Automotive Tire Pressure Monitoring System Market

The Automotive Tire Pressure Monitoring System Market is witnessing significant growth due to the increasing concern for vehicle safety and regulations for installing TPMS in vehicles. TPMS plays a vital role in ensuring optimal tire pressure, improving fuel economy and reducing the risk of accidents caused by underinflated tires. With the advancement of technology and the proliferation of connected vehicles, the TPMS market is poised for significant expansion. Market growth is driven by factors such as increase in automobile production, increase in consumer awareness about tire safety, and strict official regulations on vehicle safety standards. This report studies the current landscape, market trends, key players and future prospects of the Automotive TPMS market.

Automotive Tire Pressure Monitoring System Market valued at $6.32 Billion in 2023 and projected to reach $12.72 Billion by 2032, growing at an 9.4 % CAGR

Automotive Tire Pressure Monitoring System Market

Size, by Product, - (USD Billion)

Direct TPMS

Indirect TPMS

Other Products

The Market will Grow

At the CAGR of:

9.4%

The Forecast Market

Size for in USD:

$12.72 Billion

Market Overview:

The Automotive Tire Pressure Monitoring System (TPMS) Market is growing strongly globally due to several key factors. With increasing demand for vehicle safety features and stringent government regulations requiring TPMS to be installed in vehicles, the market is witnessing continued adoption. Regions such as North America and Europe have been at the forefront of TPMS adoption due to established automotive industries and strict safety standards. In addition, emerging economies in Asia Pacific, Latin America and Africa are experiencing explosive growth in the automotive industry and are increasingly adopting TPMS technology to improve road safety and meet regulatory requirements. Technological advances such as the integration of TPMS into connected vehicle systems will continue to drive market growth through advanced features and real-time monitoring capabilities. Overall, the global automotive TPMS market is poised for continued growth as safety regulations tighten and consumer awareness of tire safety increases.

Key players:

Continental AG

Robert Bosch GmbH

Delphi Technologies

Sensata Technologies

Schrader Electronics

Pacific Industrial Co., Ltd.

Huf Hülsbeck & Fürst GmbH & Co. KG

ZF Friedrichshafen AG

NIRA Dynamics AB

Bartec GmbH

ATEQ Corporation

WABCO Holdings Inc.

TRW Automotive Holdings Corp.

Bendix Commercial Vehicle Systems LLC

Denso Corporation

Stoneridge, Inc.

Doran Manufacturing, LLC

Omron Corporation

Hamaton Automotive Technology Co., Ltd.

Alligator Ventilfabrik GmbH

Market Segmentation:

By Type:

Direct TPMS

Indirect TPMS

By Application:

Passenger Vehicles

Commercial Vehicles

By End User:

OEMs (Original Equipment Manufacturers)

Aftermarket

By Region:

North America

Europe

Asia-Pacific

Latin America

Middle East & Africa

By Sales Channel:

Online Retail

Offline Retail

By Technology:

RFID (Radio Frequency Identification)

MEMS (Micro-Electro-Mechanical Systems)

Others

Automotive Tire Pressure Monitoring System Market

Share, by end user, (USD Billion)

6.32 Billion%

Passenger Vehicles

Commercial Vehicles

Other End-Users

12.72 Billion

Total Market Size

USD (Billion),

9.4%

CAGR

-

Market Dynamics:

Trends:

Growth of Connected Vehicles: TPMS integration with connected vehicle systems enables real-time monitoring and data analysis.

Moving towards autonomous driving: Growing interest in self-driving vehicles is increasing the demand for advanced safety features such as TPMS.

Technological Advances: The development of intelligent TPMS with functions such as tire temperature monitoring and predictive maintenance.

Growing demand for electric vehicles: Electric vehicles require a dedicated TPMS to accurately monitor tire pressure and temperature.

Limitations:

High initial investment: Installation and maintenance costs associated with TPMS can deter budget-conscious consumers and manufacturers.

