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Increase In Vehicle Production And Sales Fueling The Growth Of The Market Due To Rising Demand For Safety Features And Regulatory Compliance: Transformative Forces Shaping the Advanced Tire Pressure Monitoring System Market Landscape in 2025
Advanced Tire Pressure Monitoring System Market
What Will the Advanced Tire Pressure Monitoring System Industry Market Size Be by 2025?
The market for advanced tire pressure monitoring systems has seen robust growth in recent years. Its value is expected to increase from $4.91 billion in 2024 to $5.3 billion in 2025, translating to a compound annual growth rate (CAGR) of 7.9%. A host of factors fueled the growth during the historical period. These include government mandates for tire pressure monitoring systems (TPMS), heightened vehicle safety consciousness, an upsurge in passenger vehicle sales, escalation in automotive production, and a surge in demand for fuel-efficient vehicles.
What's the Long-Term Growth Forecast for the Advanced Tire Pressure Monitoring System Market Size Through 2029?
The market for advanced tire pressure monitoring systems is set to experience substantial growth in the ensuing years, with projections indicating a market value of $7.09 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.6%. Factors such as its growing use in commercial vehicles, a heightened focus on predictive maintenance, and the advent of electric and autonomous vehicles are driving this growth. Moreover, the skyrocketing demands for tire replacement and an increasing need for aftermarket tire pressure monitoring systems (TPMS) are also contributing to this expansion. The key trends for this period would encompass real-time monitoring enhancements, integrating with telematics platforms, with an emphasis on wireless and app-based TPMS solutions, sensor miniaturization, and the application of cloud-based data analytics in TPMS.
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What Are the Key Growth Drivers Fueling the Advanced Tire Pressure Monitoring System Market Expansion?
The surge in the production and sales of vehicles is projected to drive the expansion of the advanced tire pressure monitoring system (TPMS) market in the future. The manufacturing and distribution of various types of motor vehicles - passenger cars, commercial vehicles, and electric vehicles - constitute vehicle production and sales. As the automotive sector transitions towards intelligent and interconnected means of transport, TPMS adapts incorporating wireless connectivity, notifications in real-time, and compatibility with onboard diagnostic systems, thus stimulating innovation and enhancing value in the market. For example, in May 2024, the International Organization of Motor Vehicle Manufacturers (OICA) - a trade association based in France for the auto industry - reported that worldwide vehicle production had reached beyond 93.5 million units in 2023, marking a 10% uptick from 2022. Hence, the escalation in vehicle production and sales is catalyzing the growth of the advanced tire pressure monitoring system market.
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What Are the Key Trends Driving Advanced Tire Pressure Monitoring System Market Growth?
Companies that hold prominence in the advanced tire pressure monitoring system (TPMS) industry are directing their efforts towards crafting smart TPMS sensors, aimed at enhancing vehicle safety, fuel sustainability, and overall efficiency. The Intelligent Tire Pressure Monitoring Sensors (TPMS) are the upgraded version of the conventional TPMS sensors and not limited only to tire pressure measurement. They are designed to offer accurate, up-to-date, and multiple data related to the wellbeing and performance of tires. For example, Infineon Technologies AG, a semiconductor producer from Germany, introduced the XENSIV SP49 tire pressure monitoring sensor in September 2023. This sensor, SP49, encapsulates Microelectromechanical Systems (MEMS) sensors and the technology of an Application-Specific Integrated Circuit (ASIC) to assist intelligent tire functions including automatic position sensing, tire inflation help, blowout detection, and load examination. It uses a 32-bit Arm M0+ core, has significant memory storage, and operates on low electricity consumption making it favourable for traditional as well as electric vehicles. Its smart integration contributes to reducing pollution, extending tire longevity and accentuating road security through direct tire pressure monitoring system implementation.
How Is the Advanced Tire Pressure Monitoring System Market Segmented?
The advanced tire pressure monitoring system market covered in this report is segmented -
1) By Product Type: Direct Tire Pressure Monitoring System (TPMS), Indirect Tire Pressure Monitoring System (TPMS)
2) By Technology: Battery-Powered, Energy Harvesting
3) By Vehicle Type: Passenger Vehicles, Commercial Vehicles
4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Subsegments:
1) By Direct Tire Pressure Monitoring System (TPMS): Pressure Sensors, Control Units, Transmitters, Receiver Modules, Batteries
2) By Indirect Tire Pressure Monitoring System (TPMS): Wheel Speed Sensors, Electronic Control Units (ECU), Software Algorithms
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Which Companies Are Leading the Charge in Advanced Tire Pressure Monitoring System Market Innovation?
Major companies operating in the advanced tire pressure monitoring system market are Hitachi Astemo Ltd., ZF Friedrichshafen AG, Orange Electronic Co., Ltd., Denso Corporation, Continental AG, Hyundai Mobis Co. Ltd., Valeo S.A., Infineon Technologies AG, NXP Semiconductors N.V., HELLA GmbH & Co. KGaA, Delphi Technologies PLC, Sensata Technologies Holding PLC, Pacific Industrial Co. Ltd., Huf Hülsbeck & Fürst GmbH & Co. KG, Bartec USA LLC, Schrader Electronics Limited, CUB Elecparts Inc., ATEQ TPMS Tools LC, Bendix Commercial Vehicle Systems LLC, Renesas Electronics Corporation., TVS Motor Company
Which Regions Are Leading the Global Advanced Tire Pressure Monitoring System Market in Revenue?
North America was the largest region in the advanced 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 advanced tire pressure monitoring system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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