PUBLISHER: Market Research Future | PRODUCT CODE: 1503279
PUBLISHER: Market Research Future | PRODUCT CODE: 1503279
Tire Pressure Monitoring System Market Research Report Data Analysis by Technology (Direct TPMS and Indirect TPMS), by Vehicle Type (Passenger Cars, Light Commercial Vehicle, And Heavy Commercial Vehicle), by Sales Channel (OEM and Aftermarket), and By Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) -Industry Forecast Till 2030
In 2023, the market size of tire pressure monitoring systems was estimated to be USD 6.9 million. The Tire Pressure Monitoring System Market industry is anticipated to grow at a compound annual growth rate (CAGR) of 8.1% over the forecast period. The Tire Pressure Monitoring System Market is experiencing consistent growth because of the increasing adoption of tire pressure monitoring systems (TPMS) in modern vehicles worldwide and the advancement of technology within the automotive industry. Additionally, the market is anticipated to be driven by the increasing demand for vehicle safety during the forecast year.
An increase in the global sales of luxury vehicles is attributed to their superior safety features and comfort levels. Additionally, the TPMS market is experiencing an increase in demand due to the growing popularity of luxury electric vehicles. The demand for premium vehicles worldwide has been increasing due to the transition in consumer preference from SUVs to sedans, the expansion of vehicle features, and the increase in disposable incomes. The premium car market is presented with opportunities due to the high level of safety features it offers.
Furthermore, the increase in the popularity of electric luxury vehicles worldwide is significantly stimulating the TPMS market. Additionally, the market is being stimulated by factors that are creating an opportunity, as well as the increasing awareness of the benefits of luxury cars among millennials. The market for TPMS is being contributed to by the increasing demand for electric vehicles. For instance, Hyundai will introduce three Genesis luxury electric vehicles in the European market in May 2022, and numerous luxury car manufacturers have implemented TPMS. The premium Genesis SUVs GV80 and G80 from the automakers. Consequently, the increase in the sales of premium vehicles is generating an opportunity for tire pressure monitoring systems.
Market segment insights
The Tire Pressure Monitoring System Market is divided into direct TPMS and indirect TPMS based on technology.
Passenger automobiles, light commercial vehicles, and heavy commercial vehicles comprise the global tire pressure monitoring system, which is organized according to vehicle type.
The global tire pressure monitoring system is categorized into OEM and Aftermarket based on the sales channel.
Regional Perspectives
Germany, the United Kingdom, France, Italy, Spain, and the rest of Europe are at the forefront of technological innovation in the Tire Pressure Monitoring System Market. Governments and automotive manufacturers are implementing increasingly stringent safety regulations, which is driving the growth of the European TPMS market. A tire pressure monitoring system (TPMS) is an electronic device that notifies drivers when tire pressure decreases below a predetermined threshold, thereby reducing the likelihood of accidents. The European Union has mandated the installation of TPMS in all new vehicles, resulting in a rise in the number of TPMS installations in passenger vehicles, which account for a substantial portion of the European automotive market.
In the years ahead, the North American market for tire pressure monitoring systems (TPMS) is expected to expand at a moderate pace, driven by a variety of factors. These include the growing number of connected cars, government regulations that require the use of TPMS in vehicles, and increased safety concerns. TPMS adoption is anticipated to be further influenced by the trend of connected automobiles, as these systems can be connected to the internet and integrated with other vehicle sensors to facilitate real-time monitoring. Additionally, the country's adoption of TPMS is anticipated to be influenced by the increasing prevalence of connected vehicles and the escalating safety concerns.
Several key trends are anticipated to impact the Asia Pacific TPMS market in the coming years, including the increasing demand for passenger cars and light commercial vehicles in the region, the growing awareness of the benefits of TPMS among drivers and fleet owners, and the development of wireless TPMS systems. Additionally, government regulations mandating the installation of TPMS in new vehicles are expected to increase. The presence of established automotive industries and high levels of consumer awareness about vehicle safety are also anticipated to make Japan and South Korea significant markets.
NXP Semiconductors, The Goodyear Tire & Rubber Company, Robert Bosch GmbH, Schrader International, ZF Friedrichshafen AG, Shanghai Baolong Automotive Corporation, Bh Sens Group, Cub Elecparts Inc., and others are among the key companies in the Tire Pressure Monitoring System Market.