Press release
Tyre Pressure Monitoring System (TPMS) Market Growth Regional Insights and Market Analysis
Market Overview
Tyre Pressure Monitoring System Market Market share was valued at 18.19 Billion USD in 2023. The Tyre Pressure Monitoring System Market Market Industry is projected 19.25 Billion US$ in 2024 to 30.3 Billion USD by 2032. The Tyre Pressure Monitoring System Market Market growth register at a CAGR of 5.83% during the forecast period (2024 - 2032).
The Tyre Pressure Monitoring System (TPMS) market has gained significant momentum in recent years, driven by the increasing emphasis on road safety, fuel efficiency, and environmental concerns. TPMS is a technology used in modern vehicles to monitor the air pressure inside pneumatic tyres. It alerts the driver when one or more tyres are significantly under-inflated, thereby enhancing vehicle safety and performance. With the rising adoption of TPMS across the globe, the market is poised for substantial growth, fueled by regulatory mandates, technological advancements, and growing consumer awareness.
Request a Sample Copy of this Report at: https://www.wiseguyreports.com/sample-request?id=634021
Market Drivers
Regulatory Mandates One of the primary factors driving the growth of the TPMS market is the stringent government regulations regarding vehicle safety. In regions like the United States and Europe, regulatory bodies such as the U.S. National Highway Traffic Safety Administration (NHTSA) and the European Union have made TPMS mandatory in all new vehicles. These regulations aim to reduce road accidents caused by under-inflated tyres, which can lead to tyre blowouts, loss of control, and increased fuel consumption.
United States: In 2007, the NHTSA made TPMS mandatory in all passenger cars and light trucks. The regulation requires that TPMS alerts drivers when tyre pressure is 25% lower than the recommended level. This has significantly contributed to the market's expansion in North America.
Europe: The EU passed a similar regulation in 2014, which mandates that all new cars sold from November 2014 onward must be equipped with TPMS.
Growing Focus on Road Safety Under-inflated tyres are a major cause of road accidents. According to the Tire Industry Association (TIA), improper tyre inflation leads to a significant increase in tyre wear, reducing fuel efficiency and increasing the risk of tyre failure. TPMS provides a proactive solution to monitor tyre conditions in real-time, alerting drivers to take corrective actions before issues escalate into serious safety concerns. With an increasing number of road safety campaigns and awareness programs, more consumers are becoming aware of the benefits of TPMS, further stimulating market growth.
Fuel Efficiency and Environmental Concerns Proper tyre pressure is essential for fuel efficiency. Under-inflated tyres create more rolling resistance, leading to higher fuel consumption and greater emissions. Studies show that properly inflated tyres can improve fuel efficiency by up to 3%. As fuel efficiency becomes a key concern for both consumers and automotive manufacturers, the adoption of TPMS to ensure optimal tyre pressure has become crucial. In addition, environmental regulations focused on reducing carbon footprints are also encouraging the installation of TPMS in vehicles.
Technological Advancements TPMS technology has evolved significantly over the years, with the introduction of direct and indirect TPMS systems. Direct TPMS directly measures the air pressure within the tyre using sensors, while indirect TPMS uses the vehicle's ABS (anti-lock braking system) to monitor tyre rotation speeds as an indirect indicator of tyre pressure. The direct TPMS is gaining popularity due to its accuracy and real-time monitoring capabilities.
Furthermore, the integration of TPMS with advanced vehicle systems such as infotainment, navigation, and driver assistance systems has enhanced its functionality. This integration allows for better user interface, detailed tyre diagnostics, and more precise alerts, thus boosting the market demand.
Market Segmentation
The TPMS market can be segmented based on several factors, including type, application, and region:
By Type:
Direct TPMS: This system uses sensors mounted inside the tyres to measure air pressure and transmit data to the vehicle's central system. Direct TPMS provides accurate, real-time data and is increasingly preferred in modern vehicles.
