Tire Pressure Monitoring System Market Size, Share, Growth Analysis, By Type, By Technology, By Vehicle Type, By Sales Channel By Region - Industry Forecast 2024-2031

Global Tire Pressure Monitoring System Market size was valued at USD 6.2 billion in 2022 and is poised to grow from USD 6.83 billion in 2023 to USD 14.86 billion by 2031, growing at a CAGR of 5.52% in the forecast period (2024-2031).

As of October 2023, the global OTR (off-the-road) tire market is experiencing consistent growth, driven by heightened demand across several sectors including construction, agriculture, and mining. This demand surge is significantly attributed to the rapid expansion of manufacturing and infrastructure projects, particularly in emerging economies. In agriculture, the push towards modernization and mechanization, alongside the increasing food requirements of the growing global population, is intensifying the need for OTR tires in farming equipment. The mining sector's ongoing exploration and extraction activities are also significantly contributing to market expansion. Furthermore, advancements in tire production technologies, including the development of robust and puncture-resistant materials, are enhancing the performance and durability of OTR tires. The industry is also witnessing a trend towards the adoption of sophisticated tire tracking systems, which allow users to optimize tire usage, minimize downtime, and improve overall operational efficiency. This combination of rising sector demands, technological innovations, and efficiency improvements is bolstering the growth trajectory of the OTR tire market, positioning it as a dynamic segment ripe for investment and development in the coming years.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Tire Pressure Monitoring System market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Tire Pressure Monitoring System Market Segmental Analysis

Global Tire Pressure Monitoring System Market is segmented by Type, Technology, Vehicle Type, Sales Channel and region. Based on Type, the market is segmented into Direct TPMS, Indirect TPMS. Based on Technology, the market is segmented into Wheel-Based TPMS, Valve-Based TPMS, Band-Based TPMS. Based on Vehicle Type, the market is segmented into Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles. Based on Sales Channel, the market is segmented into Original Equipment Manufacturer (OEM), Aftermarket. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Global Tire Pressure Monitoring System Market

The Global Tire Pressure Monitoring System (TPMS) market is driven by a growing focus on vehicle safety and the necessity to address the hazards posed by underinflated tires. This heightened awareness leads to an increased adoption of TPMS, as it plays a crucial role in enhancing safety on the roads. Furthermore, stringent regulatory requirements across different regions that mandate the incorporation of TPMS in vehicles significantly contribute to market demand. As manufacturers comply with these regulations and consumers prioritize safety features, the TPMS market is poised for continued growth driven by these critical factors.

Restraints in the Global Tire Pressure Monitoring System Market

The Global Tire Pressure Monitoring System (TPMS) market faces significant restraints, primarily due to the high costs associated with implementing TPMS technology in vehicles. This financial burden acts as a substantial barrier, especially for consumers in emerging markets and those who own older cars. Many potential buyers are deterred by the expenses linked to upgrading or retrofitting vehicles with this technology, leading to slower adoption rates. Consequently, the reluctance to invest in TPMS can hinder market growth, making it challenging for manufacturers and service providers to penetrate these lucrative segments while addressing the concerns of cost-sensitive consumers.

Market Trends of the Global Tire Pressure Monitoring System Market

The Global Tire Pressure Monitoring System (TPMS) market is experiencing a significant trend toward the integration of advanced sensor technologies, enhancing the accuracy and real-time tracking of tire pressure and stress levels. Wireless TPMS solutions are gaining traction, providing improved connectivity and seamless integration with various vehicle systems. The rise of smart, connected vehicles further underscores the importance of TPMS as a critical component in advanced driver-assistance systems (ADAS). Additionally, the development of TPMS specifically tailored for electric vehicles (EVs) addresses their unique requirements, fueling market growth and innovation. This trend signals a robust future for TPMS in the automotive industry.