wheel speed and other factors, it provides precise tire pressure readings.
- The market is divided into two categories based on Distribution: OEM and Aftermarket. The aftermarket sector dominates the market growth. In the aftermarket, there are specific enterprises that specialize in TPMS solutions, as well as larger automobile parts suppliers that include TPMS in their product selection.
Tire Pressure Monitoring System (TPMS) Market - Geographical Insights:
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Asia Pacific is expected to dominate the growth Tire Pressure Monitoring System (TPMS) market, due to the Increasing Adoption of TPMS in Vehicles. While the APAC area has a sizable market for affordable vehicles, the mid-tier and premium categories are seeing significant growth. These vehicles are more likely to have features such as TPMS. The growing number of vehicles on the road in several APAC countries has raised awareness of the need for road safety. As a result, technologies such as TPMS, which improve vehicle safety and minimize the likelihood of accidents caused by tire failure, are becoming more popular. The Ministry of Transport predicted that China's Number of Registered Vehicles was reported at 319,030,000 Units in Dec 2022. This records an increase from the previous number of 294,185,906 Units for Dec 2021. Europe is projected to drive growth opportunities for the market in the forecast period, due to the Integration of an automatic tire inflation system with telematics.
Tire Pressure Monitoring System (TPMS) Market- Competitive Landscape:
The tire pressure monitoring system (TPMS) market is significant within the automotive industry because of its importance for vehicle performance and safety. As regulatory organizations throughout the world keep emphasizing the importance of TPMS, competition in this field has been fiercer. The TPMS market is dominated by a few large corporations, each of which brings its technological strength, emphasis on research and development, and distribution channels. For example, Schrader Announces Increased Vehicle Coverage for the EZ-sensor Family of Products. Schrader is the largest original equipment (OE) TPMS supplier, equipping over 50% of vehicles globally. Market leaders are able to consistently innovate, uphold dependability, and overcome difficult regulatory and industry-specific difficulties.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL TIRE PRESSURE MONITORING SYSTEM (TPMS) MARKET KEY PLAYERS
- Schrader(Sensata)
- Continental
- ZF
- Pacific Industria
- Huf, Baolong Automotive
- Bendix
- Denso
- NIRA Dynamics
- CUB Elecparts
- Steelmate
- DIAS
- Orange Electronic
- Shenzhen Autotech
- ACDelco
- Nanjing Top Sun
GLOBAL TIRE PRESSURE MONITORING SYSTEM (TPMS) MARKET, BY VEHICLE TYPE
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
- Passenger Vehicle
GLOBAL TIRE PRESSURE MONITORING SYSTEM (TPMS) MARKET, BY TECHNOLOGY
- Direct TPMS
- Indirect TPMS
GLOBAL TIRE PRESSURE MONITORING SYSTEM (TPMS) MARKET, BY DISTRIBUTION
GLOBAL TIRE PRESSURE MONITORING SYSTEM (TPMS) MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA