Tire Pressure Monitoring Systems (TPMS)

Tire Pressure Monitoring Systems (TPMS)

Global Tire Pressure Monitoring Systems (TPMS) Market to Reach US$42.7 Billion by 2030

The global market for Tire Pressure Monitoring Systems (TPMS) estimated at US$18.2 Billion in the year 2023, is expected to reach US$42.7 Billion by 2030, growing at a CAGR of 12.9% over the analysis period 2023-2030. Direct TPMS, one of the segments analyzed in the report, is expected to record a 13.3% CAGR and reach US$38.7 Billion by the end of the analysis period. Growth in the Indirect TPMS segment is estimated at 9.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$4.2 Billion While China is Forecast to Grow at 24.3% CAGR

The Tire Pressure Monitoring Systems (TPMS) market in the U.S. is estimated at US$4.2 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$16.4 Billion by the year 2030 trailing a CAGR of 24.3% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 7.6% and 8.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.5% CAGR.

Global Tire Pressure Monitoring Systems (TPMS) Market - Key Trends & Drivers Summarized

Tire Pressure Monitoring Systems (TPMS) are essential automotive safety features designed to continuously monitor the air pressure inside pneumatic tires on various types of vehicles. TPMS systems alert the driver when tire pressure falls below a critical threshold, significantly enhancing vehicle safety by preventing tire-related accidents and improving fuel efficiency. There are two primary types of TPMS: direct and indirect. Direct TPMS uses sensors mounted inside the tires to measure pressure levels directly and transmit the data to the vehicle`s onboard computer. Indirect TPMS, on the other hand, estimates tire pressure by monitoring wheel speed sensors used by the anti-lock braking system (ABS). When a tire is under-inflated, it has a different rotational speed compared to properly inflated tires, which the system interprets as a pressure issue. Both systems aim to ensure that drivers are promptly informed about tire conditions, helping to maintain optimal tire pressure, reduce tire wear, and enhance overall vehicle performance.

Technological advancements have significantly improved the functionality and reliability of TPMS. Modern TPMS units are equipped with more accurate sensors, better battery life, and enhanced connectivity features. Innovations such as real-time pressure monitoring, temperature sensors, and integration with vehicle telematics have expanded the capabilities of TPMS beyond mere pressure monitoring. Additionally, advancements in wireless communication technologies have enabled the development of more sophisticated direct TPMS systems that can provide continuous, real-time data directly to the driver`s dashboard or even to mobile apps. This allows for greater convenience and proactive maintenance, as drivers can monitor tire pressure and health from their smartphones. Furthermore, the incorporation of AI and machine learning algorithms into TPMS has opened up possibilities for predictive maintenance, where the system can predict potential tire failures before they happen, based on patterns and historical data.

The growth in the Tire Pressure Monitoring Systems (TPMS) market is driven by several factors, including increasing vehicle safety regulations, rising consumer awareness about tire safety, and advancements in automotive technologies. Governments around the world are implementing stringent safety standards that mandate the inclusion of TPMS in new vehicles to enhance road safety. For instance, the United States and the European Union have regulations requiring TPMS in all passenger cars and light trucks. This regulatory push is a significant driver of market growth. Moreover, growing consumer awareness about the benefits of maintaining proper tire pressure, such as improved fuel efficiency, reduced tire wear, and enhanced safety, has led to higher adoption rates of TPMS. Technological advancements have also played a crucial role, as they have made TPMS more reliable, user-friendly, and affordable, encouraging broader adoption across various vehicle segments. The rise of electric and autonomous vehicles, which demand advanced safety and monitoring systems, further propels the demand for sophisticated TPMS solutions. Additionally, the aftermarket segment for TPMS is expanding, driven by vehicle owners` increasing preference for retrofitting older vehicles with modern safety technologies. These factors collectively ensure the sustained growth and evolution of the TPMS market, underscoring its critical role in contemporary automotive safety and performance.

Select Competitors (Total 76 Featured) -

• Denso Corporation
• Continental AG
• Bridgestone Corporation
• Dana, Inc.
• Bendix Commercial Vehicles Systems LLC
• ACDelco
• Crane Aerospace & Electronics
• ALLIGATOR Ventilfabrik GmbH
• Bartec USA LLC
• Bridgestone Americas Tire Operations LLC (BATO)
• Continental Automotive GmbH - VDO
• Farsens SL
• Continental Reifen Deutschland GmbH
• HELLA GmbH & Co. KGaA
• Hauvrex Automotive Equipment (Lin`an) Company Limited

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