Automotive Tire Pressure Monitoring System Market Outlook 2032
The global automotive tire pressure monitoring system market size was USD 10.4 Billion in 2023 and is projected to reach USD 24.3 Billion by 2032, expanding at a CAGR of 11.1% during 2024–2032. The market growth is attributed to the stringent regulations regarding vehicle safety, growing consumer awareness regarding tire maintenance, and advancements in sensor technology.
A tire pressure monitoring system (TPMS) oversees the air pressure within tires. The rising need for tire monitoring systems to ensure passenger safety is a key factor propelling the market. demand. The surge in travel frequencies due to rapid urbanization has increased the demand for TPMS, as it ensures optimal tire pressure and improves vehicle stability and performance.
Government agencies dedicated to vehicle development and enhancing driving conditions for passengers and drivers are imposing stringent regulations on vehicle manufacturers to enhance safety features in their vehicles. Concerns regarding accurate tire pressure and its implications on vehicle safety, carbon emissions, and fuel efficiency are universal, encouraging vehicle owners to adopt tire pressure monitoring systems.
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In October 2022, Volvo Group, Qamcom Group, and inventor Roman Lustin collaborated to establish a startup called Fyrqom AB. The company aims to offer an automated solution for calibrating tire pressure monitoring systems (TPMS) in heavy-duty vehicles.
Impact of AI on the Automotive Tire Pressure Monitoring System Market
The integration of artificial intelligence (AI) technology into automotive tire pressure monitoring systems (TPMS) enhances accuracy and efficiency. This leads to quick detection of abnormalities and precise tire pressure monitoring, ultimately improving vehicle safety. AI algorithms enable TPMS to provide real-time monitoring of tire pressure and temperature, as well as predictive alerts for potential hazards such as punctures or leaks. This proactive approach helps drivers take timely action to prevent accidents and minimize damage.
Artificial intelligence algorithms analyze tire pressure data along with other vehicle parameters to optimize fuel efficiency. AI-powered TPMS contributes to reducing fuel consumption and carbon emissions by maintaining optimal tire pressure levels.
Automotive Tire Pressure Monitoring System Market Dynamics
Major Drivers
Increasing awareness of vehicle safety and emission reduction among both vehicle manufacturers and consumers boosts the market. Furthermore, the growing emphasis on incorporating advanced safety features into vehicles to mitigate accidents and enhance overall road safety contributes to the market growth. The tire pressure monitoring system (TPMS) plays a pivotal role in vehicle safety by continuously monitoring tire pressure, thereby averting potential risks associated with underinflated or overinflated tires.
TPMS contributes to environmental conservation by optimizing fuel efficiency. Properly inflated tires result in reduced rolling resistance, leading to enhanced fuel economy and reduced greenhouse gas emissions. Given the escalating concerns regarding climate change and environmental sustainability, the integration of TPMS in vehicles has emerged as a priority for both automakers and consumers. Moreover, rising vehicle ownership is expected to propel the global TPMS market in the coming years.
Existing Restraints
Compatibility challenges represent a significant obstacle to the growth of the automotive TPMS market. These challenges predominantly stem from the wide array of vehicle models and the specific TPMS sensor required for each model. Unlike standardized safety features such as airbags or seat belts, TPMS systems often necessitate customized sensors to effectively operate with diverse vehicle configurations. This complexity contributes to challenges in replacement and repair processes, especially in aftermarket scenarios where retrofitting TPMS is expensive. Furthermore, stringent regulations regarding vehicle safety hinder the market.
Emerging Opportunities
Growing advancements in sensor technology, connectivity, and data analytics present significant opportunities for innovation in TPMS. Integration with AI, IoT, and predictive analytics enhances TPMS capabilities, offering real-time insights and predictive maintenance features.
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In July 2023, BendPak's Ranger Division, a major manufacturer of wheel care equipment, introduced the TruSensor universal TPMS solution. This groundbreaking product is engineered to diagnose and program tire pressure monitoring systems across various vehicles, encompassing imported and domestic cars, SUVs, vans, and trucks.
Scope of the Automotive Tire Pressure Monitoring System Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.
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Attributes
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Details
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Report Title
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Automotive Tire Pressure Monitoring System Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2023
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Historic Data
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2017 -2022
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Forecast Period
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2024–2032
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Segmentation
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Type (Direct and Indirect), Vehicle Type (Passenger Cars, LCV, and HCV), and Sales Channel (OEM and Aftermarket)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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ATEQ; Bendix Commercial Vehicles Systems LLC; Calor TPMS; Continental AG; Denso Corporation; Dunlop Tech GmbH; Delphi Automotive; Hamaton Automotive Technology Co Ltd; Infineon technology; KG NIRA Dynamics AB; Lear Corporation; NXP Semiconductors; and Volar TPMS
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Regional Outlook
In terms of region, the automotive tire pressure monitoring system market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America held a large market share in 2023, due to strict vehicle safety regulations necessitating TPMS inclusion in vehicles. Countries such as the US, Mexico, and Brazil have registered significant growth in the sales of vehicles. Furthermore, the rising adoption of electric vehicles and the presence of large number of players in the automotive industry contributed to the market growth.
