Introduction
The Global Automotive Tire Pressure Monitoring System Market is set to surge from USD 6.45 Bn in 2023 to a projected USD 9.83 Bn by 2028, growing at a CAGR of 8.80%
The market for automotive tire pressure monitoring systems (TPMS) encompasses sectors involved in manufacturing, selling, and integrating systems that monitor vehicle tire pressure. TPMS technology has become a crucial safety feature in modern cars, actively ensuring proper tire inflation and reducing the risk of accidents caused by over or under-inflation. The market has experienced significant growth, primarily driven by government mandates in developed nations requiring TPMS installation in vehicles, promoting road safety, enhancing fuel efficiency, and reducing carbon emissions.
Two main factors contribute to the growth of the automotive TPMS industry. Firstly, the expansion of vehicle manufacturing and sales has positively impacted the market. Secondly, the increasing emphasis on improving vehicle safety and reducing emissions has driven the demand for TPMS technology. However, challenges exist, including the high cost of sensors used in automotive TPMS, which could limit market expansion. Concerns about vehicle tracking due to TPMS signals also present a restraint on widespread technology adoption.
Opportunities in the market include potential growth in emerging markets worldwide and the increasing adoption of electric vehicles, which often incorporate TPMS as part of their advanced technology suite. However, challenges such as the lack of standardization and compatibility across different vehicle models and regions can impede seamless integration and widespread use of the Tire Pressure Monitoring System.
Segment Analysis
The Automotive TPMS Market is segmented based on Product, Propulsion, Vehicle, and Sales Channel Type.
The automotive TPMS market employs a segmentation strategy, categorizing its offerings into different product types based on the distinctions between direct tire pressure monitoring systems and indirect tire pressure monitoring systems.
Furthermore, the market distinguishes between propulsion types, including Internal Combustion Engine (ICE) vehicles, electric vehicles, hybrid vehicles, and those utilizing alternative fuels. This segmentation provides valuable insights into the diverse landscape of TPMS adoption. Additionally, the segmentation extends to vehicle types, focusing on passenger vehicles, commercial vehicles, and other categories.
Lastly, the market segments sales channels, encompassing original equipment manufacturers (OEMs) and the aftermarket, as the various avenues through which TPMS solutions become accessible to consumers. This detailed segmentation strategy offers a comprehensive understanding of the automotive TPMS market, assisting stakeholders in making well-informed decisions within this dynamic industry.
Regional Analysis
Europe Stringent regulatory norms mandating TPMS in passenger vehicles drive significant demand for automotive TPMS
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List of Companies
The report provides profiles of the key companies, outlining their history, business segments, product overview, and company financials. Some companies from the competitive analysis are Delphi Automotive, Hitachi Automotive Ltd, LG Innotek, NIRA Dynamics AB, Robert Bosch GmbH, Valeo etc.
Key Developments
Continental announced that the company had started the production of a Tire Pressure Monitoring System for passenger cars in its Bangalore plant. With this initiative, the company intends to become the first tier 1 manufacturer of TPMS. – April 2023
Continental unveiled an advanced combine-tire monitoring system for its CombineMaster and CombineMaster VF tires. The ContiPressureCheck system has a design to monitoring tire pressure and temperature. – May 2022
Continental AG announced its plan to strengthen the safety solution for India. In India, Continental is committed to deliver affordable and intelligent safety technologies, including ADAS, TPMS, and others. – February 2022
Fleeca India Private Limited, a Jaipur-based start-up, launched Fleeca Kawach, India’s first AI-driven smart truck tire-pressure monitoring system. This TPMS (Tyre Pressure Monitoring System) is a rim-mounted electronic system that monitors the wheel’s rotational speed and other signals outside the tires. – February 2022
Frequently Asked Questions
How Much Is The Global Automotive TPMS Market Size?
The Global Automotive TPMS Market is set to surge from USD 6.45 Bn in 2023 to a projected USD 9.83 Bn by 2028, growing at a CAGR of 8.80%.
What Is The Major Global Automotive TPMS Market Driver?
- Increasing Demand for Premium Cars
- Stringent Government Norms to Make TMPS Compulsory
What are the Major Global Automotive TPMS Market Opportunities?
- Vehicle Electrification is going to propel the market
Which Region Held The Highest Share In The Global Automotive TPMS Market?
Asia Pacific is a Critical Growth Factor for Huge TPMS Adoption
Who Are The Global Automotive TPMS Market Players?
Advantage PressurePro Enterprises Inc., Alps Electric Co. Ltd, Continental AG, Delphi Automotive, etc.