Indirect TPMS: This system monitors the rotation speed of the tyres to detect pressure changes. It is more cost-effective than direct TPMS but offers less accuracy.
By Application:
Passenger Vehicles: This segment dominates the TPMS market due to the high adoption of TPMS in cars, SUVs, and other passenger vehicles, driven by safety regulations and consumer preferences.
Commercial Vehicles: TPMS is increasingly being adopted in commercial vehicles, including trucks, buses, and trailers, to ensure fleet safety, reduce operational costs, and improve fuel efficiency.
Electric Vehicles (EVs): As the EV market continues to grow, TPMS adoption in electric vehicles is also on the rise. EVs often rely on TPMS for enhanced safety, as under-inflated tyres can significantly reduce driving range.
By Region:
North America: The U.S. is one of the largest markets for TPMS, driven by regulatory mandates and high awareness of vehicle safety. Canada and Mexico also contribute to the growth of the market in North America.
Europe: Europe has stringent safety regulations similar to those in the U.S., driving the growth of the TPMS market. The market is also expanding due to the increasing adoption of electric vehicles in the region.
Asia Pacific: The Asia Pacific region is expected to witness substantial growth in the TPMS market due to the rising automotive industry, particularly in countries like China, India, and Japan. Additionally, the growing focus on road safety and vehicle fuel efficiency is boosting the market in this region.
Rest of the World: The TPMS market in the Middle East, Africa, and Latin America is also showing positive growth, albeit at a slower pace compared to North America and Europe. However, increasing automotive production and government regulations are expected to drive the market in these regions as well.
Competitive Landscape
The TPMS market is highly competitive, with a range of players offering innovative solutions to cater to the growing demand for safety and fuel efficiency in vehicles. Key players in the market include:
Sensata Technologies, Inc.
Continental AG
Tire Pressure Control (TPC)
ZF Friedrichshafen AG
Autoliv, Inc.
Huf Hülsbeck & Fürst GmbH & Co. KG
Browse Premium Research insights: https://www.wiseguyreports.com/reports/tyre-pressure-monitoring-system-tpms-market
NXP Semiconductors
These companies are investing heavily in R&D to improve TPMS technology, enhance sensor accuracy, and integrate these systems with other advanced vehicle safety technologies. The trend toward partnerships, collaborations, and mergers and acquisitions is also prevalent in the industry, as companies aim to expand their product portfolios and market reach.
Future Outlook
The TPMS market is expected to continue its robust growth over the next decade, driven by factors such as the increasing adoption of advanced vehicle safety technologies, regulatory requirements, and the growing focus on fuel efficiency and environmental sustainability. With continuous advancements in sensor technology, the integration of TPMS with other automotive systems, and the rise of electric vehicles, the market is poised for significant innovation and expansion.
As consumer awareness of the benefits of TPMS increases, and as regulatory mandates continue to evolve, the global TPMS market will play an integral role in shaping the future of automotive safety and efficiency.
Conclusion
The Tyre Pressure Monitoring System (TPMS) market is evolving rapidly, with advancements in technology, regulatory mandates, and growing consumer demand for safer, more fuel-efficient vehicles. As the market continues to expand, TPMS will be an essential feature in both passenger and commercial vehicles, ensuring a safer and more sustainable driving experience for all.
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About US:
Wise Guy Reports is pleased to introduce itself as a leading provider of insightful market research solutions that adapt to the ever-changing demands of businesses around the globe. We want our clients to have information that can be used to act upon their strategic initiatives. We, therefore, aim to be your trustworthy partner within dynamic business settings through excellence and innovation. By offering comprehensive market intelligence, our company enables corporate organizations to make informed choices, drive growth, and stay ahead in competitive markets.
