Tire Pressure Monitoring System Market Size, Share & Trends Analysis Report By Type (Direct TPMS, Indirect TPMS), By Vehicle Type, And Sales Channel, By Region, And Segment Forecasts, 2024 - 2030

Tire Pressure Monitoring System Market Size, Share & Trends Analysis Report By Type (Direct TPMS, Indirect TPMS), By Vehicle Type, And Sales Channel, By Region, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The global tire pressure monitoring system market size was estimated at USD 8.24 billion in 2023 and is anticipated to grow at a CAGR of 12.7% from 2024 to 2030. The proliferation of IoT (Internet of Things) and AI (Artificial Intelligence) has enabled the development of more advanced TPMS, which not only monitor tire pressure but also predict potential tire failures by analyzing patterns and trends in tire performance data. Besides, rising consumer demand for smart and connected vehicles is accelerating the adoption of tire pressure monitoring system (TPMS). Modern consumers expect their vehicles to offer more than just transportation; they want enhanced safety, efficiency, and connectivity. TPMS fits perfectly into this paradigm by providing real-time monitoring and alerts, thus enhancing the overall driving experience.

The rise in the adoption of electric vehicles (EVs) is significantly driving the growth of the tire pressure monitoring systems market. EVs demand efficient energy management, where tire pressure plays a pivotal role. Manufacturers of electric vehicles are majorly focusing on maximizing range and efficiency, are increasingly integrating TPMS as an essential component. This integration is crucial as it helps maintain optimal tire pressure, ensuring better energy usage and extending the vehicle's range. Moreover, considering the higher initial investment in EVs, consumers are more inclined to invest in features like TPMS that enhance tire longevity and improve overall vehicle efficiency.

Government regulations and safety standards in many countries mandate the use of TPMS in vehicles. For instance, according to the TREAD Act the manufacturers of passenger cars and light truck in the U.S. need to equip all vehicles with TPMS. Such favorable regulations are driving the demand for the TPMS as manufacturers comply with these legal requirements. Furthermore, governments and safety organizations worldwide are actively conducting campaigns to educate drivers on the hazards of underinflated tires, which can lead to dangerous blowouts and accidents. This increasing awareness is driving the integration of TPMS as a standard feature in both new and existing vehicles. In addition, insurance companies are beginning to offer incentives and discounts for vehicles equipped with TPMS, providing financial motivation for consumers to adopt this technology. These initiatives collectively contribute to the growing prevalence of TPMS in the automotive market.

Advancements in sensor technology and wireless communication are also propelling the TPMS market forward. The development of more accurate, reliable, and cost-effective sensors has made it possible to equip even budget vehicles with TPMS. These technological advancements ensure precise monitoring of tire pressure, thereby enhancing safety and performance. Furthermore, improvements in wireless communication technologies facilitate seamless integration with vehicle systems and external devices, boosting the overall functionality and attractiveness of TPMS. This technological progress is making TPMS a more accessible and desirable feature for a broader range of vehicles.

The aftermarket for TPMS is burgeoning, driven by the increasing need for replacement and upgrading of existing systems. As the global vehicle fleet ages, the demand for aftermarket TPMS solutions is expected to rise, particularly true in regions where older vehicles still dominate the roads, and retrofitting these vehicles with modern TPMS can significantly enhance their safety and efficiency. The aftermarket segment provides a significant opportunity for TPMS manufacturers to expand their market presence and cater to a diverse customer base.

Global Tire Pressure Monitoring System Market Report Segmentation

The report forecasts revenue growth at global, regional, and at country level and provides an analysis on the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global tire pressure monitoring system market report on the basis of vehicle type, type, sales channel, and region.

• Vehicle Type Outlook (Revenue, USD Million, 2018 - 2030)
• Passenger Vehicle
• Commercial Vehicle
• Type Outlook (Revenue, USD Million, 2018 - 2030)
• Direct TPMS
• Indirect TPMS
• Sales Channel Outlook (Revenue, USD Million, 2018 - 2030)
• OEM
• Aftermarket
• Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• UK
• Germany
• France
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• MEA
• KSA
• UAE
• South Africa

Please note The report will be delivered in 4-8 business days upon order notification.