What Is The Long-Term Forecast For The Automotive Tire Pressure Monitoring System Market Growing At 14.7% CAGR?
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What Is The Predicted Market Size Of The Automotive Tire Pressure Monitoring System Industry By 2029?
The market size of the automotive tire pressure monitoring system has seen a fast-paced growth in the past few years. It is projected to surge from $9.59 billion in 2024 to $10.92 billion in 2025, boasting a compound annual growth rate (CAGR) of 13.9%. The historical growth period’s increase was due to the escalation in automotive manufacturing and sales, the expansion of the automotive aftermarket, the need for improved safety and security, coupled with globalization and international commerce.
The market for automotive tire pressure monitoring systems is projected to experience swift growth in the coming years. The market size is forecasted to reach $18.93 billion by 2029, growing at a compound annual growth rate (CAGR) of 14.7%. The factors influencing this growth in the projected period include vehicle electrification, development of autonomous vehicles, strict government rules, the expansion of the connected car ecosystem, and increased disposable income. Key trends in the anticipated period encompass advanced sensor technology, connected tpms, predictive maintenance, smartphone incorporation, data analysis, and artificial intelligence.
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Which Factors Are Steering Growth In The Automotive Tire Pressure Monitoring System Market?
The rise in accidents is anticipated to fuel the expansion of the automotive tire pressure monitoring systems market in the upcoming years. Accidents, which are sudden, unwanted, and often result in injuries or death, have led regulatory bodies to mandate the inclusion and use of tire pressure monitoring systems in vehicles. This, in turn, has stimulated the manufacture of these systems. For instance, the US-based nonprofit public service organization, the National Safety Council, reported in July 2024 that an estimated 3,820 motor vehicle deaths occurred in June 2024, a slight rise from the 3,780 deaths in June 2023. Consequently, the escalating number of accidents and ensuing road fatalities are catalysts for the growth of the automotive tire pressure monitoring systems market.
Which Segment Accounts For The Largest Share In The Automotive Tire Pressure Monitoring System Market?
The automotive tire pressure monitoring systemmarket covered in this report is segmented –
1) By Type: Direct TPMS, Indirect TPMS
2) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
3) By Sales Channel Type: OEM, Aftermarket
Subsegments:
1) By Direct TPMS: Battery-Powered Direct TPMS, Solar-Powered Direct TPMS, Multi-Channel Direct TPMS
2) By Indirect TPMS: ABS-Based Indirect TPMS, Wheel Speed Sensor-Based Indirect TPMS
Which Long-Term Trends Will Play A Crucial Role In The Automotive Tire Pressure Monitoring System Market?
The primary trend dominating the automotive tire pressure monitoring systems market presently is the rise of technological advancements. Companies in the automotive TPMS industry are concentrating on research and the introduction of innovative products incorporating advanced technology to fuel market expansion. For example, Sensata Technologies, a provider of sensing, electrical protection, control, and power management solutions based in the US, launched the Intelligent Tire Pressure Monitoring System (TPMS) in June 2022. This system uses Bluetooth low-energy wireless technology instead of the conventional ultra-high frequency (UHF) radio, promoting more effective vehicle safety and performance. This system supports Over-the-Air updates and offers improved cybersecurity measures, which allow drivers to get upgrades without having to visit a service center.
Who Are The Dominant Players In The Automotive Tire Pressure Monitoring System Market Today?
Major companies operating in the automotive tire pressure monitoring system market include Continental AG, Sensata Technologies Holding plc, Denso Corporation, Pacific Industrial Co. Ltd., NXP Semiconductors N.V., Huf Hülsbeck & Fürst GmbH & Co. KG, Nira Dynamics AB, Hamaton Automotive Technology Co. Ltd., ATEQ TPMS, Alligator Ventilfabrik GmbH, ALPS ALPINE CO. LTD, Doran Manufacturing, Bartec USA LLC, Dill Air Controls Products, ZF Friedrichshafen AG, DUNLOP TECH GmbH, Schrader International Inc., WABCO Holdings Inc., ACDelco a General Motors Company, TRW Automotive Inc., Bridgestone Corporation, BorgWarner Inc., HELLA GmbH & Co. KGaA, Lear Corporation, Omron Corporation, Visteon Corporation, Transense Technologies PLC, Xensor Corporation, CUB Elecparts Inc., Sate Auto Electronic Co. Ltd., Shanghai Baolong Automotive Corporation, Paceline Electronics Inc.
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What Regional Factors Are Accelerating Growth In The Automotive Tire Pressure Monitoring System Market?
North America was the largest region in the automotive tire pressure monitoring system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive tire pressure monitoring system market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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