Global Tire Pressure Monitoring System (TPMS) Market to Grow with a CAGR of 8% through 2028
The
major drivers for the Global Tire Pressure Monitoring System (TPMS) Market
include increasing concerns for vehicle safety, government regulations
mandating TPMS installation in vehicles, and the need for improved fuel
efficiency and reduced emissions.
According to
TechSci Research report, “Global Tire Pressure Monitoring System (TPMS)
Market– Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Tire Pressure Monitoring System (TPMS)
Market stood at USD 5 Billion in 2022 and is anticipated to grow with a CAGR of
8% in the forecast period, 2024-2028. The Global Tire Pressure Monitoring
System (TPMS) Market is driven by several key factors. Firstly, there is an
increased emphasis on vehicle safety by regulatory authorities worldwide,
prompting the adoption of TPMS. Additionally, advancements in wireless
technologies have enabled more efficient and reliable TPMS systems, further
fueling market growth. Furthermore, the rising production of automobiles
globally has created a higher demand for TPMS, as manufacturers strive to
enhance the safety features of their vehicles. One notable trend is the
integration of TPMS with smartphone applications, providing real-time updates
and alerts to drivers, ensuring optimal tire pressure, and reducing the risk of
accidents.
Moreover, the
growing consumer awareness about the benefits of TPMS has also contributed to
the market demand. With TPMS, drivers can achieve improved fuel efficiency and
extend the lifespan of their tires, resulting in cost savings and environmental
benefits. As a result, the demand for TPMS is expected to continue growing in
the foreseeable future. Overall, the Global Tire Pressure Monitoring System
(TPMS) Market is driven by regulatory requirements, technological advancements,
increasing automobile production, and consumer awareness about the advantages
of TPMS. These factors combined make TPMS a crucial component of the automotive
industry, ensuring safer and more efficient journeys for drivers worldwide.
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The global Tire
Pressure Monitoring System (TPMS) market is a dynamic and rapidly growing
sector. With the increasing emphasis on vehicle safety and the implementation
of stringent government regulations, the demand for TPMS is witnessing a
substantial rise across the globe. As a crucial safety feature in vehicles,
TPMS continuously monitors the air pressure in tires, ensuring optimal
performance and reducing the risk of accidents caused by underinflated or
overinflated tires. By providing real-time warnings to the driver in case of
any significant deviations in tire pressure, TPMS plays a vital role in
enhancing road safety and preventing potential tire-related incidents.
Tire Pressure
Monitoring System (TPMS) plays a vital role in ensuring the safety of both
passenger and commercial vehicles. As the global vehicle parc continues to grow
and advanced safety features become more prevalent, the demand for TPMS has
experienced a significant upsurge. This upward trend is expected to persist as
the automotive industry progresses towards the development and implementation
of even more sophisticated vehicle safety systems, aiming to enhance the
overall driving experience and safeguard the lives of motorists worldwide.
The TPMS (Tire
Pressure Monitoring System) market is divided into two types: direct and
indirect. Among these, the direct TPMS is more popular and widely adopted. It
offers real-time information on tire pressure, ensuring accuracy and
efficiency. On the other hand, the indirect TPMS estimates tire pressure
through wheel speed sensors, making it a cost-effective alternative. Both
systems have their merits and are gaining traction in the market.
Regionally, the
TPMS market exhibits significant variation. In North America, the market is
leading globally, primarily attributed to stringent safety regulations and a
high level of consumer awareness regarding the importance of tire pressure
monitoring systems. In Europe, the market closely follows, driven by mandatory
TPMS installation in vehicles as well as a strong demand for luxury cars
equipped with advanced safety systems, including TPMS. This emphasis on safety
and the increasing adoption of TPMS technology reflects the growing recognition
of the role it plays in ensuring optimal vehicle performance and road safety.
