Tire Pressure Monitoring System (TPMS) Market Size - By Type (Direct TPMS, Indirect TPMS), By Sales Channel Type (Aftermarket, OEM), By Vehicle Type (Passenger Cars, Commercial Vehicle) & Global Forecast, 2023 - 2032

Tire Pressure Monitoring System (TPMS) Market Size - By Type (Direct TPMS, Indirect TPMS), By Sales Channel Type (Aftermarket, OEM), By Vehicle Type (Passenger Cars, Commercial Vehicle) & Global Forecast, 2023 - 2032

Tire Pressure Monitoring System (TPMS) Market size is projected to expand at 10.9% CAGR from 2023 to 2032 propelled by the escalating demand for electric vehicle (EVs) and the consequent need for tire efficiency in optimal range as well as precise tire pressure monitoring to maximize battery performance.

TPMS technology plays crucial role in ensuring tire health and, consequently the efficiency and range of electric vehicles. To that end, governments worldwide are working on favorable initiatives and implementing supportive policies to promote the production of EVs amidst the rising environmental concerns and energy efficiency. To cite an instance, India announced its plans to become the manufacturing center for EVs under its 'Make in India' plan with the target of 17 million units by 2030.

The overall tire pressure monitoring system market is categorized by type, sales channel type, vehicle type, and region.

With respect to type, the industry value from the direct TPMS segment is anticipated to gain momentum between 2023 and 2032. Direct TPMS employs individual sensors to provide real-time pressure data. Due to their effectiveness in preventing tire-related accidents and reducing maintenance costs, these systems have gained prominence in passenger vehicles and commercial fleets. Additionally, the rising focus on prioritizing tire safety among consumers is expected to propel the segment growth.

Based on vehicle type, the TPMS market from the commercial vehicle segment is likely to record robust growth through 2032. Commercial vehicles, including trucks and buses, rely heavily on properly inflated tires for safety and fuel efficiency. TPMS technology ensures that tire pressure is maintained within optimal levels for reducing the risk of accidents and enhancing vehicle performance. Fleet operators and commercial vehicle owners are also increasingly adopting TPMS solutions to comply with safety regulations, reduce maintenance costs, and improve fuel economy, contributing to the segment growth.

Asia Pacific tire pressure monitoring system market is projected to witness significant growth from 2023-2032 attributed to the booming automotive sector, growing consumer awareness about safety, and increasing number of government regulations. With the number of vehicles on the road increasing, there is growing emphasis on tire safety to prevent accidents and reduce fuel consumption. In addition, government bodies in China and India are introducing regulations for mandating TPMS in vehicles, further providing potential growth opportunities to the market players. To cite an instance, in April 2023, Continental began the production of its TPMS for passenger automobiles at its Bangalore factory to cater to the local market.