Tire Pressure Monitoring System Market Trends

The Global Tire Pressure Monitoring System Market Industry is projected to experience substantial growth over the next decade. With a market value anticipated to reach 8.2 USD Billion in 2024 and further expanding to 28.6 USD Billion by 2035, the industry is on a trajectory of significant development. The compound annual growth rate of 12.04% from 2025 to 2035 suggests a robust market environment, driven by various factors including regulatory changes, technological advancements, and consumer preferences. This growth is indicative of the increasing importance of tire pressure monitoring systems in enhancing vehicle safety and efficiency.

The Global Tire Pressure Monitoring System Market Industry is poised for growth due to the increasing production of vehicles globally. As automotive manufacturers ramp up production to meet rising consumer demand, the incorporation of TPMS becomes essential. This trend is particularly evident in emerging markets where vehicle ownership is on the rise. For example, countries in Asia-Pacific are witnessing a surge in automotive production, leading to a higher demand for TPMS. The market is projected to reach 28.6 USD Billion by 2035, reflecting the correlation between vehicle production rates and TPMS adoption.

Technological advancements are significantly influencing the Global Tire Pressure Monitoring System Market Industry. Innovations such as direct TPMS, which provides real-time tire pressure data, and integration with vehicle infotainment systems enhance user experience and functionality. Furthermore, the development of smartphone applications that allow users to monitor tire pressure remotely is gaining traction. These advancements not only improve the effectiveness of TPMS but also encourage adoption among consumers who value convenience and technology. As these technologies continue to evolve, the market is expected to expand, with projections indicating a market value of 8.2 USD Billion in 2024.

Growing awareness regarding fuel efficiency is a key driver for the Global Tire Pressure Monitoring System Market Industry. Proper tire inflation is crucial for optimal fuel consumption, as under-inflated tires can lead to increased rolling resistance and, consequently, higher fuel usage. As consumers become more environmentally conscious and seek ways to reduce fuel costs, the demand for TPMS is likely to rise. This trend is further supported by studies indicating that maintaining correct tire pressure can improve fuel efficiency by up to 3.3 percent, making TPMS an attractive solution for both consumers and manufacturers.

The Global Tire Pressure Monitoring System Market Industry is experiencing growth due to stringent vehicle safety regulations being implemented worldwide. Governments are mandating the installation of tire pressure monitoring systems in new vehicles to enhance road safety and reduce accidents caused by tire blowouts. For instance, the European Union has established regulations requiring all new passenger cars to be equipped with TPMS. This regulatory push is expected to drive the market significantly, as manufacturers adapt to comply with these standards, thereby increasing the adoption of TPMS in the automotive sector.

Consumer preferences are shifting towards vehicles equipped with advanced safety and convenience features, driving the Global Tire Pressure Monitoring System Market Industry. As consumers increasingly prioritize safety, manufacturers are responding by integrating TPMS into their vehicles. This trend is evident in the growing number of vehicles that come standard with TPMS, as consumers view it as a necessary feature for modern vehicles. The expected compound annual growth rate of 12.04% from 2025 to 2035 indicates a robust market response to this consumer demand, further solidifying the role of TPMS in the automotive landscape.

With a strong presence across different verticals and geographies, the Tire Pressure Monitoring System Market is highly competitive and dominated by established, pure-play vendors. These vendors have a robust geographic footprint and partner ecosystem to cater to diverse customer segments. The Tire Pressure Monitoring System Market is highly competitive, with many vendors offering similar products and services.

The major players in the market include NXP Semiconductors, The Goodyear Tire & Rubber Company, ZF, Friedrichshafen Ag, Shanghai Baolong Automotive Corporation, Bh Sens Group, Cub Elecparts Inc.  and Others. ZF Friedrichshafen AG is focused on leveraging business opportunities in the global market. The company develops innovative products and solutions by investing extensively in R&D to increase its global market share.

Further, the company spent around USD 3,645 million on research & development expenditure which also includes the growth of commercial vehicle segment up to 17% in 2022. It also focuses on strategic contracts, and partnerships with other players in the value chain to offer combined solutions to increase its regional presence.