The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The automotive tire pressure monitoring system (TPMS) market has witnessed rapid expansion, with the market size surging from $8.39 billion in 2023 to $9.72 billion in 2024, boasting an impressive Compound Annual Growth Rate (CAGR) of 15.9%. The historical growth is attributed to increased automotive production and sales, a growing automotive aftermarket, heightened safety and security requirements, and the effects of globalization and international trade.

Anticipated Surge in the Coming Years

– Projecting Future Growth

The automotive TPMS market is poised for continued acceleration, with projections indicating a substantial increase to $17.12 billion by 2028, boasting a CAGR of 15.2%. The forecasted surge is attributed to various factors, including the electrification of vehicles, autonomous vehicle development, stringent government regulations, the expansion of the connected car ecosystem, and a rise in disposable income. Key trends in the forecast period encompass advanced sensor technology, connected TPMS, predictive maintenance, smartphone integration, and the application of data analytics and artificial intelligence.

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Growth of Electric Vehicles (EVs) Driving TPMS Demand

– Electric Vehicles as Catalysts

The growth of electric vehicles (EVs) is expected to be a significant catalyst for the automotive TPMS market. EVs, operating on electric motors and alternative power sources, rely on advanced systems to ensure optimal performance. The use of TPMS in EVs is crucial for continuously monitoring tire pressure levels, enhancing safety, and ensuring efficiency. With global electric car sales surpassing 10 million in 2022, constituting 14% of overall car sales, the surge in electric vehicles is undeniably influencing the growth of the automotive TPMS market.

Key Players Driving Market Dynamics

– Industry Leaders

Major companies steering the automotive TPMS market include Continental AG, Sensata Technologies Holding PLC, Denso Corporation, and others. These industry leaders play a pivotal role in shaping market dynamics and driving innovations in tire pressure monitoring systems.

Technological Advancements in TPMS

– Innovations Paving the Way

Technological advancements stand out as a prominent trend in the automotive TPMS market. Companies are investing in research and product innovations to introduce cutting-edge technologies. For instance, Sensata Technologies has developed the Intelligent TPMS with Bluetooth low energy wireless technology. This system replaces traditional radio frequencies, enabling two-way communication and offering Over-the-Air updates for enhanced user convenience and improved cybersecurity measures.

Sensata Technologies’ Strategic Moves

– Acquisition for Market Expansion

In a strategic move, Sensata Technologies acquired Xirgo Technologies LLC for $400 million in April 2021. Xirgo, specializing in tire pressure monitoring systems, became an integral part of Sensata, allowing the company to expand its footprint in transportation and logistics end-markets.

Market Segmentation and Regional Dominance

– Understanding Market Segmentation

The automotive TPMS market is segmented based on type (Direct TPMS, Indirect TPMS), vehicle type (Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle), and sales channel type (OEM, Aftermarket). North America emerged as the largest region in 2023, while Asia-Pacific is expected to witness the fastest growth in the forecast period, underscoring the global nature of this industry.

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The Automotive Tire Pressure Monitoring System Global Market Report 2024  provides comprehensive insights on the automotive tire pressure monitoring system market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the automotive tire pressure monitoring system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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