Tire Pressure Monitoring System Market Size, Share, CAGR 2030

A Tire Pressure Monitoring System Market is a safety feature on most modern vehicles that monitors the air pressure in each tire and alerts the driver if the pressure is too low. TPMS systems can be either direct or indirect. Direct TPMS systems use sensors in each tire to measure the air pressure, while indirect TPMS systems use the vehicle's anti-lock braking system (ABS) sensors to detect changes in wheel speed that could indicate low tire pressure. TPMS systems can help to improve fuel efficiency, reduce tire wear, and increase safety by alerting drivers to low tire pressure. Low tire pressure can cause a number of problems, including Increased risk of a blowout, Reduced fuel efficiency etc. TPMS systems are required on all passenger cars and light trucks manufactured after September 1, 2007.

Tire Pressure Monitoring System Market Statistics and Highlights:

● Global TPMS market to reach USD 6.5 billion by 2030, expanding at a CAGR of 9.6% during 2022-2030.
● North America accounted for the largest share in 2021.
● Among vehicle types, passenger cars dominated the share in 2021.
● Regulatory emphasis on TPMS implementation is steering demand.

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Analysis of Key Market Dynamics:

The TPMS market outlook is positive, driven by tightening regulatory mandates for TPMS fitment to improve vehicle safety and fuel efficiency. TPMS helps ensure proper tire inflation, which reduces the risk of blowouts and improves tire life and fuel economy. High incremental costs, integration complexities with existing electronics, and cybersecurity risks are key challenges that are limiting mass adoption. Ongoing miniaturization and sensor accuracy developments will shape future growth trajectories. In the future, TPMS is expected to become more affordable and easier to integrate with existing vehicle electronics. This will make it more attractive to a wider range of vehicle manufacturers and consumers, leading to increased adoption. Additionally, advances in sensor accuracy will make TPMS even more effective at preventing tire-related accidents and improving fuel efficiency.

Latest Tire Pressure Monitoring System Market Trends and Innovations:

● Integration of MEMS sensors enabling miniaturized, energy-efficient TPMS.
● Incorporation of IoT connectivity for fleet management and predictive maintenance.
● Adoption of machine learning algorithms for smart TPMS with auto-calibration capabilities.
● Focus on cybersecurity to mitigate hacking risks pertaining to TPMS electronics and connectivity.
● Development of self-powered TPMS leveraging energy harvesting technologies eliminating battery requirements.

Major Growth Drivers in the Tire Pressure Monitoring System Market:

● Expanding global automotive production and surging regulatory emphasis on TPMS implementation for safety.
● Growing integration of advanced driver assistance systems (ADAS) focused on accident prevention.
● Rising consumer awareness regarding tire maintenance and associated fuel savings benefits.
● Increasing penetration of digital solutions and IoT in the automotive sector.
● Growth of connected vehicles and fleet management services globally.

Key Challenges Hindering Tire Pressure Monitoring System Market Growth:

● High incremental costs of TPMS integration, especially across low-end vehicle segments.
● Complex integration with existing vehicle electronics and ECUs.
● Lack of standardized TPMS programming and data reporting protocols.
● Technical challenges pertaining to sensor accuracy and power consumption.
● Potential cybersecurity risks arising from TPMS connectivity and cloud integration.

Segmentation:

Based on the Technology
● Direct TPMS
● Indirect TPMS

Based on the Vehicle Type
● Heavy Commercial Vehicles
● Passenger Cars

● Light Commercial Vehicles
Based on the Sales Channel
● OEMs
● Aftermarket

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TPMS Market Regional Outlook:

Asia Pacific, Europe, and North America are currently the leading regional tire pressure monitoring system markets. However, China, India, Brazil, and Mexico represent high-growth opportunities over the coming decade. This is due to a number of factors, including increasing vehicle production in these countries, rising consumer awareness of TPMS benefits, and government regulations mandating the use of TPMS in new vehicles. In China, for example, the government has mandated that all new passenger vehicles manufactured after January 1, 2019, be equipped with TPMS. This is expected to boost the demand for TPMS in the country significantly. Similarly, India is also considering mandating the use of TPMS in new vehicles. This is expected to create a large market for TPMS in the country.

Leading Companies Offering TPMS Solutions:

Key players include Continental AG, ZF Friedrichshafen AG, Sensata Technologies, Denso Corporation, Pacific Industrial Co. Ltd., Baolong Automotive, NXP Semiconductors, and Hitachi Astemo Ltd., among others. Market leaders are focused on research partnerships and developing innovative TPMS platforms.

Conclusion:
The tire pressure monitoring system market is expected to witness significant growth owing to the rising automotive production, regulatory mandates regarding TPMS implementation, and increasing focus on vehicle safety and fuel efficiency globally.

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This release was published on openPR.