July 21, 2024
Automotive Tire Pressure Monitoring System Market

Rising Safety Awareness To Boost The Growth Of Automotive Tire Pressure Monitoring System Market

An automotive tire pressure monitoring system (TPMS) is a safety system fitted inside vehicle tires to alert the driver about low or high tire pressure. It detects air loss from the tires and informs the driver through a low-pressure alert symbol on the instrument cluster. This allows the driver to inflate the tires to the recommend pressure level and avoid tire failure. TPMS improves vehicle safety and ensures proper tire inflation for improved fuel efficiency.

The global Automotive Tire Pressure Monitoring System Market is estimated to be valued at US$ 7.17 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the automotive TPMS market is the increasing adoption of direct tire pressure monitoring systems (dTPMS). In a dTPMS, sensors are mounted on each wheel to directly monitor air pressure and send signals to the vehicle’s electronic control unit. It offers more accurate and reliable monitoring compared to indirect TPMS. Another trend is the development of sensor-integrated valve stems by market players. These advanced valves contain pressure and temperature sensors, transmitting data wirelessly to the vehicle’s dashboard display. Such innovations are expected to boost the demand for TPMS solutions during the forecast period.

Porter’s Analysis

Threat of new entrants: Low threat of entry into this market as it requires high R&D investments and expertise in pressure sensor technologies for developing tire pressure monitoring systems.
Bargaining power of buyers: Moderate bargaining power of buyers as automotive OEMs demand integrated solutions at competitive costs to gain price advantage over competitors.
Bargaining power of suppliers: High bargaining power of suppliers like pressure sensor manufacturers and electronic control module providers as few specialized players exist globally.
Threat of new substitutes: Low threat from substitutes as tire pressure monitoring provides vehicle safety and is a mandated regulatory requirement in most countries.
Competitive rivalry: Intense competition among established players focusing on product development and innovation to provide value-added solutions.

Key Takeaways

The global Automotive Tire Pressure Monitoring System Market Demand is expected to witness high growth, exhibiting 13% CAGR over the forecast period, due to increasing regulatory mandates for vehicle safety across major economies. Regional analysis: Asia Pacific dominates the market and is expected to maintain its lead, attributed to high vehicle production in China, Japan and India. China is the largest producer of automotive tires globally.
Key players: Key players operating in the automotive tire pressure monitoring system market are ZF Friedrichshafen AG, ATEQ, Continental AG, Bartec USA LLC, Sensata Technologie, Inc., Huf HÃ1⁄4lsbeck & FÃ1⁄4rst GmbH & Co. KG, AUTOMOTIVE TECHNOLOGY CO., LTD., Rivigo Services, Denso Corporation, DUNLOP TECH GmbH, Pacific Industrial Co., Ltd., Bendix Commercial Vehicles Systems LLC, NXP Semiconductors, NIRA Dynamics AB, and WABCO.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it