In the
Asia-Pacific region, the TPMS market is expected to witness the fastest growth
due to various factors. One of the key drivers is the thriving automotive
industry in countries like China and India, which are experiencing significant
economic growth. As these emerging economies continue to expand, the demand for
TPMS in new vehicles is also increasing. Moreover, government regulations
mandating the installation of TPMS in vehicles further contribute to the growth
of this market. With these factors combined, the Asia-Pacific region is poised
to experience remarkable advancements in the TPMS industry.
Latin America
and the Middle East & Africa, while currently holding smaller shares in the
market, are expected to witness considerable growth. Factors such as economic
development, advancements in road infrastructure, and the increased import of
vehicles equipped with advanced safety systems are contributing to this growth.
On the
competitive front, the TPMS (Tire Pressure Monitoring System) market is
characterized by the presence of several global and regional players, making it
a highly competitive landscape. Key players in the market are actively focusing
on continuous product innovation, incorporating advanced technologies and
features, and expanding their product portfolios to cater to the evolving needs
of customers. By staying ahead of the curve and maintaining their market
position, these key players strive to provide superior solutions and drive the
growth of the TPMS market.
Despite the
promising growth, the Tire Pressure Monitoring System (TPMS) market faces
certain challenges. One of the main challenges is the high installation and
maintenance cost associated with TPMS, particularly for direct TPMS. This can
potentially hinder the overall growth of the market. Moreover, the lack of
standardization and awareness in emerging economies adds to the challenges
faced by the TPMS market. These factors highlight the need for strategic
approaches and solutions to overcome the barriers and unlock the full potential
of TPMS technology in the global market.
However, the
future of the TPMS (Tire Pressure Monitoring System) market looks exceedingly
promising with the advent of advanced technologies like Artificial Intelligence
(AI) and Internet of Things (IoT). These groundbreaking technologies have the
potential to revolutionize TPMS by not only providing predictive analytics but
also enhancing the system's overall efficiency and accuracy. By leveraging AI
and IoT, TPMS can intelligently monitor tire pressure, detect abnormalities in
real-time, and even proactively alert drivers about potential tire issues
before they become critical. This proactive approach not only ensures enhanced
safety but also contributes to improved fuel efficiency and extended tire
lifespan. With the integration of AI and IoT, TPMS is poised to make
significant strides in the automotive industry, offering a more intelligent and
reliable solution for tire monitoring and maintenance.
In conclusion,
despite the challenges faced by the global TPMS market, the overall growth
prospects remain strong. The increasing adoption of advanced technologies, such
as wireless connectivity and predictive analytics, is expected to drive the
demand for TPMS systems. Moreover, the growing emphasis on vehicle safety,
fueled by regulatory requirements and consumer awareness, is further driving
the market growth. As automotive manufacturers continue to prioritize safety
features, the TPMS market is poised to experience a sustained upward trajectory
in the coming years.
Major companies
operating in Global Tire Pressure Monitoring System (TPMS) Market are:
- Delphi Automotive
- DENSO Corporation
- Continental AG
- ZF TRW
- Valor TPMS
- Pacific Industrial
- Schrader Electronics
- Hella KGaA Hueck & Co.
- Valeo
- ALLIGATOR Ventilfabrik GmbH
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“The major
drivers for the Global Tire Pressure Monitoring System (TPMS) Market include
increased emphasis on vehicle safety by regulatory authorities, advancements in
wireless technologies, and the rising production of automobiles worldwide.
Additionally, the trend of integrating TPMS with smartphone applications for
real-time updates and alerts is also propelling market growth. Furthermore, the
growing consumer awareness about the benefits of TPMS, such as improved fuel
efficiency and extended tire lifespan, also contributes significantly to the
demand.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Global Tire
Pressure Monitoring System (TPMS) Market Segmented By Type (Direct TPMS and
Indirect TPMS), By Sales Channel Type (OEM and Aftermarket), By Vehicle Type
(Passenger Cars and Commercial Vehicles), By Regional, Competition Forecast
& Opportunities, 2018 – 2028F”, has evaluated the future growth
potential of Global Tire Pressure Monitoring System (TPMS) Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Tire Pressure Monitoring System (TPMS)
Market.
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