Compatibility Issues: Retrofitting TPMS to older vehicles can be difficult due to compatibility issues with existing systems.

Limited Awareness: Lack of awareness about the importance of TPMS and its benefits among consumers in developing regions may hinder the growth of the market.

Security issues: TPMS connectivity features raise data privacy and cybersecurity concerns, slowing adoption.

Opportunities:

Stringent Regulations: The ever-increasing regulations by authorities requiring installation of TPMS in vehicles provide significant growth opportunities for market players.

Growing automotive production: The expansion of the automotive industry, especially in emerging economies, creates a ripe market for TPMS.

Aftermarket Potential: The aftermarket segment offers lucrative opportunities for TPMS manufacturers as the demand for refurbishment of existing vehicles increases.

Technical Innovations: Continued advances in sensor technology and data analytics provide opportunities to develop more advanced and more efficient TPMS solutions.

Challenges:

Differences in tire types: Differences in tire types, sizes and materials can affect TPMS performance, which is a challenge for standardization.

Harsh Environmental Conditions: Extreme weather conditions and uneven terrain can affect TPMS performance, requiring robust and durable systems.

Calibration and Maintenance: Proper calibration and regular maintenance are essential for the accurate operation of the TPMS, which can cause problems for users.

Competition in the market: Strong competition between key players and new entrants can lead to price pressure and innovation problems in the market.

Impact of Regulatory Changes on the TPMS Market:

Regulatory bodies play an important role in promoting the global adoption of TPMS. In recent years, several countries and regions have introduced or updated regulations requiring the installation of TPMS in new vehicles to improve road safety and reduce fuel consumption. For example, the European Union directive requires the use of TPMS in all new passenger cars since 2014. The United States, China, Japan and South Korea have also enacted regulations requiring TPMS to be installed in vehicles.

These regulatory changes not only create an attractive business for TPMS manufacturers, but also challenges such as ensuring compliance with different requirements in different markets. In addition, as environmental aspects and sustainability initiatives become more prominent, there is a growing interest in using TPMS technology to optimize tire performance and reduce carbon dioxide emissions. Thus, understanding the evolving regulatory environment and its implications is essential for TPMS market stakeholders to effectively navigate the opportunities and challenges.

The Role of TPMS in Improving Fleet Management:

In addition to improving the safety of individual vehicles, TPMS technology offers significant benefits to fleet management. Fleet managers face many challenges, including minimizing downtime, optimizing fuel efficiency and ensuring compliance with safety regulations. TPMS solutions provide valuable real-time information about tire condition and performance, enabling proactive maintenance and reducing the risk of unexpected failures. 

By remotely monitoring tire pressure and temperature, fleet managers can identify potential problems early and schedule maintenance or tire replacements before they become costly problems. In addition, TPMS data can be integrated with fleet management software to monitor vehicle performance, monitor driver behavior and analyze fuel consumption. Such a comprehensive approach to fleet management not only increases operational efficiency, but also promotes safer driving practices and reduces operating costs. As the demand for efficient and sustainable transportation solutions grows, TPMS technology plays an increasingly important role in today's fleet management strategies.

Automotive Tire Pressure Monitoring System Market

Size, by Product, - (USD Billion)

The Market will Grow

At the CAGR of:

9.4%

The Forecast Market

Size for in USD:

$12.72 Billion

Value Chain Analysis:

Inbound Logistics: Procurement of raw materials such as sensors, microcontrollers and software components from suppliers.

Activity: Manufacture of TPMS components including sensors, controls and display systems.

Outbound Logistics: Distribution of TPMS products to OEMs, aftermarket dealers and end users.

Marketing and Sales: Promotion and sales of TPMS products through various channels, including online and offline retail.

After-sales service: providing maintenance, repair and customer support to ensure the correct operation of TPMS products.

Support Functions:

Procurement: Procurement of raw materials and components at competitive prices from reliable suppliers.

