Global Automotive Tire Pressure Monitoring System Market Analysis: Size, Drivers, Trends, Opportunities And Strategies
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The global automotive tyre pressure monitoring system (TPMS) market is experiencing a substantial surge, witnessing growth from $7.25 billion in 2022 to $8.6 billion in 2023, with an impressive compound annual growth rate (CAGR) of 18.6%. Forecasts suggest that the market will continue to expand, reaching $15.74 billion by 2027, driven by a heightened focus on road safety.
- Alarming Accidents: Catalyst for TPMS Growth The growing number of accidents stands out as a prominent catalyst propelling the expansion of the automotive tyre pressure monitoring systems market. Unforeseen accidents result in unexpected and sudden events, often leading to injuries or loss of life. To address this concern, regulatory authorities globally are mandating the installation of TPMS in automobiles, promoting the production and adoption of these systems.
- Regulatory Mandates: Authorities, such as the U.S. Department of Transportation, are mandating TPMS installation in vehicles to enhance road safety.
- Rising Road Fatalities: In the US, road fatalities increased by 20% in the first half of 2021, reaching about 20,000 according to the National Highway Traffic Safety Administration (NHTSA).
- Industry Leaders Steering Progress Major players in the automotive tyre pressure monitoring system market, including Continental AG, Sensata Technologies Inc., and Denso Corporation, play a crucial role in shaping the industry landscape. Their contributions in manufacturing and advancing TPMS technology contribute significantly to market growth.
- Technological Advancements: A Driving Trend Technological advancements emerge as a key trend gaining popularity in the automotive TPMS market. Industry leaders are actively involved in research and development, introducing innovative products equipped with advanced technologies to enhance market growth.
- Continental’s Innovation: In December 2020, Continental introduced ContiConnect Live, a cloud-based TPMS system equipped with sensor technology. It provides real-time data on tyre pressure and temperature, enhancing safety by monitoring tyre conditions.
- Market Segmentation: Navigating Diverse Needs Understanding the nuances of market segmentation provides insights into the diverse applications and preferences within the automotive TPMS market.
- By Type: Direct TPMS, Indirect TPMS
- By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
- By Sales Channel Type: OEM, Aftermarket
- Regional Dynamics: Asia-Pacific Takes the Lead As of 2022, North America leads the automotive tyre pressure monitoring system market, while Asia-Pacific is anticipated to be the fastest-growing region in the forecast period. The region’s robust growth is driven by an increased focus on road safety and the adoption of advanced automotive technologies.
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The Automotive Tire Pressure Monitoring System Global Market Report 2023 provides an overviewof the automotive tire pressure monitoring system market for the time series: historic years (2010 -2021) and ten years forecast (2023 – 2032).The automotive tire pressure monitoring system market forecast analyzes automotive tire pressure monitoring systemmarket size, automotive tire pressure monitoring system market share,leading competitor and their market positions.
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