Tire Pressure Monitoring System (TPMS) Market Forecasts to 2030 – Global Analysis By Type (Direct Tire Pressure Monitoring System and Indirect Tire Pressure Monitoring System), Component (Electronic Control Units, Sensors and System Software), Vehicle Typ

Tire Pressure Monitoring System (TPMS) Market Forecasts to 2030 – Global Analysis By Type (Direct Tire Pressure Monitoring System and Indirect Tire Pressure Monitoring System), Component (Electronic Control Units, Sensors and System Software), Vehicle Type (Passenger Vehicles, Light Commercial Vehicles and Heavy Commercial Vehicles), Propulsion, Sales Channel and By GeographyAccording to Stratistics MRC, the Global Tire Pressure Monitoring System (TPMS) Market is accounted for $6.50 billion in 2023 and is expected to reach $13.17 billion by 2030 growing at a CAGR of 10.6% during the forecast period. A tire pressure monitoring system (TPMS) is an electronic component used in automobiles that uses sensors linked to the wheel speed sensors of ABS and ESC systems to measure the pressure in a tire. It helps improve fuel efficiency, alerts the driver when the tires are under or overinflated, and might even stop a tire blowout.

According to a World Health Organization report released in 2021, nearly 1.3 million people die each year in road accidents.

Market Dynamics:

Driver:

Growing use of accident prevention safety systems

The frequent occurrence of car accidents has compelled manufacturers, consumers, and other stakeholders to modify and enhance the safety features in the vehicle to prevent harm and causality by focusing on the advancement of automotive vehicles with the installation of new safety features. This has led to ongoing research and development into the problem and the creation of less significant, supplementary designs and systems, which have increased the installation of such sensor systems and driven the industry.

Restraint:

High installation fees and replacement costs

The high cost of replacement sensors for TPMS products could limit market expansion. Consumers would have to replace all four sensors, which could be a hassle and restrict market growth if the sensor battery on one tire dies, as it is likely that the sensors on the other three tires are also nearing failure. Additional expenses like installation fees and tire balancing tasks add additional costs and functions for the customer, which can cause them to put off installing the sensors or avoid having them reinstalled, which could pose a safety risk and put the industry at a standstill, which are hindering the market growth.

Opportunity:

Technological advancements

The majority of manufacturing businesses use automation to boost output and revenue. Rapid technological advancements in the related component sector, such as the tire pressure monitoring system, are expected to spur growth in the automotive tire market. Major tire component producers are also using software, nanotechnology, and other innovations to develop a range of advanced tire subsystems.

Threat:

Software issues involving sensors

Built-in computer systems and sensors improve the driving experience, but if they are improperly managed or outdated, they can result in serious accidents and injuries. Depending on the location and manner of an automotive software failure, passengers may be in grave danger of suffering a catastrophic injury. Additionally, software errors and failed vital auto systems can result in accidents. Tire pressure monitoring system performance is negatively impacted by automotive software and sensor failure, which in turn restrains the market's expansion for such systems.

Covid-19 Impact

The tire pressure monitoring systems market has been significantly impacted by COVID-19. Governments all over the world were forced by the COVID-19 outbreak to impose strict lockdowns and forbid the import and export of goods used as raw materials during this time. This caused the availability of crucial raw materials for vehicle components to suddenly decline. The COVID-19 pandemic severely disrupted supply chains and production schedules, which had an adverse effect on automotive production and sales, which in turn had an adverse effect on the market for tire pressure monitoring systems.

The passenger vehicles segment is expected to be the largest during the forecast period

Due to the rising demand for passenger vehicles around the world, the passenger vehicle segment is expected to be the largest during the forecast period. The market value is being driven by the growing level of consumer awareness about health and safety products. Moreover, the rising adoption of technologically advanced products and the rising purchasing power of consumers in emerging economies both contribute to the segment's expansion.

The original equipment manufacturer (OEM) segment is expected to have the highest CAGR during the forecast period

In the anticipated timeframe, it is expected that the original equipment manufacturer (OEM) segment will experience significant growth. The market value is being supported by OEMs investing in products that can offer consumers greater safety. Additionally, established and up-and-coming manufacturers are creating new revenue streams in target nations like Europe and India by forging long-term partnerships with OEMs, which is further boosting the segment's growth.

Region with largest share:

During the forecast period, the Asia-Pacific region is anticipated to dominate the global market. This is attributed to various technological advancements in the area as well as advanced driver assistance systems (ADASs) for increased road safety. Due to the rising disposable income in the region's major economies, including China and India, the region is growing especially quickly. The market value is being further accelerated by consumers' growing awareness of safety products.

Region with highest CAGR:

The tire pressure monitoring system market is expected to grow at the highest rate in Europe. Owing to the accessibility of cutting-edge technology, government support for the expansion of advanced technology, and population purchasing power. Additionally, the UK tire pressure monitoring system market is expanding at the fastest rate in the European region, while the German tire pressure monitoring system market has the largest market share.

Key players in the market

Some of the key players profiled in the Tire Pressure Monitoring System (TPMS) Market include Alligator Ventilfabrik GmbH, ATEQ, Bartec USA LLC, Bendix Commercial Vehicle Systems LLC, Continental AG, Delphi Automotive LLP., Denso Corporation, Hampton Automotive Technology Co. Ltd, Hella KGaA, Hueck & Co, Hitachi Automotive Ltd, Huf Hülsbeck & Fürst GmbH & Co. KG, LG Innotek, Nira Dynamics AB, NXP Semiconductors N.V., Pacific Industrial Co. Ltd., Robert Bosch GmbH, Sensata Technologies Inc., The Goodyear Tire & Rubber Company, WABCO Holdings, Inc and ZF Friedrichshafen AG.

Key Developments:

In April 2023, Tire manufacturer Continental has opened its new Solution Center in Lousado, Portugal. The new Solution Center in Portugal Boosts Expertise in Digital Business Models and Tire Solutions.

In November 2022, ATEQ TPMS Tools, LC, leader of TPMS Tool solutions for the OE, Industrial and Aftermarket industries announced ahead of SEMA that the VT67 TPMS Diagnostic and Tire Management Tablet will be capable of reading and programming the Tesla BLE sensor.

In April 2023, New TPMS Mechanical Tool Kit Launched. The TPMS Mechanical Tool Kit contains the necessary tools for dealing with the various TPMS fasteners. TPMS Sensors contain replaceable wear items and fasteners all requiring specific torque when assembling.

Types Covered:
• Direct Tire Pressure Monitoring System
• Indirect Tire Pressure Monitoring System

Components Covered:
• Electronic Control Units
• Sensors
• System Software

Vehicle Types Covered:
• Passenger Vehicles
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Propulsions Covered:
• Alternate fuel Vehicle
• Electric and Hybrid
• Internal Combustion Engine (ICE)

Sales Channels Covered:
• Original Equipment Manufacturer (OEM)
• Aftermarket

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements