The Tire Pressure Monitoring System (TPMS) market is poised for significant expansion as global automotive safety standards tighten and consumer awareness around vehicle maintenance rises. These systems, crucial for enhancing fuel efficiency, improving road safety, and minimizing tire-related accidents, are rapidly gaining traction across both OEM and aftermarket segments.
The Tire Pressure Monitoring System Market is projected to grow at a CAGR of 6.2% through 2034. It is expected to increase from USD 3.47 billion in 2024 to USD 6.34 billion by 2034.
The rising emphasis on prolonging tire service life and the growing need for vehicle safety are the two factors driving the growth of the TPMS industry. The demand for tire pressure monitoring systems is anticipated to increase as traction control systems become more commonplace in automobiles.
Get Ahead with Our Report: Request Your Sample Now!
https://www.futuremarketinsights.com/report-sample#5245502d47422d373139
Key Takeaways
The global TPMS market is experiencing sustained growth due to stringent government regulations mandating the use of safety technologies. Integration with smart and connected vehicles is further amplifying adoption. Market players are increasingly focusing on offering innovative, sensor-based, and IoT-enabled TPMS solutions that cater to a range of vehicles including passenger cars, commercial vehicles, and two-wheelers.
Key Drivers
Stringent vehicle safety regulations enforced by governments worldwide remain a primary growth driver. In the United States, for instance, the TREAD Act mandates TPMS in all passenger vehicles, while European Union directives require TPMS installation in new vehicles. Moreover, rising concerns over tire blowouts, fuel efficiency, and carbon emissions are pushing automakers to incorporate TPMS as a standard feature.
Growth Opportunities
Electrification of vehicles presents an untapped opportunity for TPMS manufacturers to develop low-power, real-time monitoring solutions. Additionally, the rising penetration of connected and autonomous vehicles offers scope for cloud-integrated TPMS systems that can communicate tire data to centralized vehicle control systems. Aftermarket opportunities are also on the rise, especially in developing nations where awareness and vehicle longevity are growing.
Application Scope
TPMS finds extensive application in:
-
Passenger Cars: As consumers demand more safety features in personal transportation, TPMS adoption continues to surge.
-
Commercial Vehicles: Fleet operators are leveraging TPMS to reduce maintenance costs and downtime, enhancing operational efficiency.
-
Two-Wheelers: With rising road safety concerns, premium motorcycles are incorporating TPMS for enhanced riding experience and security.
-
Off-the-Road Vehicles: Agriculture, construction, and mining sectors are integrating TPMS to improve performance and reduce equipment failure.
Detailed Market Study: Full Report and Analysis
https://www.futuremarketinsights.com/reports/tire-pressure-monitoring-systems-market
Key Players
The TPMS market is marked by strategic partnerships, new product launches, and technological innovations by leading companies such as:
-
Continental AG
-
Sensata Technologies
-
Schrader Electronics (Sensata)
-
Robert Bosch GmbH
-
Denso Corporation
-
Huf Hülsbeck & Fürst GmbH & Co. KG
-
Zensorium
-
Pacific Industrial Co., Ltd.
-
NIRA Dynamics AB
-
Bendix Commercial Vehicle Systems
Key Segmentation
The TPMS market is segmented based on system type, vehicle type, sales channel, and region:
By System Type
- Direct TPMS
- Indirect TPMS
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
- Two-Wheelers
By Sales Channel
- OEM
- Aftermarket
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
