The global Tire Pressure Monitoring System market was valued at USD 10.7 Billion in 2022 and is projected to reach USD 26.2 Billion by 2030, registering a CAGR of 15.17% for the forecast period 2023-2030.
Market Definition
Tire pressure monitoring systems can be defined as the electronic devices that measures air pressure inside the tires and reports with real-time data to the driver in forms of warning alerts. TPMS is further categorized into two main types direct TPMS and indirect TPMS. The technology became a standard feature and a crucial component in the modern-day vehicles ensuring road safety, improving fuel efficiency and also improves tire life. Various governments of various countries such as United states, the European union, china and others, for safety concerns of their netizens introduced strict regulations mandating implementations of these TPMS devices. These regulations are established to reduce road accidents caused with underinflated tires.
The technological advancements in these TPMS market to further fuel markets growth with system leveraged with sensors and wireless communication devices which became an integral part of the advanced driver-assistance systems (ADAS) resulting in more accuracy and cost-effective products and services.
Market Size:
- 2022: USD 10.7 billion
- 2030: USD 26.2 billion
- CAGR (2023-2030): 15.17%
Drivers Propelling the Demand for Tire Pressure Monitoring System include
Governments mandatory laws for implementation and the advancement in technology to drive the TPMS market : The primary driving factor for tire pressure monitoring systems is the initiative taken by various governments of various countries in order to improve the safety for consumers for which they made regulatory laws for compulsory implementation of these TPMS devices which will ensure safety on roads and reduce accidents caused by underinflated tires and also improve fuel efficiency. With the implementation of these devices on vehicles real-time monitoring of tire pressure and immediate alerts to drivers is possible. The advancements in these technologies also play a vital role in driving the market with constant innovation and development in sensors and wireless communication technology made these TPMS more accurate and cost-effective these advancements are attracting consumers to implement these devices for safety concerns is rising the demand for TPMS market.
Recent Developments
In June 2023, The Goodyear tire & rubber company announced its first-time tire intelligence capabilities to record tire pressure and temperature to be featured on NASCAR Next Gen Chevrolet Camaro ZL1 Garage.
In October 2023, A trusted brand in TPMS solutions, announces launch of next generation rite-sensor in order to ensure smooth transition for its customers.
In September 2023, The sensor of Infineon integrates MEMS sensor and ASIC and provides smart tire features enabling advanced monitoring systems such as on-tire auto-position sensing, tire inflation assistance, tire blowout detection, and load detection.
Restraint
Rising raw material costs and the cybersecurity concerns to hamper the markets growth : The tire pressure monitoring system market is majorly restrained with the increasing cost of raw materials as the market is dependent on various components and materials such as sensors, microcontrollers, wireless communication modules, batteries which consists of rare materials like metals, advanced components, or specialized polymers. With the fluctuations in the cost of the raw materials costs can affect the overall manufacturing costs of these TPMS devices and becomes difficult to maintain the prices which can restrain the implementations of these devices as well as the raw material accessibility and affordability. Further the integration of these devices with the vehicles internal systems can be a threat of cyber attacks and can cause various consequences such as unauthorized access to data networks. This may create loss of confidence in consumers for implementations of these devices which may restrain the market for the tire pressure monitoring systems.
Challenges
High initial costs and unawareness about these TPMS devices in consumers to put several challenges : The market for tire pressure monitoring systems faced several challenges, the primary challenge is the high initial cost required for the purchase and installation of these TPMS devices which creates barriers for both manufacturers for making these devices as cheap as possible and for the consumers for these additional costs. Maintenance and replacement of these sensor batteries to add further challenge with the costs related to it many consumers are even unaware of these maintenance requirements can lead to reduction in TPMS performance. Different models in vehicles require different requirement of sensors and communication protocols making it difficult to make standardized TPMS solutions.
