Automotive Tire Pressure Monitoring Systems (TPMS) Market to See a Significant Rise to US$ 23.62 Bn by 2026 - Persistence Market Research

The Automotive Tire Pressure Monitoring Systems (TPMS) market is an integral part of the growing automotive industry, focusing on enhancing vehicle safety by monitoring tire pressure. TPMS uses sensors or wheel speed sensors of ABS/ESC systems to provide real-time data about tire pressure, alerting drivers when tire inflation reaches unsafe levels. The increasing focus on vehicle safety and growing government regulations mandating the installation of TPMS are major drivers of market expansion.

In 2018, the global TPMS market was valued at approximately US$ 11,651.2 million and is projected to grow at a robust compound annual growth rate (CAGR) of 9.2%, reaching US$ 23,620.5 million by the end of 2026. This growth is expected to be driven by the increasing adoption of TPMS in both passenger and commercial vehicles as safety standards become more stringent globally.

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Market Overview: Key Statistics and Growth Drivers

The TPMS market is projected to experience significant growth over the next few years. The market is estimated to witness an incremental opportunity of US$ 11,969.3 million between 2018 and 2026. Growth is mainly driven by increased automotive production globally, the enforcement of regulations, and the overall rise in demand for advanced automotive safety systems. The key growth drivers include an increase in vehicle production, stringent government regulations mandating TPMS installation in vehicles, and the growing emphasis on vehicle safety.

In terms of market segmentation, the passenger car segment is expected to dominate the TPMS market, accounting for 83.1% of the total market value share by 2026. Geographically, North America is expected to lead the market, contributing to 37% of the total market volume by 2018, and is forecasted to experience a CAGR of 8.3% over the forecast period. This dominance is attributed to the robust automotive industry and regulatory requirements in the region, which push for the widespread adoption of TPMS.

Key Highlights from the Report

• The global TPMS market is projected to grow from US$ 11,651.2 Mn in 2018 to US$ 23,620.5 Mn by 2026.
• The direct TPMS segment will account for a dominant 89.2% market share by 2026.
• The passenger car segment is expected to hold 83.1% of the TPMS market value share by 2026.
• North America is expected to dominate the market, contributing 37.0% of the market share in 2018.
• The OEM segment is anticipated to account for 60.7% of the TPMS market share by 2026.
• The TPMS market is projected to grow significantly in the regions of China and Southeast Asia & Pacific, with CAGRs of 10.3% and 10.0%, respectively.

Market Segmentation

The global TPMS market can be segmented based on product type, vehicle type, sales channel, and region. By product type, the TPMS market is divided into direct and indirect TPMS. Direct TPMS uses pressure sensors in each tire to measure air pressure, while indirect TPMS uses wheel speed sensors of the ABS/ESC system to estimate tire pressure based on the vehicle's rotation. The direct TPMS segment is expected to capture the largest market share, as it provides more accurate and reliable data compared to indirect TPMS.

In terms of vehicle types, the passenger car segment is projected to dominate the TPMS market, owing to the widespread adoption of TPMS in passenger vehicles, particularly in developed regions. This segment will continue to maintain a significant share through 2026. Additionally, the light commercial vehicle (LCV) and heavy commercial vehicle (HCV) segments are also expected to experience growth due to rising vehicle production and safety regulations across the automotive sector.

Regional Insights

North America is one of the largest markets for TPMS, with a market share of 37.0% in 2018. The region's dominance can be attributed to stringent regulations, such as the U.S. National Highway Traffic Safety Administration's (NHTSA) mandate, which requires all vehicles sold in the U.S. to be equipped with TPMS. Additionally, the growing demand for advanced automotive safety systems is driving market growth in North America.

China and Southeast Asia & Pacific (SEA & Pacific) regions are expected to show rapid market growth, with projected CAGRs of 10.3% and 10.0%, respectively, over the forecast period. The growing automotive production in these regions, along with the increasing adoption of TPMS as safety standards improve, contributes significantly to the market's expansion in these areas.

Market Drivers

The growth of the global TPMS market can be attributed to several key drivers. First, the increasing production of vehicles worldwide, particularly in emerging markets such as China and India, is fueling demand for TPMS. As vehicle manufacturers produce more cars, the demand for safety systems like TPMS rises. Additionally, regulatory pressures in regions such as North America and Europe, where TPMS installation is mandatory in new vehicles, are significantly driving market growth.

Second, there is a growing consumer preference for advanced automotive safety features. As safety concerns rise, drivers and automakers are more inclined to invest in technologies like TPMS, which reduce the risk of accidents caused by under-inflated tires. This shift towards safety-conscious vehicle features is expected to propel TPMS adoption globally.

Market Restraints

Despite the numerous growth opportunities, several challenges may hinder the TPMS market's expansion. One key restraint is the high cost associated with TPMS, especially in developing countries where budget-conscious consumers may prioritize affordability over advanced safety features. The installation of TPMS, especially direct TPMS, can increase the overall cost of vehicles, limiting its adoption among budget-conscious buyers.

Another potential restraint is the limited battery life of TPMS systems. Typically, TPMS batteries last between 6 to 10 years. Once the battery fails, the entire TPMS system needs to be replaced, adding extra costs for vehicle owners. This replacement requirement can deter some consumers, especially in regions where vehicle owners are not aware of the importance of replacing worn-out TPMS systems.

Market Opportunities

There are several emerging opportunities in the TPMS market. One of the most promising is the growing trend of electric vehicles (EVs), which are often equipped with advanced safety technologies like TPMS. As EV adoption rises globally, the demand for TPMS in electric vehicles will likely increase, providing new market opportunities for manufacturers.

Another opportunity lies in the expansion of TPMS in aftermarket sales. As more consumers look to upgrade their vehicles with safety features like TPMS, the aftermarket segment is expected to witness significant growth. With the rise of online retail platforms, there is also potential for the expansion of TPMS sales through e-commerce channels, reaching a broader consumer base.

Frequently Asked Questions (FAQs):

• How Big is the Automotive Tire Pressure Monitoring Systems (TPMS) Market?
• Who are the Key Players in the Global TPMS Market?
• What is the Projected Growth Rate of the TPMS Market?
• What is the Market Forecast for the TPMS Industry by 2032?
• Which Region is Estimated to Dominate the TPMS Industry through the Forecast Period?

Key Players

The major players dominating the global TPMS market include:
1. ZF Friedrichshafen AG
2. Continental AG
3. Sensata Technologies, Inc.
4. Denso Corporation
5. Pacific Industrial Co., Ltd.
6. NXP Semiconductors
7. WABCO
8. Huf Hülsbeck & Fürst GmbH & Co. KG
9. NIRA Dynamics AB
10. Bendix Commercial Vehicles Systems LLC
11. Dunlop Tech GmbH
12. Hamaton Automotive Technology Co., Ltd.
13. Bartec USA LLC
14. ATEQ

Recent Developments in the TPMS Market

• In 2024, Sensata Technologies introduced a new generation of TPMS sensors designed to improve tire safety in electric vehicles, offering enhanced durability and performance.
• Continental AG expanded its TPMS offerings by developing integrated solutions for both passenger cars and commercial vehicles, strengthening its position in the global market.

The TPMS market continues to evolve with technological advancements and regulatory changes, ensuring a safer and more efficient driving experience for consumers globally. As the automotive industry moves towards more sophisticated safety systems, TPMS will play a critical role in improving vehicle safety and performance across all regions.

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