Tire Pressure Monitoring System Market Size was valued at USD 6.9 Million in 2023. The Tire Pressure Monitoring System Market industry is projected to grow from USD 8.2 Bn in 2024 to USD 22.3 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 8.1% during the forecast period (2024 - 2032). The Tire Pressure Monitoring System Market is consistently growing due to the growing adoption of tire pressure monitoring system (TPMS) in modern across globe and technological advancement within the automotive industry. Furthermore, growing demand for the safety in the vehicle is likely to drive the market throughout the forecast year.
Figure1: Tire Pressure Monitoring System Market, 2019 - 2032 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Increasing sales of luxury cars around the world due to their level of comfort as well as safety features. Moreover, the rising trend of luxury electric vehicles is boosting the demand in the TPMS market. Growth of features in the vehicle, shift in consumer preference from SUVs to sedans, as well as rising disposable incomes have been boosting the demand for premium vehicles across the world. Premium cars provide a high level of safety features, thus providing opportunities for the market.
Additionally, the growth in the trend of electric luxury vehicles across the world is rocket fueling the TPMS market. Moreover, rising awareness about the advantage of luxury cars is encouraging millennial youth as well as factors that are producing an opportunity in the market. Growing demand for electric vehicles is contributing to the TPMS market. Several luxury car manufacturers have installed TPMS for example, in May 2022, Hyundai will introduce three Genesis luxury electric vehicles in the European market. The automakers' premium Genesis SUV GV80 and G80. Thus, the growth in the sales of premium vehicles is creating an opportunity for tire pressure monitoring systems.
Based on technology, the Tire Pressure Monitoring System Market is segmented into direct TPMS & indirect TPMS. The direct TPMS segment held the majority share in 2022, contributing around ~85 % to the market revenue. Direct TPMS involves the use of sensors installed inside the tires to constantly measure the air pressure and wirelessly transmit the readings to the vehicle's onboard computer. These sensors are usually placed on the wheel valve stem or integrated within the wheel and are engineered to withstand tough conditions such as heat, moisture, and vibration. One of the benefits of Direct TPMS is its ability to deliver precise and dependable tire pressure readings. Additionally, it can detect sudden pressure drops, which is crucial in avoiding tire blowouts and other tire-related issues.
Based on vehicle type, the global tire pressure monitoring system is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment held the majority share in 2022 contributing around ~68% to the market revenue. The passenger car TPMS market is driven by the growing need for safety and fuel efficiency. Underinflated tires can increase the chances of accidents, reduce fuel efficiency, and cause tire wear. TPMS provides real-time tire pressure information, enabling drivers to take prompt action if the pressure drops below acceptable levels. This helps to prevent accidents and minimize maintenance costs related to tire wear. Moreover, the government regulations mandating the installation of TPMS in new vehicles have also contributed to the growth of the passenger car TPMS mark.
Figure2: Tire Pressure Monitoring System Market, by Vehicle Type, 2022 & 2032 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on sales channel, the global tire pressure monitoring system is segmented into OEM and Aftermarket. By sales channel, OEM segment holds the majority market share in 2022 contributing majority of the market share. The TPMS systems that are installed by OEMs meet the specific requirements and standards of the automakers and are rigorously tested for accuracy, durability, and reliability. Since most new vehicles come equipped with TPMS as standard equipment, the OEM channel is the primary sales channel for TPMS systems. The TPMS systems that are installed by OEMs offer several benefits, including seamless integration with the vehicle's onboard computer, accurate and reliable monitoring, and a long lifespan. The OEM TPMS systems have several advantages over aftermarket systems. Since the OEM TPMS systems are integrated into the vehicle's design, they offer better accuracy and reliability than aftermarket systems.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe, consisting of the Germany, UK, France, Italy, Spain, and rest of Europe, stands at the forefront of technological innovation in Tire Pressure Monitoring System Market. The European TPMS market is expanding as a result of rising safety regulations implemented by both governments and automotive manufacturers. TPMS is an electronic system that monitors tire pressure and alerts drivers when the pressure falls below a specified level, mitigating the risk of accidents. The European Union has required TPMS in all new vehicles, leading to an increase in TPMS installations in passenger vehicles, which comprise a significant portion of the European automotive market. TPMS has also been integrated into commercial vehicles, such as trucks and buses, owing to their high mileage and the need for better fuel efficiency. The rising demand for safety features in vehicles is one of the main drivers of the European TPMS market.
