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Automotive Tire Pressure Monitoring System Market to Surpass $18.93 Billion by 2029 | Key Trends & Insights
Automotive Tire Pressure Monitoring System Market
How Will the Automotive Tire Pressure Monitoring System Market Grow by 2025 in Terms of Size and Growth?
The market for automotive tire pressure monitoring systems has witnessed a substantial expansion in recent years. The industry is projected to balloon from a size of $9.59 billion in 2024 to $10.92 billion in 2025, showing a compound annual growth rate (CAGR) of 13.9%. The past expansion of this market can be credited to the rise in automotive production and transactions, the growth of the automotive aftermarket, amplified safety and security demands, as well as globalisation and international commerce.
What Are the Estimated Growth Rates for the Automotive Tire Pressure Monitoring System Industry Through 2029?
The market for automotive tire pressure monitoring systems is predicted to expand exponentially in the coming years, with an estimated worth of $18.93 billion by the year 2029, growing at a compounded annual growth rate of 14.7%. The surge during this period is linked to the electrification of vehicles, development of autonomous cars, stringent government regulations, the expansion of the connected car ecosystem, and increasing disposable income. The forecast period will also see key trends such as advanced sensor technology, connected TPMS, predictive maintenance, integration with smartphones, data analytics, and AI.
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What Are the Strategic Drivers Boosting Automotive Tire Pressure Monitoring System Market Performance?
The rise in accidents is anticipated to fuel the expansion of the automotive tire pressure monitoring systems market in the upcoming years. Accidents, being sudden, undesired and unexpected occurrences often lead to injuries or even fatalities. This rise in road accidents and consequent deaths has led regulatory bodies to demand the use and installation of tire pressure monitoring systems in vehicles, thus encouraging the production of these systems within the automotive industry. For example, the National Safety Council, a nonprofit public service organization based in the US, reported in July 2024 that there was a marginal rise in the number of motor vehicle deaths to an estimated 3,820 in June 2024 from the 3,780 deaths in June 2023. As a result, the increasing incidence of accidents and subsequent casualties on the road are propelling growth in the automotive tire pressure monitoring systems market.
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What Are the 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
What Are the Key Adoption Trends in the Automotive Tire Pressure Monitoring System Market?
The primary trend gaining traction in the automotive tire pressure monitoring systems market is technological advancements. Leading businesses in the automotive TPMS industry are investing in research and advanced tech-based innovations to fuel the growth of the market. For instance, Sensata Technologies, a firm from the US providing solutions for sensing, electrical protection, control, and power management, rolled out an Intelligent Tire Pressure Monitoring System (TPMS) equipped with Bluetooth low energy wireless technology in June 2022. This development aimed at enhancing vehicle safety and efficiency. Compared to the conventional ultra-high frequency (UHF) radio, this system employs Bluetooth for enabling two-way communication and is compatible with Over-the-Air updates. Hence, drivers can avail updates without the need to visit a service center, and the system also boasts of heightened cybersecurity features.
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Which Companies Lead the Competitive Landscape of the Automotive Tire Pressure Monitoring System Industry?
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.
Where Are the Key Automotive Tire Pressure Monitoring System Market Opportunities by Region?
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.
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