Increasing Number of Automobiles on Road Drives the TPMS Market
Vehicle safety and accidents prevention of automobiles due to over inflated or under inflated tires is the major factor that drives the growth of tire pressure monitoring system. Underinflated tires cause rolling resistance leading to low fuel efficiency which pose a threat to environment. TPMS helps in sustainable transport as by optimizing fuel consumption it reduces carbon footprint and contributes to environmental preservation. Improved tire performance and longevity due to less wear and tear of tires have reduced operating costs of fleet operators and commercial vehicle owners.
Increasing number of electric vehicles directly contribute to the demand of tire pressure monitoring systems as electric vehicles use vehicle control units, heat sensors and more so connectivity in the electric vehicles is strong and TPMS requires better connectivity to work properly. In some countries, there are incentives for vehicle owners with TPMS in their vehicles and hence, the aftermarket of the tire pressure monitoring system is experiencing growth.
Increasing number of electric vehicles directly contribute to the demand of tire pressure monitoring systems as electric vehicles use vehicle control units, heat sensors and more so connectivity in the electric vehicles is strong and TPMS requires better connectivity to work properly. In some countries, there are incentives for vehicle owners with TPMS in their vehicles and hence, the aftermarket of the tire pressure monitoring system is experiencing growth.
Government Safety Regulations on Automobiles Help TPMS Market Grow
In countries like United States and South Korea, it was mandatory for an automobile manufacturer to implant a TPMS in the vehicle since past decades, respectively to be able to launch the vehicle on road. Since numerous traffic accidents such as rollovers and tire blowouts occurred due to insufficient air pressure, government of many countries have issued the compulsory implementation of TPMS in automobiles. For instance, in July 2024, new legislation regarding tire pressure monitoring systems (TPMS) implemented across Europe. This legislation mandated the use of TPMS devices on all new commercial vehicles at the point of registration, including trailers. One key aspect of the new law is that any tire pressure change exceeding 20% must be displayed to the driver in real time, alerting them to potential tire issues before they become hazardous.
Recent Trends in the Tire Pressure Monitoring System Industry:
- Increasing application in connected vehicles.
- Integration of IoT for predictive maintenance.
- Rise in innovations due to EV electrification and alternative propulsion systems (APS).
- Increasing use due to sustainability goals.
- Exploring machine learning and artificial intelligence in the system for possibilities.
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Research and Development of Non-Pneumatic Tire Technology Limits the Market Growth
Non-Pneumatic tires (NPT) are airless tires or flat-free tires that are not supported by air pressure which are used on small vehicles such as motorized golf carts and lawn mowers and also used on heavy equipment required to operate on sites where risk of tire punctures is high. They are not used in normal vehicles because of high suspension capability they will absorb impact of trick terrain making ride tougher, they will increase cost significantly due to materials used in making tires and due to more resistance caused than air tires they will impact on battery life and range. Although, these tires are not used commercially for normal vehicles, but considering technological advancements in every sector, the research and development in this technology can be a potent threat to the air pressure monitoring system market.
Developments and Key Players in the TPMS Market
As there is a rise in need of tire pressure monitoring systems, many companies try to gain upper hand in the market through innovating the technology and launching them at precise moments. For instance, in January 2024, Tire Monitoring System(TMS) has launched a new Tire Pressure Monitoring System(TPMS), including the hub, display, app and sensors, specifically aimed at industrial vehicles used in mining, earth-moving, mobile cranes, container ports, and mass-transit systems and Off-the-Road (OTR) vehicles with varying sizes, right up to 24 wheels. Similarly, in September 2023, Infineon Technologies launched XENSIV SP49 which is a remarkable advancement in tire pressure monitoring as it incorporates MEMS sensors and an Application-Specific Integrated Circuit (ASIC) with a powerful 32-bit Arm M0+ core, generous flash memory and RAM, Low Power Monitoring (LPM), optimized fast acceleration sensing capabilities and ability to perform on-tire auto-position sensing, a valuable asset for drivers seeking precise information about tire condition and position and offers tire inflation assistance, tire blowout detection, and load detection, enhancing both safety and convenience for vehicle owners.
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Increase in Luxury Vehicles in North America Helps the TPMS Market Grow
North America is considered to be a steadily growing region for the market with factors such as an increase in demand for luxury vehicles, and different initiatives taken by the USA government such as the development of a federal motor vehicle safety standard that requires the installation of TPMS are expected to drive the growth of the market. The Asia-Pacific automotive TPMS market is anticipated to grow rapidly in coming years, wherein countries such as China, India, Japan, and South Korea are expected to hold a considerable share in the global automotive TPMS market. The market is majorly driven by China and India, the factors such as the increase in production of electric vehicles and a rise in safety installation per vehicle are expected to boost the growth of the market in the region. For instance, in June 2024, Continental, a technological company with continued dedication towards safe mobility and led by Vision Zero, has expanded the production of its Tire Pressure Monitoring System (TPMS) for passenger cars with fully automated processes and nominal manual intervention at its Bangalore plant and inaugurated the same. This expansion came as a response to the increasing market demand in India and targets to significantly enhance the production capacity with 3.3 million wheels unit per year.
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The report provides a detailed overview of the tire pressure monitoring system market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for tire pressure monitoring system market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the tire pressure monitoring system market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the tire pressure monitoring system market. Some key country and region included in the tire pressure monitoring system market report as follows:
| Regions | Countries |
|---|---|
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Poland, Netherlands, Belgium, Sweden, Austria, Slovakia, Hungary, Romania, Czech Republic, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Vietnam, Thailand, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Egypt, Turkey, Morocco, Nigeria, Iran, Rest of MEA |
Tire Pressure Monitoring System Market Research Report Covers In-depth Analysis on:
- Tire pressure monitoring system market detailed segments and segment-wise market breakdown
- Tire pressure monitoring system market dynamics (recent industry trends, drivers, restraints, growth potential, opportunities in tire pressure monitoring system industry)
- Current, historical and forthcoming 10 years market valuation in terms of tire pressure monitoring system market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Tire pressure monitoring system market demand analysis
- Tire pressure monitoring system market pricing analysis over forecast period (by key segment and by region)
- Tire pressure monitoring system market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in tire pressure monitoring system market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in tire pressure monitoring system market
- Tire pressure monitoring system market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on tire pressure monitoring system market forecast by countries
- Mergers and acquisitions in tire pressure monitoring system market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What are the key trends influencing the TPMS market?
Key trends include the increasing adoption of advanced driver assistance systems (ADAS), stringent government regulations on vehicle safety, and growing awareness of the importance of maintaining proper tire pressure.
What factors are driving the growth of the Tire Pressure Monitoring System market?
The growth of the TPMS market is driven by increasing vehicle production, rising safety concerns, and the implementation of regulatory standards mandating TPMS in new vehicles.
What are the major challenges faced by the TPMS market?
The TPMS market faces challenges such as high installation costs, lack of awareness among consumers, and technical issues related to sensor accuracy and durability.
