Overview and Scope
The automotive tire pressure monitoring system (TPMS) is an electronic system that monitors the tire’s internal air pressure and gives real-time data on tire pressure. It also helps to warn the driver about the underinflated tires. These are used to monitor the pressure of tires in vehicles using pressure sensors.
Sizing and Forecast
The automotive tire pressure monitoring system market size has grown rapidly in recent years. It will grow from $8.39 billion in 2023 to $9.72 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth in the historic period can be attributed to increase in automotive production and sales, expanding automotive aftermarket, enhanced safety and security requirements, globalization and international trade.
The automotive tire pressure monitoring system market size is expected to see rapid growth in the next few years. It will grow to $17.12 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to electrification of vehicles, autonomous vehicle development, stringent government regulations, expansion of the connected car ecosystem, rising disposable income. Major trends in the forecast period include advanced sensor technology, connected tpms, predictive maintenance, smartphone integration, data analytics and ai.
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Segmentation & Regional Insights
The automotive tire pressure monitoring system market covered in this report is segmented –
1) By Type: Direct TPMS, Indirect TPMS
2) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
3) By Sales Channel Type: OEM, Aftermarket
North America was the largest region in the automotive tire pressure monitoring system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive tire pressure monitoring system market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing number of accidents is expected to propel the growth of the automotive tire pressure monitoring systems market over the coming years. Accidents are unexpected, unwanted, and sudden events that are associated with injury or loss of life. The subsequent road fatalities and accidents prompted the regulatory authorities to mandate the installation and employment of tire pressure monitoring systems in automobiles, thereby promoting the production of automotive tire pressure monitoring systems. For instance, according to the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA), in the US, about 20,000 people lost their lives in motor vehicle crashes in the first half of 2021, a 20% increase from 2020. Therefore, the growing number of accidents and subsequent road fatalities is driving the growth of the growth of the automotive tire pressure monitoring systems market.
Key Industry Players
Major companies operating in the automotive tire pressure monitoring system market include Continental AG, Sensata Technologies Holding plc, Denso Corporation, Pacific Industrial Co. Ltd., NXP Semiconductors N.V., Huf Hülsbeck & Fürst GmbH & Co. KG, Nira Dynamics AB, Hamaton Automotive Technology Co. Ltd., ATEQ TPMS, Alligator Ventilfabrik GmbH, ALPS ALPINE CO. LTD, Doran Manufacturing, Bartec USA LLC, Dill Air Controls Products, ZF Friedrichshafen AG, DUNLOP TECH GmbH, Schrader International Inc., WABCO Holdings Inc., ACDelco a General Motors Company, TRW Automotive Inc., Bridgestone Corporation, BorgWarner Inc., HELLA GmbH & Co. KGaA, Lear Corporation, Omron Corporation, Visteon Corporation, Transense Technologies PLC, Xensor Corporation, CUB Elecparts Inc., Sate Auto Electronic Co. Ltd., Shanghai Baolong Automotive Corporation, Paceline Electronics Inc.
The automotive tire pressure monitoring system market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
………
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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