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 Re

Tire Pressure Monitoring System Market Research Report Information 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) –Market Forecast Till 2030

Market Snapshot

A compound annual growth rate (CAGR) of 8.1% is projected for the Tire Pressure Monitoring System Market industry over the next five years. The Tire Pressure Monitoring System Market is steadily growing because more and more modern cars around the world have tire pressure monitoring systems (TPMS) and the automotive industry is getting better at using technology. The market is also likely to be driven by rising demand for safer vehicles over the next year.

Luxury cars are becoming more popular around the world because they are more comfortable and safer. The TPMS business is also seeing more demand because of the growing popularity of high-end electric vehicles. The demand for premium vehicles has grown around the world because of changes in vehicle features, a shift in customer preferences from SUVs to sedans, and rising disposable incomes. There is room for growth in the business because high-end cars have a lot of safety features.

The TPMS business is also growing quickly because of the global trend toward electric luxury cars. Millennials are also more likely to buy luxury cars now that they know more about their benefits. Other factors that are making market opportunities are also helping this trend. The TPMS market is growing because more people want electric cars. Several expensive car companies have added TPMS to their cars. One example is that Hyundai will release three high-end electric cars called Genesis in Europe in May 2022. The GV80 and G80 are the top-of-the-line Genesis SUVs from the company. Because of this, the rise in sales of high-end cars is making a market for gadgets that check tire pressure.

Market Segmentation

The Tire Pressure Monitoring System Market is split into two groups based on the technology used: direct TPMS and secondary TPMS.

The world tire pressure monitoring system is split into three groups based on the type of vehicle: light trucks, heavy trucks, and passenger cars.

OEM and aftermarket are the two main ways that the global tire pressure tracking system is sold.

A look at the regions

Europe, which includes Germany, the UK, France, Italy, Spain, and the rest of Europe, is the cutting edge of new technology in the Tire Pressure Monitoring System Market. As governments and cars make safety rules stricter, the European TPMS business grows. TPMS is an electrical system that checks tire pressure and lets drivers know when it drops below a certain level. This lowers the risk of an accident. All new cars in the European Union have to have TPMS. This has led to more installations of TPMS in passenger cars, which make up a big part of the European auto market.

Tire pressure monitoring systems (TPMS) are projected to grow at a moderate rate in North America over the next few years. This growth will be caused by several different factors. There are more safety worries, rules from the government that say all cars must have TPMS, and more and more cars that are connected to each other. It is expected that the movement toward connected cars will have a bigger effect on the use of TPMS systems, since these systems can be linked to the internet and used with other sensors on the vehicle to monitor it in real time.

In the next few years, the Asia-Pacific TPMS market is likely to see a number of important trends. These include drivers and fleet owners becoming more aware of the benefits of TPMS, more government rules requiring TPMS to be installed in new vehicles, more people in the region wanting passenger cars and light commercial vehicles, and improvements in TPMS technology, such as the creation of wireless TPMS systems. It's also possible that Japan and South Korea will be big markets, since they have strong car safety cultures and well-established auto industries.

Important Players

When it comes to tire pressure tracking systems, 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 some of the clear market leaders.