Rohit Kamble
rohit.kamble@marketresearchfuture.in
WiseGuy Reports
Pune Maharashtra, India 411028
+91 20 6912 2998 | +162 825 80070 (US) | +44 203 500 2763 (UK)
Tyre Pressure Monitoring System Market Market share was valued at 18.19 Billion USD in 2023. The Tyre Pressure Monitoring System Market Market Industry is projected 19.25 Billion US$ in 2024 to 30.3 Billion USD by 2032. The Tyre Pressure Monitoring System Market Market growth register at a CAGR of 5.83% during the forecast period (2024 - 2032).
The Tyre Pressure Monitoring System (TPMS) market has gained significant momentum in recent years, driven by the increasing emphasis on road safety, fuel efficiency, and environmental concerns. TPMS is a technology used in modern vehicles to monitor the air pressure inside pneumatic tyres. It alerts the driver when one or more tyres are significantly under-inflated, thereby enhancing vehicle safety and performance. With the rising adoption of TPMS across the globe, the market is poised for substantial growth, fueled by regulatory mandates, technological advancements, and growing consumer awareness.
Request a Sample Copy of this Report at: https://www.wiseguyreports.com/sample-request?id=634021
Market Drivers
Regulatory Mandates One of the primary factors driving the growth of the TPMS market is the stringent government regulations regarding vehicle safety. In regions like the United States and Europe, regulatory bodies such as the U.S. National Highway Traffic Safety Administration (NHTSA) and the European Union have made TPMS mandatory in all new vehicles. These regulations aim to reduce road accidents caused by under-inflated tyres, which can lead to tyre blowouts, loss of control, and increased fuel consumption.
United States: In 2007, the NHTSA made TPMS mandatory in all passenger cars and light trucks. The regulation requires that TPMS alerts drivers when tyre pressure is 25% lower than the recommended level. This has significantly contributed to the market's expansion in North America.
Europe: The EU passed a similar regulation in 2014, which mandates that all new cars sold from November 2014 onward must be equipped with TPMS.
Growing Focus on Road Safety Under-inflated tyres are a major cause of road accidents. According to the Tire Industry Association (TIA), improper tyre inflation leads to a significant increase in tyre wear, reducing fuel efficiency and increasing the risk of tyre failure. TPMS provides a proactive solution to monitor tyre conditions in real-time, alerting drivers to take corrective actions before issues escalate into serious safety concerns. With an increasing number of road safety campaigns and awareness programs, more consumers are becoming aware of the benefits of TPMS, further stimulating market growth.
Fuel Efficiency and Environmental Concerns Proper tyre pressure is essential for fuel efficiency. Under-inflated tyres create more rolling resistance, leading to higher fuel consumption and greater emissions. Studies show that properly inflated tyres can improve fuel efficiency by up to 3%. As fuel efficiency becomes a key concern for both consumers and automotive manufacturers, the adoption of TPMS to ensure optimal tyre pressure has become crucial. In addition, environmental regulations focused on reducing carbon footprints are also encouraging the installation of TPMS in vehicles.
Technological Advancements TPMS technology has evolved significantly over the years, with the introduction of direct and indirect TPMS systems. Direct TPMS directly measures the air pressure within the tyre using sensors, while indirect TPMS uses the vehicle's ABS (anti-lock braking system) to monitor tyre rotation speeds as an indirect indicator of tyre pressure. The direct TPMS is gaining popularity due to its accuracy and real-time monitoring capabilities.
Furthermore, the integration of TPMS with advanced vehicle systems such as infotainment, navigation, and driver assistance systems has enhanced its functionality. This integration allows for better user interface, detailed tyre diagnostics, and more precise alerts, thus boosting the market demand.
Market Segmentation
The TPMS market can be segmented based on several factors, including type, application, and region:
By Type:
Direct TPMS: This system uses sensors mounted inside the tyres to measure air pressure and transmit data to the vehicle's central system. Direct TPMS provides accurate, real-time data and is increasingly preferred in modern vehicles.
Indirect TPMS: This system monitors the rotation speed of the tyres to detect pressure changes. It is more cost-effective than direct TPMS but offers less accuracy.
