Tire Pressure Monitoring System (TPMS) Market Size, Share, Growth Report 2032

Global Tire Pressure Monitoring System (TPMS) Market Size:

The global tire pressure monitoring system (TPMS) market size was worth around USD 5.89 billion in 2023 and is predicted to grow to around USD 11.94 billion by 2032 with a compound annual growth rate (CAGR) of roughly 8.16% between 2024 and 2032.

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The report covers forecast and analysis for the tire pressure monitoring system (TPMS) market on a global and regional level. The study provides historic data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Billion). The study includes drivers and restraints for the tire pressure monitoring system (TPMS) along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the tire pressure monitoring system (TPMS) market on a global level.

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Tire Pressure Monitoring System (TPMS) Market: Overview

An electronic system especially manufactured for monitoring air pressure in any pneumatic automobile tire is termed as automotive tire pressure monitoring system (TPMS). There are different approaches through which tire pressure system alerts the driver with real-time pressure information of vehicle's tire. Low-pressure warning light, pictogram display, and gauge method are some of the prominent preferred alert approaches of the automotive tire pressuring systems.

Government of numerous developed regions such as North America and Europe are introducing stringent regulations in automotive sector. Worldwide strict government laws that mandates integration of automotive tire pressure monitoring system is mainly propelling market. Moreover, emerging technology integration needs in automotive sector acts as an add-on to the market growth. However, need of hefty initial investments for integration of automotive TPS is restraining the overall market growth to some extent. Market demand in passenger cars segment is projected to grow at rapid pace during the forecast period. Passenger cars segment registered a prominent share in the automotive tire pressure monitoring systems market.

Tire Pressure Monitoring System (TPMS) Market: Segmentation Overview

Global Tire Pressure Monitoring System Market (TPMS) is prominently classified based on vehicle type, sales channel, and region.

On the basis of vehicle type, the market is majorly categorized into passenger vehicle and commercial vehicle.

Sales channels segment is majorly classified into Original Equipment Manufacturer (OEM) and aftermarket. Automotive tire pressure monitoring systems (TPMS) are assembled both at manufacturing leavel and aftermarket solutions as well. The reason behind flourishing adoption rate is increasing amount of tire wear cases because of under-inflated tires.

Tire Pressure Monitoring System (TPMS) Market: Report Scope

Tire Pressure Monitoring System (TPMS) Market: Regional Analysis

On the basis of geography, the automotive tire pressure monitoring system (TPMS) market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In the year 2023, Asia Pacific accounted for significant market share and is expected to witness notable market demand in the forecast time frame as well. Emerging demand of transportation in Asian countries such as India, Japan, South Korea, and China is mainly driving the market growth in the region. These Asian economies are taking initiatives by integrating advanced automotive technologies for enhancement of vehicle's overall safety and collision reduction.

Tire Pressure Monitoring System (TPMS) Market: Competitive Analysis

Prominent market players involved in manufacturing and upgradation of automotive tire pressure monitoring system (TPMS) market are:

• Continental AG
• ZF Friedrichshafen AG
• Pacific Industrial Co.
• NIRA Dynamics AB
• Denso Corporation
• Valor TPMS
• Huf Hülsbeck & Fürst GmbH & Co. KG
• Sensata Technologies Inc.
• DUNLOP TECH GmbH
• NXP Semiconductors
• Bendix Commercial Vehicles Systems LLC
• Bartec USA LLC
• HAMATON AUTOMOTIVE TECHNOLOGY CO.
• WABCO
• ATEQ
• Among Others

The report segments of global automotive Tire Pressure Monitoring System (TPMS) market are as follows:

Global Tire Pressure Monitoring System (TPMS) Market: Vehicle Type Segment Analysis

• Passenger Vehicle
• Commercial Vehicle

Global Tire Pressure Monitoring System (TPMS) Market: Sales Channels Segment Analysis

• Original Equipment Manufacturer (OEM)
• Aftermarket

Global Tire Pressure Monitoring System (TPMS) Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa