Market Overview:

The Tire Pressure Monitoring System Market size is estimated to reach $14.3 billion by 2030, growing at a CAGR of 9.8% during the forecast period 2024-2030, according to a recent report published by IndustryARC, 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”

Advancements in sensor technology and the rising demand for enhanced vehicle safety standards are fueling the growth of the Tire Pressure Monitoring System industry during the forecast period.

North America Dominated the Market in 2023:

North America dominated the Tire Pressure Monitoring System Market, capturing over 38% of the share in 2023. This leadership stems from the region's concentration of major automotive manufacturing hubs and a consistent increase in vehicle production rates. Additionally, stringent safety regulations mandating the integration of tire-pressure monitoring systems play a crucial role. With the United States leading the demand for advanced automotive safety features, North America is expected to maintain its dominance in the tire-pressure monitoring industry. The region's commitment to vehicle safety and innovation ensures its continued leadership in this vital market segment. 

Tire Pressure Monitoring System Market: Key Takeaways

Impact of Regulatory Mandates and Safety Standards:

Governmental regulations and safety standards are pivotal drivers in the growth of the Tire-Pressure Monitoring (TPMS) Market. Worldwide, stringent mandates mandate the installation of TPMS in new vehicles to enhance road safety by ensuring optimal tire pressure, thereby mitigating accidents caused by underinflated tires. Automotive manufacturers are compelled to comply with these regulations, fueling demand for TPMS systems in both passenger and commercial vehicles. This regulatory environment presents lucrative opportunities for TPMS manufacturers and suppliers to meet increasing market needs. As governments persist in prioritizing vehicle safety, the TPMS market is set to expand further, driven by ongoing compliance requirements and heightened road safety standards.

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Rising Production and Sales of Vehicles:

The expansion of the automotive industry and increasing global vehicle sales are key drivers propelling the growth of the Tire-Pressure Monitoring System (TPMS) market. Automakers worldwide are integrating TPMS into their vehicles to comply with stringent safety standards and gain a competitive edge in the market. This widespread adoption spans various vehicle segments, highlighting the industry's commitment to enhancing road safety. Moreover, the rising demand for advanced driver-assistance systems (ADAS) further boosts TPMS adoption, underscoring its critical role in vehicle safety and accident prevention. As a result, TPMS has become an indispensable component of modern vehicle safety technology, poised to fuel continued market growth amidst the ongoing expansion of automotive production and sales globally. 

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

Recent Developments:

  • In March 2022, Sensata Technologies and Nira Dynamics collaborate to develop a robust tire tread depth monitoring (TDM) solution. This partnership aims to enhance vehicle safety, efficiency, and uptime by providing accurate tread wear estimation. The TDM solution alerts vehicle OEMs, drivers, and fleets promptly, contributing to the Tire Pressure Monitoring System Market's advancement.
  • In May 2022, Continental introduced ContiPressureCheck, an innovative tire monitoring system for CombineMaster and CombineMaster VF tires, aimed at monitoring tire pressure and temperature. This advancement caters to the growing demand for comprehensive tire monitoring solutions, enhancing safety and efficiency in the Tire Pressure Monitoring System Market.

Tire Pressure Monitoring System Market: Competitive Landscape

Key companies profiled in the Tire Pressure Monitoring System Market are 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 and Others

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