July 20, 2024
Automotive Tire Pressure Monitoring System Market

The Increasing Demand For Connected Vehicles Is Anticipated To Openup The New Avanue For Automotive Tire Pressure Monitoring System Market

Market Overview:

An automotive tire pressure monitoring system (TPMS) is an electronic system designed to monitor the air pressure inside the pneumatic tires on various types of vehicles. TPMS is essentially a safety system that warns the driver about under-inflated tires, with the goal of avoiding tire failure. TPMS alerts the driver if the pressure in one or more tires falls below a pre-determined pressure threshold. This is accomplished via a low pressure warning light on the instrument panel or a sound warning.

Market Dynamics:

The increasing demand for safety features in vehicles is one of the major drivers of the automotive tire pressure monitoring system market. According to the NHTSA, under-inflated tires can decrease fuel economy by approximately 3% and shorten tire life. This has increased the adoption of TPMS as an important safety feature. The rising awareness about preventive vehicle maintenance is also boosting the growth of the market. Additionally, the implementation of regulations mandating the installation of TPMS in developed economies has propelled the market growth over the years. For instance, in Europe, the installation of TPMS became mandatory for all new cars starting November 2012, under EC directive 2007/46/EC. These factors are expected to fuel the demand for automotive tire pressure monitoring systems during the forecast period.

The global Automotive Tire Pressure Monitoring System Market Size 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.

Segment Analysis

The automotive tire pressure monitoring system market is dominated by direct tire pressure monitoring system (TPMS) segment. Direct TPMS directly measures the pressure and temperature through pressure sensors located on each wheel of the vehicle. It provides real-time tire pressure information to the driver anddelivers higher level of safety compared to indirect TPMS. This has resulted in direct TPMS establishing itself as the dominating sub-segment.

PEST Analysis

Political: Stringent regulations by governments across regions mandating the installation of TPMS in vehicles to ensure road safety has boosted the market growth.

Economic: The growing automotive production and sales globally along with rising disposable incomes have increased the demand for technologically advanced safety features like TPMS.

Social: Rising consumer awareness about vehicle and road safety has made TPMS an important decision factor while purchasing vehicles. This has encouraged automakers to offer TPMS as standard across their model lineups.

Technological: Advancements in sensor technology have enabled the development of miniature, low-cost and highly accurate tire pressure sensors. Integration of TPMS with telematics solutions has further enhanced their functionalities.

Key Takeaways

The global automotive tire pressure monitoring system market is expected to witness high growth, exhibiting 13% CAGR over the forecast period, due to increasing vehicle production and rising mandates for TPMS integration. The market size for 2023 is estimated to be US$ 7.17 Bn.

Regional analysis: Asia Pacific dominates the global market and is expected to maintain its lead, growing at around 14% CAGR till 2030. This can be attributed to presence of major automotive hubs like China and India along with increasing vehicle sales in the region.

Key players operating in the automotive tire pressure monitoring system 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, WABCO, and Hampton Automotive Technology CO., LTD.

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