Technology Development: Research and development activities to improve TPMS technology, improve accuracy and develop new features. Human resources management: Recruitment, training and development of qualified personnel for production, marketing and customer support.

Infrastructure: Maintenance of manufacturing facilities, distribution centers and IT infrastructure to support operations.

Strong infrastructure: Administrative, financial and administrative functions ensure the smooth running of the TPMS business.

Supply Chain Analysis:

Raw Material Suppliers: Supply critical components needed to produce TPMS such as sensors, microcontrollers, batteries and antennas.

Manufacturers: Produce TPMS components and assemble them into complete systems or kits for distribution.

Distributors: Acquire TPMS products from manufacturers and distribute them through various channels to OEMs, aftermarket dealers and end users.

OEMs: integrate TPMS into vehicles during production or offer them to customers as optional features.

Dealers: Sell TPMS products directly to consumers for installation or replacement on existing vehicles.

End users: Purchase TPMS products to install in your vehicles to ensure safety and regulatory compliance.

Porter's Five Forces Analysis:

Threat of New Entrants: High initial investment and regulatory barriers limit the entry of new players. Established brands and technological expertise are barriers to market entry.

Bargaining Power of Suppliers: Suppliers of critical components have moderate bargaining power due to availability of multiple suppliers and standardization of components.

Bargaining Power of Buyers: The bargaining power of buyers, including OEMs and aftermarket dealers, is moderate due to the presence of multiple suppliers and the quality and reliability of TPMS products.

Threat of Substitutes: The threat of substitutes is low because TPMS is a mandatory safety feature in many regions and there are few alternatives that offer similar features.

Competitive Competition: Intense competition between major players and increasing number of new entrants will lead to price competition, innovation and differentiation to increase market share. Brand loyalty and technological advancement are key factors that influence competition.

Automotive Tire Pressure Monitoring System Market TO (USD BN)

CAGR OF

9.4%

Automotive Tire Pressure Monitoring System Market

12.72 Billion%

Recent Developments:

Hanover, Germany, August 3, 2023. Continental is now also offering remote tire monitoring in real time for trailers through its ContiConnect Live digital solution. The system works equally well with freestanding and coupled trailers. A telematics unit can receive tire sensor data and send it to the ContiConnect portal

13.09.2022: Karlsruhe, Robert Bosch GmbH: Germany – Since 2014, all newly registered vehicles in the EU have had to be equipped with a tire-pressure monitoring system (TPMS). As a rule, sensors measure tire pressure directly at the tire and continuously relay their readings wirelessly to the TPMS control unit. If faulty sensors have to be replaced, workshops frequently have to identify the vehicle-specific sensors and order them separately.

Frequently Asked Questions:

Which are the prominent players operating in the automotive tire pressure monitoring system market?

Ans: Some of the key players leading in the market Include Sensata Technologies Inc., Continental Ag, Goodyear Tire & Rubber Company, Valeo, Pacific Industrial Co. Ltd, Huf Hülsbeck & Fürst Co., Zf Friedrichshafen Ag, Schrader Electronics, Nira Dynamics Ab, Renesas Electronics Corporation Ltd., Delphi Automotive Llp, Hampton Automotive Technology Co. Ltd, Orange Electronic Co Ltd, Denso Corporation, Robert Bosch Gmbh, Hitachi Automotive Ltd, Hamaton, And Innotechrv.

What is the primary factor driving the automotive tire pressure monitoring system market?

Ans: The automotive TPMS market is primarily driven by a growing emphasis on road safety. Properly inflated tires ensure better vehicle control and reduce the risk of accidents. Additionally, TPMS contributes to improved fuel efficiency and extended tire life, appealing to both consumers and automakers.

What is the expected CAGR of the automotive tire pressure monitoring system market during the forecast period?

Ans: Automotive Tire Pressure Monitoring System Market valued at $6.32 Billion in 2023 and projected to reach $12.72 Billion by 2032, growing at an 9.4 % CAGR.