The market in Asia Pacific is anticipated to register a considerable CAGR during the forecast period, owing to the rapid expansion of the automotive industry in emerging countries, including China, Japan, India, and South Korea. The need for safety features, including TPMS, in vehicles is increasing, as the automotive industry is expanding.
China is the world’s major producer and exporter of vehicles, with millions of vehicles manufactured and sold annually. The regional market growth is further attributed to the rising vehicle safety regulations and the increasing vehicle ownership in the region.
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In May 2022, the Geely Binrui COOL Sedan Coupe manufactured by Geely, a China-based car manufacturer, boasts active safety elements, a tire pressure monitoring system, and Level 2 ADAS capabilities.
Automotive Tire Pressure Monitoring System Market Segment Analysis
Type Analysis
Based on type, the market is bifurcated into direct and indirect.
The direct segment held a large market share in 2023, due to the rising safety concerns among vehicle owners. Direct automotive TPMS is a technology engineered to monitor real-time air pressure within vehicle tires. Unlike indirect systems, which deduce tire pressure from wheel speed or other indirect indicators, direct TPMS utilizes pressure sensors positioned directly on each tire's valve stem or within the tire assembly. Direct TPMS delivers superior accuracy and dependability compared to indirect systems, providing drivers with prompt alerts regarding potential tire pressure concerns, thereby enhancing safety, fuel efficiency, and tire lifespan.
The indirect segment is anticipated to register a significant growth rate during the forecast period. Indirect TPMS does not utilize sensors to directly measure tire pressure. Instead, it relies on the vehicle's existing systems, such as the anti-lock braking system (ABS) or wheel speed sensors, to infer tire pressure indirectly. Indirect TPMS monitors changes in tire rotational speeds, which indicate changes in tire pressure. They do not provide as precise or accurate readings as direct TPMS, as they rely on secondary indicators rather than direct pressure measurements. Indirect TPMS systems are typically less expensive to implement compared to direct TPMS, thereby driving the segment.
Vehicle Type Analysis
Based on vehicle type, the global market is fragmented into passenger cars, LCV, and HCV.
The passenger cars segment s is expected to register a considerable CAGR in the coming years. Passenger cars include vehicles designed primarily for transporting passengers and personal use, such as sedans, hatchbacks, SUVs, and coupes. Passenger cars often prioritize comfort, convenience, and fuel efficiency, making safety features such as TPMS increasingly important. TPMS systems in passenger cars help enhance safety by monitoring tire pressure in real time, reducing the risk of accidents due to underinflated or overinflated tires.
The LCV segment is anticipated to expand at a significant pace during the forecast period. LCVs (light commercial vehicles) comprise a broad category of vehicles used for commercial purposes, including vans, pickup trucks, and small delivery trucks. LCVs are often employed for transporting goods or providing services, making reliability and efficiency critical for business operations. TPMS in light commercial vehicles helps fleet operators and businesses ensure the safety and performance of their vehicles, reducing maintenance costs and improving fuel efficiency.
Sales Channel Analysis
Based on sales channel, the market is divided into OEM and aftermarket.
The OEM segment held a large share of the market in 2023. TPMS systems installed by OEMs seamlessly integrate with vehicle maintenance systems, offering comprehensive insights into tire health and performance. These integrated systems enhance vehicle reliability and longevity, instilling confidence in drivers. As automotive technology evolves, OEMs continuously refine TPMS offerings, incorporating features such as wireless connectivity and predictive analytics to enhance safety and performance.
The aftermarket segment is projected to hold a large market share during the assessment period, owing to the government regulations mandating TPMS usage and growing recognition of TPMS as advanced safety technology. The rising integration of TPMSs in old vehicles due to the rising safety concerns among vehicle owners drives the segment.
Segments
The automotive tire pressure monitoring system market has been segmented on the basis of
Type
Vehicle Type
Sales Channel
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- ATEQ
- Bendix Commercial Vehicles Systems LLC
- Calor TPMS
- Continental AG
- Denso Corporation
- Dunlop Tech GmbH
- Delphi Automotive
- Hamaton Automotive Technology Co Ltd
- Infineon technology
- KG NIRA Dynamics AB
- Lear Corporation
- NXP Semiconductors
- Volar TPMS
Competitive Landscape
Key players competing in the global automotive tire pressure monitoring system market are ATEQ; Bendix Commercial Vehicles Systems LLC; Calor TPMS; Continental AG; Denso Corporation; Dunlop Tech GmbH; Delphi Automotive; Hamaton Automotive Technology Co Ltd; Infineon technology; KG NIRA Dynamics AB; Lear Corporation; NXP Semiconductors; Volar TPMS.
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In June 2022, Continental AG, a premier innovator and provider of original equipment (OE) and aftermarket solutions for tire pressure monitoring systems, TPMS diagnostic tools, and replacement components, unveiled a fresh packaging design for its upcoming iteration of REDI-Sensor Multi-Application TPMS Sensors. This redesign stemmed from comprehensive research and development efforts undertaken by Continental AG within this realm.
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