New York, United States , Aug. 27, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Tire Pressure Monitoring System Market Size is to Grow from USD 8.19 Billion in 2023 to USD 27.01 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 12.67% during the projected period.
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The tire pressure monitoring system uses tire pressure sensors to keep track of the air pressure in the tires. When this system detects that one or more tires are not at the proper pressure, it illuminates or flashes the tire pressure monitoring system lights. A tire pressure monitoring system (TPMS) is a vehicle safety device that constantly monitors tire pressure. When tire pressure drops below prescribed levels, the tire pressure monitoring system alerts the driver with a warning light or aural signal, helping to avoid accidents, boost fuel economy, and extend tire life. A tire pressure monitoring system sensor is an electronic component that monitors the air pressure and temperature of car tires, alerting drivers of underinflated tires or other current safety hazards. The creation of vehicle tire pressure monitoring systems is driven mostly by the desire to improve fuel efficiency. A tire pressure monitoring system closely monitors tire pressure and contributes to increased fuel efficiency by ensuring that tires are appropriately inflated. Inadequate tire pressure increases the resistance to rolling and needs more energy to propel the vehicle, resulting in higher fuel consumption. Furthermore, sensors used in tire pressure monitoring are expensive, and replacement prices are high, which may limit market growth. When the sensor battery on one tire expires, the three sensors on the other tires break also, requiring users to replace all four sensors, this may be inconvenient and impede market expansion.
Browse key industry insights spread across 288 pages with 100 Market data tables and figures & charts from the report on the "Global Automotive Tire Pressure Monitoring System Market Size, Share, and COVID-19 Impact Analysis, By Vehicle Type (Passenger vehicles and Commercial Vehicles), By Type (Direct TPMS and Indirect TPMS), By Sales Channel (OEM and Aftermarket), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The passenger vehicles segment holds the largest market share of the automotive tire pressure monitoring system market during the projected timeframe.
Based on the vehicle type, the automotive tire pressure monitoring system market is divided into passenger vehicles and commercial vehicles. Among these, the passenger vehicles segment holds the largest market share of the automotive tire pressure monitoring system market during the projected timeframe. Automotive tire pressure monitoring systems are commonly used in passenger vehicles, where tire pressure is a critical safety factor. Furthermore, rising demand for passenger vehicles in the automotive sector, and also low-cost safety features such as tire pressure monitors, help to drive market expansion.
The direct TPMS segment holds the highest market share of the automotive tire pressure monitoring system market during the projected timeframe.
Based on the type, the automotive tire pressure monitoring system market is divided into direct TPMS and indirect TPMS. Among these, the direct TPMS segment holds the highest market share of the automotive tire pressure monitoring system market during the projected timeframe. This is assisted by features such as delivering precise pressure for each tire, no compromise of tire pressure information, sensor batteries that frequently last the life of the vehicle, and the ability to monitor spare tires. The direct system contains a sensor within each wheel that provides exact warnings and alerts the driver promptly when the pressure in any tire drops below the specified value owing to abrupt air loss caused by an injury or other circumstances, in addition to detecting steady air loss over time.
The OEM segment is anticipated to grow at the highest CAGR of the automotive tire pressure monitoring system market during the projected timeframe.
Based on the sales channel, the automotive tire pressure monitoring system market is categorized into OEM and aftermarket. Among these, the OEM segment is anticipated to grow at the highest CAGR of the automotive tire pressure monitoring system market during the projected timeframe. When purchasing a new vehicle, automobile owners are increasingly looking for advanced safety features including TPMS. OEMs are getting in on this development by including TPMS in standard and optional safety packages. Furthermore, technological advancements in TPMS, such as the development of intelligent and interconnected systems that provide real-time tire pressure information and warnings, are driving OEM adoption.
North America is expected to hold the largest share of the automotive tire pressure monitoring system market over the forecast period.
North America is expected to hold the largest share of the automotive tire pressure monitoring system market over the forecast period. The North American market for tire pressure monitoring systems is primarily governed by secure government rules and safety standards. Furthermore, customers' growing awareness of vehicle safety and the benefits of maintaining optimum tire pressure, such as improved fuel efficiency and tire longevity, has increased demand for tire pressure monitoring. Some major car manufacturers and a strong aftermarket sector in North America contribute to the growth of the TPMS market in this region. Furthermore, North America dominates the vehicle TPMS market due to strict safety regulations requiring automotive tire pressure monitoring system market installation in automobiles.
Asia Pacific is predicted to grow at the fastest pace in the automotive tire pressure monitoring system market during the projected timeframe. Rising premium car market share, rapid automotive industry expansion, stringent safety standards, and more safety installations per vehicle all contribute to increased demand for automotive pressure monitoring systems. Furthermore, advances in technology in the region have reduced the expense of integrating, making it more affordable to an expanding middle class. Furthermore, the region's premium and mid-segment vehicle sales are expanding, accelerating the adoption of a tire pressure monitoring system technology.
The European tire pressure monitoring systems market is fueled by severe regulations and a significant emphasis on vehicle safety and environmental standards. The European Union's ECE-R64 legislation compels all new passenger cars to incorporate TPMS, resulting in widespread adoption of TPMS across the region. Furthermore, European consumers are becoming more mindful of their automobiles' environmental impact, and proper tire pressure is viewed as an important factor in cutting CO2 emissions and increasing fuel efficiency. The existence of automobile OEMs and a well-established automotive industry infrastructure help to drive the growth of the TPMS systems market in Europe.
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Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the automotive tire pressure monitoring system market are Delphi Automotive, DENSO Corporation, Continental AG, NXP Semiconductors, NIRA Dynamics AB, Valor TPMS, Pacific Industrial, ZF Friedrichshafen AG, ATEQ, Sensata Technologies, Inc., Infineon Technologies AG, Knorr-Bremse AG, Bendix Commercial Vehicles Systems LLC, DUNLOP TECH GmbH, and others.
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Recent Developments
- In June 2024, Bridgestone, an international leader in premium tires and sustainable mobility solutions, revealed the availability of its EV-ready Turanza All Season 6 ENLITEN tire with DriveGuard Run-Flat Technology (RFT). Bridgestone's current addition to its portfolio is a hassle-free tire solution that allows drivers to maintain control of their vehicles and travel safely at speeds of up to 80km/h following a puncture.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the automotive tire pressure monitoring system market based on the below-mentioned segments:
Global Automotive Tire Pressure Monitoring System Market, By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Global Automotive Tire Pressure Monitoring System Market, By Type
- Direct TPMS
- Indirect TPMS
Global Automotive Tire Pressure Monitoring System Market, By Sales Channel
- OEM
- Aftermarket
Global Automotive Tire Pressure Monitoring System Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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