Tire Pressure Monitoring System Market Size Worth $14.3 Billion By 2030: IndustryARC
Research Reports
Aug 20, 2024
Global Tire Pressure Monitoring System Market size is predicted to reach $14.3 Billion by 2030, growing at a CAGR of 9.8% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Developments in automotive safety regulations and the increasing adoption of connected vehicle technologies propels market growth, finds IndustryARC in its recent report, titled “Tire Pressure Monitoring System Market – By Type (Direct TPMS, Indirect TPMS), By Vehicle Type (PC, LCV, and HCV), By Sales Channel (OEM and After Market), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”
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APAC to Register Highest Growth:
In the evolving landscape of the Tire Pressure Monitoring System (TPMS) market, Asia-Pacific (APAC) emerges as the frontrunner poised for significant growth. APAC’s ascent is driven by a confluence of factors: rapid urbanization, expanding middle-class demographics, and a burgeoning automotive sector. The region’s robust economic growth and increasing vehicle ownership rates are propelling the demand for TPMS solutions. Moreover, stringent regulatory mandates aimed at enhancing road safety are compelling automotive manufacturers to integrate advanced safety technologies like TPMS into their vehicles. With countries like China, Japan, and India leading the charge in automotive innovation and production, APAC is set to surpass other regions in adopting TPMS, making it a pivotal growth engine in the global market.
Tire Pressure Monitoring System Market 2024-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
9.8% |
|
Market Size in 2030 |
$14.3 billion |
|
Segments Covered |
By Type, By Vehicle Type, By Sales Channel and By Region |
|
Geographies Covered |
North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East and Africa) |
|
Key Market Players |
1. ZF Friedrichshafen AG 2. Continental AG 3. Sensata Technologies, Inc. 4. Denso Corporation 5. Pacific Industrial Co., Ltd. 6. NXP Semiconductors 7. WABCO 8. NIRA Dynamics AB 9. Bendix Commercial Vehicles Systems LLC 10. DUNLOP TECH GmbH |
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Tire Pressure Monitoring System Market Report – Key Takeaways:
- Direct TPMS is Dominating the Tire Pressure Monitoring System Market
Direct TPMS commands the largest share in the Tire Pressure Monitoring System (TPMS) Market. These systems employ sensors attached to each tire’s valve stem to monitor tire pressure and send real-time data to the vehicle’s onboard computer. The segment’s leadership is credited to its precise and dependable tire pressure monitoring capabilities, which contribute to improved vehicle safety and fuel economy. Furthermore, innovations in direct TPMS technology, including its integration with advanced driver-assistance systems (ADAS), continue to bolster its market dominance by providing comprehensive safety features for vehicles.
- Dominance of Passenger Car in Tire Pressure Monitoring System Market
In the Tire Pressure Monitoring System (TPMS) Market segmentation by vehicle type, the Passenger Car (PC) segment commands the largest market share. This dominance stems from the extensive uptake of tire-pressure monitoring systems in passenger vehicles, spurred by heightened concerns over road safety and regulatory requirements mandating their inclusion in new passenger cars. As vehicle safety features gain prominence and the demand for advanced driver-assistance systems (ADAS) grows, the passenger car segment is poised to maintain its leadership position in the market for the foreseeable future.
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Key Opportunity Analysis:
Growing Electric Vehicle Adoption
The increasing adoption of electric vehicles (EVs) offers a significant opportunity for the Tire Pressure Monitoring System (TPMS) market. As EVs gain popularity due to environmental concerns and regulatory mandates, the need for advanced safety features like TPMS becomes paramount. EV manufacturers are integrating TPMS to enhance vehicle safety, efficiency, and performance, driving demand in this market. The unique requirements of EVs, such as weight distribution and tire pressure optimization, further highlight the importance of TPMS. By developing specialized solutions tailored for EVs, TPMS providers can tap into this growing segment, positioning themselves as essential partners in the sustainable transportation ecosystem.
Rising Focus on Fleet Management Solutions
The rising focus on fleet management solutions presents a promising opportunity for the global Tire Pressure Monitoring System (TPMS) market. Fleet operators are increasingly adopting TPMS to enhance vehicle safety, reduce maintenance costs, and improve fuel efficiency. With the integration of telematics and IoT technologies, TPMS can provide real-time tire pressure data, enabling proactive maintenance and minimizing downtime. As businesses seek to optimize their fleet operations, the demand for advanced TPMS solutions is growing. By offering innovative, scalable, and cost-effective TPMS products tailored to fleet management needs, companies can capitalize on this trend, capturing a larger market share in the evolving automotive landscape.
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The report also covers the following areas:
- Tire Pressure Monitoring System Market Size and Forecast
- Tire Pressure Monitoring System Market Trends
- Tire Pressure Monitoring System Market Analysis by Product Type
Tire Pressure Monitoring System Market 2024-2030: Key Highlights
- CAGR of the market during the forecast period 2024-2030
- Value Chain Analysis of key stakeholders
- Detailed analysis of market drivers and opportunities during the forecast period
- Tire Pressure Monitoring System Market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Tire Pressure Monitoring System Market
Covid and Ukrainian Crisis Impact:
- The COVID-19 pandemic disrupted global supply chains and manufacturing operations, impacting the production and distribution of automotive components, including TPMS. Lockdowns and restrictions led to reduced vehicle sales and production, affecting the installation rates of TPMS in new vehicles. Recovered economies and resumed automotive production are poised to drive growth in the TPMS market. Additionally, the focus on vehicle safety and regulatory requirements will increase demand, particularly in regions prioritizing road safety standards post-pandemic.
- The Russia-Ukraine war has exacerbated supply chain disruptions, affecting the availability of critical raw materials and components essential for TPMS manufacturing. Geopolitical tensions have led to increased costs and logistical challenges, impacting the overall production and pricing of TPMS globally. Moreover, fluctuations in currency exchange rates and trade restrictions further complicate market dynamics. Despite these challenges, the emphasis on vehicle safety standards and the resilience of automotive supply chains will play crucial roles in mitigating the long-term impacts on the TPMS market, fostering recovery and growth in the post-war period.
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List of Key Market Players in the Tire Pressure Monitoring System Market:
The Global Tire Pressure Monitoring System Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- ZF Friedrichshafen AG
- Continental AG
- Sensata Technologies, Inc.
- Denso Corporation
- Pacific Industrial Co., Ltd.
- NXP Semiconductors
- WABCO
- NIRA Dynamics AB
- Bendix Commercial Vehicles Systems LLC
- DUNLOP TECH GmbH
Related Reports:
Tire-Pressure Monitoring Market: The integration of tire-pressure monitoring systems (TPMS) as a crucial component of ADAS is increasing, driven by the growing demand for vehicle safety features.
Automotive Pressure Sensors Market: The growing demand for operational efficiencies in the industry is set to drive adoption of fleet management Automotive Pressure Sensors. Companies have in recent years shifted focus from reducing operational cost to improving operational efficiency as a method to improve their profitability.
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Contact Information:
Mr. Venkat Reddy Email: sales@industryarc.com USA: (+1) 518-282-4727
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