Dublin, Nov. 06, 2024 (GLOBE NEWSWIRE) -- The "Tire Pressure Monitoring System Market Report and Forecast 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The tire pressure monitoring system market reached a value of USD 5.87 billion in 2023. Aided by the increasing demand for vehicle safety features and the growing applications of tire pressure monitoring system in various automotive segments, the market is projected to further grow at a CAGR of 9.4% between 2024 and 2032 to reach a value of USD 13.2 billion by 2032.
The rising trend of regulatory mandates for tire pressure monitoring system installation in vehicles is propelling the demand for these systems.
The expanding applications of tire pressure monitoring system in various automotive segments also play a significant role in propelling the market. In passenger cars, it is used to enhance safety and improve fuel efficiency by maintaining optimal tire pressure. In commercial vehicles, these systems help in reducing maintenance costs and improving operational efficiency by preventing tire blowouts and extending tire life. The growing demand for high-quality and reliable tire pressure monitoring system across these segments is boosting the market growth.
Moreover, advancements in tire pressure monitoring system technology are driving innovation and development in the market. The introduction of new technologies, such as wireless tire pressure monitoring system, intelligent tire solutions, and advanced sensor technologies, has enhanced the functionality and performance of tire pressure monitoring system. These advancements enable the development of high-performance tire pressure monitoring system with improved accuracy, durability, and real-time monitoring capabilities. the growing adoption of advanced tire pressure monitoring system technologies is driving the market growth.
The growing focus on sustainability and environmental regulations is also contributing to the market growth. With the increasing emphasis on reducing carbon emissions and promoting sustainable practices, there is a significant demand for eco-friendly tire pressure monitoring system solutions. The use of tire pressure monitoring system helps in improving fuel efficiency by maintaining optimal tire pressure, thereby reducing carbon emissions and promoting sustainable driving practices. The rising demand for sustainable and eco-friendly tire pressure monitoring system solutions is driving the adoption of advanced tire pressure monitoring system technologies, consequently driving up the tire pressure monitoring system market share.
The regulatory environment plays a crucial role in shaping the market. Governments and regulatory bodies across the world are actively supporting the development and deployment of advanced tire pressure monitoring system solutions. Various regulations and standards, such as the United States tread act and the European Union's ece-r64 regulation, are promoting the use of tire pressure monitoring system in vehicles. these regulatory efforts are providing a favourable environment for the growth of the tire pressure monitoring system market.
As per the tire pressure monitoring system market analysis, the direct tire pressure monitoring system segment holds a significant share of the market, driven by its widespread use in passenger cars and light commercial vehicles. Direct tire pressure monitoring system provides real-time and accurate tire pressure information by using sensors mounted on each tire. Direct tire pressure monitoring system provides real-time and accurate tire pressure information, enhancing vehicle safety and performance. The growing demand for accurate and reliable tire pressure monitoring system solutions is driving the popularity of direct tire pressure monitoring system.
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global tire pressure monitoring system market. Some of the major players explored in the report are as follows:
- DENSO Corporation
- Robert Bosch GmbH
- Hella KGaA Hueck and Co.
- Continental AG
- ZF Friedrichshafen AG
- Pacific Industrial Co. Ltd.
- Sensata Technologies, Inc.
- Huf Hulsbeck & Furst GmbH & Co. KG
- ATEQ Corp.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 184 |
| Forecast Period | 2024-2032 |
| Estimated Market Value (USD) in 2024 | $6.43 Billion |
| Forecasted Market Value (USD) by 2032 | $13.2 Billion |
| Compound Annual Growth Rate | 9.4% |
| Regions Covered | Global |
Key Topics Covered
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Tire Pressure Monitoring System Market Analysis
8.1 Key Industry Highlights
8.2 Global Tire Pressure Monitoring System Historical Market (2018-2023)
8.3 Global Tire Pressure Monitoring System Market Forecast (2024-2032)
8.4 Global Tire Pressure Monitoring System Market by Type
8.5 Global Tire Pressure Monitoring System Market by Vehicle Type
8.6 Global Tire Pressure Monitoring System Market by Sales Channel
8.7 Global Tire Pressure Monitoring System Market by Region
9 North America Tire Pressure Monitoring System Market Analysis
9.1 United States of America
9.2 Canada
10 Europe Tire Pressure Monitoring System Market Analysis
10.1 United Kingdom
10.2 Germany
10.3 France
10.4 Italy
10.5 Others
11 Asia Pacific Tire Pressure Monitoring System Market Analysis
11.1 China
11.2 Japan
11.3 India
11.4 ASEAN
11.5 Australia
11.6 Others
12 Latin America Tire Pressure Monitoring System Market Analysis
12.1 Brazil
12.2 Argentina
12.3 Mexico
12.4 Others
13 Middle East and Africa Tire Pressure Monitoring System Market Analysis
13.1 Saudi Arabia
13.2 United Arab Emirates
13.3 Nigeria
13.4 South Africa
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.2 Porter's Five Forces Analysis
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
16 Key Trends and Developments in the Market
For more information about this report visit https://www.researchandmarkets.com/r/detnve
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