Press release
Increasing Road Accidents Fuel Demand For Automotive Tire Pressure Monitoring Systems: Key Factor Driving The Growth In The Automotive Tire Pressure Monitoring System Market
Automotive Tire Pressure Monitoring System
What Is the Expected Automotive Tire Pressure Monitoring System Market Size During the Forecast Period?
The market size for the automotive tire pressure monitoring system has witnessed quick expansion in recent years. The market is set to grow from $9.59 billion in 2024 to $11.06 billion in 2025, showing a compound annual growth rate (CAGR) of 15.3%. The surge seen in the historical period can be credited to an upswing in automotive manufacturing and sales, an expanded automotive aftermarket, greater safety and security demands, and the effects of globalization and international trade.
The market for automotive tire pressure monitoring systems is predicted to experience swift expansion in the upcoming years, with estimations suggesting growth to $19.56 billion by 2029 at a compound annual growth rate (CAGR) of 15.3%. This projected expansion during the forecast period is due to factors such as vehicle electrification, development of autonomous vehicles, strict government regulations, the widening of the connected car ecosystem, and increasing disposable income. Foresighted trends during the period of prediction comprise sophisticated sensor technology, connected tpms, predictive maintenance, integration with smartphones, data analytics, and AI.
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What Are the High-Growth Segments in the Automotive Tire Pressure Monitoring System Market?
The automotive tire pressure monitoring system market covered in this report is segmented -
1) By Type: Direct TPMS, Indirect TPMS
2) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
3) By Sales Channel Type: OEM, After market
Subsegments:
1) By Direct TPMS: Battery-Powered Direct TPMS, Solar-Powered Direct TPMS, Multi-Channel Direct TPMS
2) By Indirect TPMS: ABS-Based Indirect TPMS, Wheel Speed Sensor-Based Indirect TPMS
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What Key Drivers Are Expected to Influence Future Automotive Tire Pressure Monitoring System Market Growth?
The automotive tire pressure monitoring systems market is expected to expand in the near future, due to the increasing occurrence of accidents. These unforeseen, undesired, and abrupt incidents, which often lead to injuries or death, have triggered regulatory bodies to require the implementation and use of tire pressure monitoring systems in vehicles, hence stimulating the manufacturing of such systems. To illustrate, in July 2024, data from the National Safety Council, a non-profit public service organization based in the US, reported an estimated 3,820 motor vehicle fatalities in June 2024. This figure represents a slight escalation from the 3,780 deaths recorded in June 2023. Consequently, the rising volume of accidents and resulting road fatalities are stimulating the advancement of the automotive tire pressure monitoring systems market.
Which Companies Hold the Largest Share Across Different Automotive Tire Pressure Monitoring System Market Segments?
Major companies operating in the automotive tire pressure monitoring system market include Continental AG, Sensata Technologies Holding plc, Denso Corporation, Pacific Industrial Co. Ltd., NXP Semiconductors N.V., Huf Hülsbeck & Fürst GmbH & Co. KG, Nira Dynamics AB, Hamaton Automotive Technology Co. Ltd., ATEQ TPMS, Alligator Ventilfabrik GmbH, ALPS ALPINE CO. LTD, Doran Manufacturing, Bartec USA LLC, Dill Air Controls Products, ZF Friedrichshafen AG, DUNLOP TECH GmbH, Schrader International Inc., WABCO Holdings Inc., ACDelco a General Motors Company, TRW Automotive Inc., Bridgestone Corporation, BorgWarner Inc., HELLA GmbH & Co. KGaA, Lear Corporation, Omron Corporation, Visteon Corporation, Transense Technologies PLC, Xensor Corporation, CUB Elecparts Inc., Sate Auto Electronic Co. Ltd., Shanghai Baolong Automotive Corporation, Paceline Electronics Inc.
What Trends Are Driving Growth in The Automotive Tire Pressure Monitoring System Market?
The emergence of technological advancements is a key trend gaining traction in the automotive tire pressure monitoring system market. The focus for leading businesses within the automotive TPMS industry lies in research endeavors and the invention of new products incorporating advanced technologies to spur market growth. For example, in June 2022, Sensata Technologies, a company based in the US that supplies sensing, electrical protection, control, and power management solutions, engineered their Intelligent Tire Pressure Monitoring System (TPMS) incorporating Bluetooth low energy wireless technology to enhance vehicle safety and performance. This system replaces the old ultra-high frequency (UHF) radio with Bluetooth enabling bidirectional communication. This compatibility with Over-the-Air updates allows for drivers to access updates without the necessity to visit a service center. Additionally, it offers robust cybersecurity measures.
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What Are the Emerging Geographies for The Automotive Tire Pressure Monitoring System Market Growth?
North America was the largest region in the automotive tire pressure monitoring system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive tire pressure monitoring system market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Tire Pressure Monitoring System Market?
2. What is the CAGR expected in the Automotive Tire Pressure Monitoring System Market?
3. What Are the Key Innovations Transforming the Automotive Tire Pressure Monitoring System Industry?
4. Which Region Is Leading the Automotive Tire Pressure Monitoring System Market?
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