By Application:
Passenger Vehicles: This segment dominates the TPMS market due to the high adoption of TPMS in cars, SUVs, and other passenger vehicles, driven by safety regulations and consumer preferences.
Commercial Vehicles: TPMS is increasingly being adopted in commercial vehicles, including trucks, buses, and trailers, to ensure fleet safety, reduce operational costs, and improve fuel efficiency.
Electric Vehicles (EVs): As the EV market continues to grow, TPMS adoption in electric vehicles is also on the rise. EVs often rely on TPMS for enhanced safety, as under-inflated tyres can significantly reduce driving range.
By Region:
North America: The U.S. is one of the largest markets for TPMS, driven by regulatory mandates and high awareness of vehicle safety. Canada and Mexico also contribute to the growth of the market in North America.
Europe: Europe has stringent safety regulations similar to those in the U.S., driving the growth of the TPMS market. The market is also expanding due to the increasing adoption of electric vehicles in the region.
Asia Pacific: The Asia Pacific region is expected to witness substantial growth in the TPMS market due to the rising automotive industry, particularly in countries like China, India, and Japan. Additionally, the growing focus on road safety and vehicle fuel efficiency is boosting the market in this region.
Rest of the World: The TPMS market in the Middle East, Africa, and Latin America is also showing positive growth, albeit at a slower pace compared to North America and Europe. However, increasing automotive production and government regulations are expected to drive the market in these regions as well.
Competitive Landscape
The TPMS market is highly competitive, with a range of players offering innovative solutions to cater to the growing demand for safety and fuel efficiency in vehicles. Key players in the market include:
Sensata Technologies, Inc.
Continental AG
Tire Pressure Control (TPC)
ZF Friedrichshafen AG
Autoliv, Inc.
Huf Hülsbeck & Fürst GmbH & Co. KG
Browse Premium Research insights: https://www.wiseguyreports.com/reports/tyre-pressure-monitoring-system-tpms-market
NXP Semiconductors
These companies are investing heavily in R&D to improve TPMS technology, enhance sensor accuracy, and integrate these systems with other advanced vehicle safety technologies. The trend toward partnerships, collaborations, and mergers and acquisitions is also prevalent in the industry, as companies aim to expand their product portfolios and market reach.
Future Outlook
The TPMS market is expected to continue its robust growth over the next decade, driven by factors such as the increasing adoption of advanced vehicle safety technologies, regulatory requirements, and the growing focus on fuel efficiency and environmental sustainability. With continuous advancements in sensor technology, the integration of TPMS with other automotive systems, and the rise of electric vehicles, the market is poised for significant innovation and expansion.
As consumer awareness of the benefits of TPMS increases, and as regulatory mandates continue to evolve, the global TPMS market will play an integral role in shaping the future of automotive safety and efficiency.
Conclusion
The Tyre Pressure Monitoring System (TPMS) market is evolving rapidly, with advancements in technology, regulatory mandates, and growing consumer demand for safer, more fuel-efficient vehicles. As the market continues to expand, TPMS will be an essential feature in both passenger and commercial vehicles, ensuring a safer and more sustainable driving experience for all.
Other Related Reports:
Household Stationary Battery Market: https://www.wiseguyreports.com/reports/household-stationary-battery-market
Explosion Proof Power Supplies Market: https://www.wiseguyreports.com/reports/explosion-proof-power-supplies-market
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About US:
Wise Guy Reports is pleased to introduce itself as a leading provider of insightful market research solutions that adapt to the ever-changing demands of businesses around the globe. We want our clients to have information that can be used to act upon their strategic initiatives. We, therefore, aim to be your trustworthy partner within dynamic business settings through excellence and innovation. By offering comprehensive market intelligence, our company enables corporate organizations to make informed choices, drive growth, and stay ahead in competitive markets.
Rohit Kamble
rohit.kamble@marketresearchfuture.in
WiseGuy Reports
Pune Maharashtra, India 411028
+91 20 6912 2998 | +162 825 80070 (US) | +44 203 500 2763 (UK)
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