Opportunities
Government’s initiative for implementation of TPMS to create new opportunities : TPMS offers wide range of opportunities to grow, with the initiative by various governments for improving the safety and security of consumers made mandatory laws for implementation of TPMS onto modern vehicles to drive the markets growth. Rising demand for advanced TPMS features such as real-time tire pressure monitoring, alerts for low tire pressure, high tire temperature, and others to further fuel the markets growth. These TPMS can be integrated with other vehicle systems such as anti-braking systems (ABS), and electronic stability control (CBS) this integration is creating immense opportunities for manufacturers to develop and innovate products and solutions based on current as well as the new developing technologies which offers advanced benefits over the traditional TPMS systems. These new technologies are creating opportunities for manufacturers in the tire pressure monitoring systems market.
Snapshot:
| Attributes | Details |
| Market Size in 2022 | USD 10.7 Billion |
| Market Forecast in 2030 | USD 26.2 Billion |
| Compound Annual Growth Rate (CAGR) | 15.17 % |
| Unit | Revenue (USD Million) and Volume (Kilo Tons) |
| Segmentation | by type, by vehicle type, by propulsion, by sales channel & by region |
| By Type |
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| By Vehicle Type |
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| By Region |
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| Base Year | 2022 |
| Historical Year | 2018 - 2022 |
| Forecast Year | 2023 - 2030 |
Segment Analysis of the Tire Pressure Monitoring System Market
The tire pressure monitoring system market is segmented by type, vehicle type, propulsion, sales channel, and region.
By Vehicle Type
The passenger cars segment to hold major share in 2022 : Based on the vehicle type the tire pressure monitoring system market is sub-categorized into passenger cars and commercial vehicles. Passenger cars to hold the major share in the 2022 with the rising popularity of the SUV’s and pickup trucks. For instance, according to International organization of motor vehicle manufacturers globally passenger cars with around 5,74,85,378 units sold holds the major share with respect to commercial vehicles with 2,41,43,155 units.
Regional Analysis
North America occupied the largest market share in 2022 : Asia-Pacific to lead the market in the 2022. With the emerging markets such India, China the rising industrialization with laws made mandatory for implementation of the TPMS devices to be the primary factor contributing to the regions position. For instance, according to the International organization of motor vehicle manufacturers around 4,45,66,542 units of vehicles were sold all together in the Asia-pacific and middle east region. With 2,08,88,241 units sold America holds the second position and with 1,50,83,088 units Europe on the third.
List of the prominent players in the Tire Pressure Monitoring System Market:
- ZF Friedrichshafen AG
- Continental AG
- Sensata Technologies Inc.
- DENSO CORPORATION
- Pacific Industrial Co. Ltd.
- NXP Semiconductors
- WABCO
- Huf Hülsbeck & Fürst GmbH & Co. KG
- Nira Dynamics AB
- Knorr-Bremse AG
- Dunlop Tech GmbH
- Hamaton
- Bartec USA LLC
- ATEQ TPMS
- Infineon Technologies AG
- Garmin Ltd.
- ALLIGATOR Ventilfabrik GmbH
- PressurePro
- ALPS ELECTRIC CO. LTD.
- Aptiv
- Dill Air Controls Products
- Doran Manufacturing LLC.
Segmentation Analysis of the Tire Pressure Monitoring System Market
By Type
- Direct TPMS
- Indirect TPMS
- Passenger Cars
- Commercial Vehicles
- ICE
- Electric & Hybrid
- Alternate Fuel Vehicle
- Aftermarket
- OEM
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Impact of the COVID-19 Pandemic on the Tire Pressure Monitoring System Market:
COVID-19 significantly impacted the tire pressure monitoring system market. The pandemic led to closure of factories and plants and even travel restrictions imposed by the governments created shortages of raw materials, labors, and supply chain disruption impacted the overall automotive sales, as the TPMS components and sensors are essential parts of the vehicles delayed the manufacturing and distribution of these systems. For consumers it delayed new purchases decisions and the maintenance appointments led to decrease in the count of TPMS system services or replacements.
Further, the increasing usage of online platforms during the lockdown, e-commerce gave the automotive sector need for adoption of these long-term consumer behaviors. The governments initiative for improving safety and to reduce emissions is now required by law and made mandatory regulations and implementations of these TPMS onto the vehicles to further drive the market growth.
