Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 5 Billion

CAGR (2023-2028)

8%

Fastest Growing Segment

Passenger Cars

Largest Market

North America

 

Market Overview

Global Tire Pressure Monitoring System Market has valued at USD 5 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 8% through 2028. The global Tire Pressure Monitoring System (TPMS) market plays a crucial role in enhancing vehicle safety, optimizing fuel efficiency, and reducing the environmental impact of vehicles. TPMS is a technology that monitors the air pressure in a vehicle's tires and alerts the driver if the pressure falls below a recommended level. This market has gained significant traction due to its contribution to road safety and the growing emphasis on energy efficiency in the automotive industry. Government regulations and safety standards have been instrumental in driving the adoption of TPMS across the globe. Many countries have implemented regulations that mandate the installation of TPMS in vehicles to prevent accidents caused by underinflated tires. This has created a strong impetus for both vehicle manufacturers and aftermarket service providers to incorporate TPMS into their offerings, resulting in market growth. Furthermore, the automotive industry's continuous efforts to improve fuel efficiency and reduce emissions have further fueled the demand for TPMS. Underinflated tires not only pose safety risks but also lead to increased rolling resistance, which in turn reduces fuel efficiency. TPMS helps vehicle owners maintain proper tire pressure, ensuring optimal fuel consumption and contributing to environmental sustainability. The TPMS market is also witnessing technological advancements that enhance its capabilities. Direct TPMS uses sensors within the tires to monitor pressure, while indirect TPMS uses the vehicle's existing sensors to infer tire pressure. As technology evolves, more advanced TPMS solutions are being developed, including wireless connectivity, real-time monitoring through smartphone apps, and integration with vehicle telematics systems. The growing popularity of electric vehicles (EVs) and hybrid vehicles has also impacted the TPMS market. These vehicles have unique tire pressure requirements due to their weight distribution and powertrain characteristics. As the adoption of EVs and hybrids increases, the demand for specialized TPMS solutions tailored to their specific needs is also on the rise.

Key Market Drivers

Vehicle Safety and Accident Prevention:

One of the primary drivers of the global TPMS market is the paramount concern for vehicle safety and accident prevention. Underinflated or overinflated tires can lead to decreased traction, reduced vehicle stability, and increased braking distances, increasing the risk of accidents. TPMS continuously monitors tire pressure and alerts drivers to deviations from recommended levels, enabling timely corrective action and significantly reducing the likelihood of accidents caused by tire-related issues.

Government Regulations and Mandates:

Government regulations mandating the installation of TPMS in vehicles have been a pivotal driver of its widespread adoption. Many countries and regions have implemented regulations that require new vehicles to be equipped with TPMS as a safety standard. For instance, the United States introduced the Transportation Recall Enhancement, Accountability, and Documentation (TREAD) Act, which mandates TPMS installation to prevent accidents caused by tire failures. Such