Figure3: Tire Pressure Monitoring System Market Size By Region 2022&2032
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, South Korea, South Africa, UAE, Saudi Arabia, Argentina and Brazil.
The North American market for tire pressure monitoring systems (TPMS) is predicted to experience a moderate rate of growth in the forthcoming years, fueled by various factors. These include heightened safety concerns, government regulations mandating the use of TPMS in vehicles, and the increasing prevalence of connected cars. The trend of connected cars is expected to have an even greater impact on the adoption of TPMS, as these systems can be integrated with other vehicle sensors and connected to the internet to enable real-time monitoring. Furthermore, the adoption of TPMS in the country is expected to be driven by rising safety concerns and the growing trend of connected cars. In summary, the North American TPMS market is projected to grow at a moderate pace in the near future, driven by a combination of government regulations, safety concerns, and the increasing prevalence of connected cars.
The Asia Pacific TPMS market is expected to experience several key trends in the coming years, including rising awareness about the benefits of TPMS among drivers and fleet owners, increasing government regulations mandating the installation of TPMS in new vehicles, growing demand for passenger cars and light commercial vehicles in the region, and technological advancements in TPMS systems, such as the development of wireless TPMS systems. Japan and South Korea are also expected to be major markets, due to the presence of established automotive industries and high levels of consumer awareness about vehicle safety. Some of the key players operating in the Asia Pacific TPMS market include Continental AG, Denso Corporation, NXP Semiconductors, Robert Bosch GmbH, Schrader International, and ZF Friedrichshafen AG, among others. These players are focusing on product innovation and strategic partnerships to gain a competitive edge in the market.
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.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 6.9 Billion |
| Market Size 2024 | USD 8.2 Billion |
| Market Size 2032 | USD 22.3 Billion |
| Compound Annual Growth Rate (CAGR) | 8.7 % (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2022 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Vehicle Type, Sales Channel and Region |
| Geographies Covered | Europe, North America, Asia-Pacific, Middle East & Africa, and South America |
| Countries Covered | The U.S, Germany, Canada, U.K., Italy, France, Spain, Japan, China, India, South Korea, South Africa, UAE, Saudi Arabia, Argentina Brazil, and others. |
| Key Companies Profiled | NXP Semiconductors, The Goodyear Tire & Rubber Company, ZF, Friedrichshafen Ag, Shanghai Baolong Automotive Corporation, Bh Sens Group, Cub Elecparts Inc. and Others. |
| Key Market Opportunities | ·      Increasing Sales of Luxury Cars |
| Key Market Dynamics | ·      Rising Adoption of Tire Pressure Monitoring Systems (TPMS) In Vehicles ·      Growing Demand for The Safety of A Vehicle |
Tire Pressure Monitoring System Market Highlights:
Frequently Asked Questions (FAQ) :
The Tire Pressure Monitoring System Market size is expected to be valued at USD 4,445.5 Million in 2022.
The global market is projected to grow at a CAGR of 8.7% during the forecast period, 2024-2032.
Europe has the largest share of the global market.
The key players in the market are NXP Semiconductors, The Goodyear Tire & Rubber Company, ZF, Friedrichshafen Ag, Shanghai Baolong Automotive Corporation, Bh Sens Group, Cub Elecparts Inc. and Others.
The direct TPMS category dominated the market in 2022.
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
