Global Tire Pressure Monitoring System Market Projected to Reach $14.3 Billion by 2032, Bolstered by Rising Awareness of Vehicle Safety and Maintenance

The global Tire Pressure Monitoring System (TPMS) market, which stood at USD 6.9 billion in 2023, is predicted to grow to a market size of USD 14.3 billion by 2032. This impressive expansion represents a compound annual growth rate (CAGR) of 8.2% between 2024-2032. This dramatic increase in market size can be credited to rising awareness regarding vehicle safety and maintenance among the global population.

The tire pressure monitoring system (TPMS) is emerging as a key player in market growth. This electronic system is specifically engineered to keep check on the air pressure within the pneumatic tires of several types of vehicles. Utilizing either a gauge, a pictogram display, or a straightforward low-pressure warning light, the TPMS communicates tire-pressure information to the driver in real-time.

Primarily, the TPMS is designed to provide drivers with alerts pertaining to under-inflated tires. This function plays a pivotal role in averting traffic accidents, thereby significantly enhancing overall road safety. Consequently, the amplified consciousness of vehicle safety and the need for regular maintenance is funneling the tire pressure monitoring system (TPMS) market's escalating progression

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐟𝐫𝐞𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 @ https://dataintelo.com/request-sample/248178

𝐓𝐡𝐢𝐬 𝐢𝐬 𝐨𝐧𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐨𝐬𝐭 𝐝𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐧𝐝 𝐜𝐨𝐯𝐞𝐫 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐬:

The tire pressure monitoring system (TPMS) market has been segmented on the basis of𝐓𝐲𝐩𝐞
● Direct TPMS
● Indirect TPMS

𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐓𝐲𝐩𝐞
● Passenger Vehicles
● Commercial Vehicles

𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲
● Conventional TPMS
● Intelligent TPMS

𝐒𝐚𝐥𝐞𝐬 𝐂𝐡𝐚𝐧𝐧𝐞𝐥
● OEM
● Aftermarket

𝐑𝐞𝐠𝐢𝐨𝐧
● Asia Pacific
● North America
● Latin America
● Europe
● Middle East & Africa

𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
● 𝐀𝐩𝐭𝐢𝐯
● Continental AG
● Delphi Automotive (Phinia Inc.)
● DENSO CORPORATION
● 𝐃𝐔𝐍𝐋𝐎𝐏 𝐓𝐄𝐂𝐇 𝐆𝐦𝐛𝐇
● Garmin Ltd.
● Infineon Technologies AG
● NIRA DYNAMICS
● NXP Semiconductors
● Sensata Technologies, Inc.
● ZF Friedrichshafen AG

Segment Analysis:

In the tire pressure monitoring system (TPMS) market, segmentation is carried out on the basis of several factors such as type, vehicle type, technology, sales channel, and key players. The types of TPMS are direct and indirect. Direct TPMS measures the pressure in each tire and warns the driver when the air pressure is below the prescribed level. Conversely, indirect TPMS uses the vehicle's anti-lock braking system's wheel speed sensors to find out if a tire is underinflated. Both these types see extensive use in modern automobiles for safety measures. Segmentation is also done based on vehicle type, where the TPMS are used in passenger vehicles or commercial vehicles. Additionally, segmentation is done based on technology. Conventional TPMS are systems that have been in use for a long time, while intelligent TPMS includes advanced technology and features such as integration with smartphones, advanced warning systems, and more data about tire performance. The market for TPMS is also segmented into original equipment manufacturers (OEMs) and aftermarket sales channel.

Regional Analysis:

Regionally, the TPMS market is studied across Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. North America is a significant market due to stringent government regulations compelling the use of TPMS in automobiles and the high awareness about vehicle safety among consumers. Asia Pacific also represents a major share in the global TPMS market attributed to the growing automotive sector in countries like China, Japan, and India. Europe too sees a considerable market share in the TPMS market owing to the mandatory use of the TPMS in all vehicles. Latin America and the Middle East & Africa are also expected to show growth in the TPMS market due to increasing vehicle production in these regions. Examining these trends provides valuable insights about the global demand and possible future growth prospects. The key players operating in the global TPMS market include Aptiv, Continental AG, Delphi Automotive (Phinia Inc.), DENSO CORPORATION, DUNLOP TECH GmbH, Garmin Ltd., Infineon Technologies AG, NIRA DYNAMICS, NXP Semiconductors, Sensata Technologies, Inc., and ZF Friedrichshafen AG. These players have a significant impact on the TPMS market trends and dynamics in their respective regions

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐟𝐫𝐞𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 @ https://dataintelo.com/request-sample/248178

Market Drivers:

1. Enhanced road and vehicle safety: TPMS increases the overall safety by alerting the driver to unsafe conditions even before they become critical. This need for enhanced safety is a major driving factor for the TPMS market.

2. Government regulations: In many countries, it's mandatory for new vehicles to have a TPMS. These legislations make a significant contribution to the growth of TPMS market.

3. Fuel Efficiency: Tire pressure monitoring systems help in maintaining optimal tire pressure, which enhances the vehicle's fuel efficiency. Rising fuel prices are driving vehicle owners to adopt these systems.

4. Advances in Technology: Recent technological advancements have made the TPMS more reliable and accurate, driving their adoption rate.

5. Increased vehicle production: The growing automotive industry with increasing vehicle production worldwide also drives the demand for TPMS.

Opportunity:

1. Electric Vehicles: The push for electric vehicles worldwide represents a significant opportunity for TPMS manufacturers given the importance of optimal tire pressure in maximizing range.

2. Aftermarket Sales: There is a growing market for aftermarket TPMS, providing an opportunity for manufacturers and retailers alike.

3. Emerging Markets: Developing countries with rapidly growing auto sectors offer tremendous potential for the expansion of the TPMS market.

4. Integration of TPMS with telematics system: With the increasing usage of telematics in vehicles for data analytics, the integration of TPMS with such systems can provide real-time updates and predictive maintenance alerts, offering a lucrative opportunity for the TPMS market.

5. High-performance Vehicles: There's high demand for TPMS in sports and luxury vehicles, where tire performance is essential. High-performance vehicle market is expected to grow, and this could present many opportunities for the TPMS market

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