Over the forecast period of 2022-2032, the tire pressure monitoring system market size is expected to grow at a CAGR of 10.3% to reach a value of US$ 7.7 Bn by 2032.
Commercial vehicles are heavier and despite being well-equipped with tire pressure, suffer frequent tire burst due to poor road conditions. TPMS takes away the guesswork by alerting the driver when a vehicle’s tires are low on air or flat. This information reduces the chances of accidents and further improves the efficiency for utilizing fuel, as optimized air pressure in a tire moves the vehicle smoothly.
Various government bodies all over the globe have imposed stringent passenger safety regulations on automobile manufacturing. The automotive industry’s expansion, initiatives to adopt advanced technologies, develop structured safety features, and a growing trend of government and consumer adoption of autonomous vehicles is expected to create opportunities for growth in the market.
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The global TPMS market is expected to be benefited from rising per-capita income in developing economies, as well as increasing demand for premium and luxurious features in vehicles over the forecast period. Countries with a large trucking industry plan to standardize the use of tire pressure monitoring systems (TPMS) in heavy commercial vehicles, resulting in higher sales.
TPMS is becoming an innovative component in a vehicle. Furthermore, increase in the safety standards adopted by the key manufacturers all over the globe is anticipated to benefit the growth in the market. Increasing sales of electric vehicles are also expected to propel the demand for tire pressure monitoring system in the forthcoming years.
“The quick adaptation of technologies in the automotive sector will fuel the adoption of TPMS. The market for Advance driver assistance systems is benefiting from rising demand for safe care driving, government regulation on road safety, which is expected to have a direct impact on the TMPS market,” says an FMI analyst.
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Key Takeaways:
- Based on technology type, demand for pressure sensor is expected to increase at a CAGR of about 10% over the assessment period.
- By region, Europe and East Asia are expected to be collectively account for a market share of more than 9% by 2032.
- In terms of vehicle type, passenger vehicle segment is estimated to dominate the market holding more than 0% of the total market share.
- Total sales in the U.S. market will reach a valuation of US$ 0.3 Bn in 2022.
- China will offer an incremental opportunity of more than US$ 2.9 Bn over the forecast period.
- Germany will account for more than 25.9% of the Europe tire pressure monitoring system market in 2022.
Competitive Landscape
Texas Instruments Incorporated, Intel Corporation, NVIDIA Corporation, Continental AG, and others are among the industry’s key market participants.
Manufacturers and developers of tire pressure monitoring systems are constantly investing in improving the system’s application while reducing human interference and increasing accountability.
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About FMI – Automotive and Transportation
The Automotive and Transportation division of FMI provides exclusive coverage and actionable insights about automotive and transportation industry encompassing automotive, aviation, shipping and marine, and railway sector. Market findings and competition intelligence of OEM, aftermarket, services and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners and service providers in taking informed decisions and keeping them up-to-date with market behavior.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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