Tire Pressure Monitoring System Market

Tire Pressure Monitoring System (TPMS) Market Size:

The global tire pressure monitoring system (TPMS) market size reached US$ 6.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.3 Billion by 2032, exhibiting a growth rate (CAGR) of 8.2% during 2024-2032. Increasing vehicle safety regulations, advancements in technology, rising consumer safety awareness, and the rising adoption of advanced driver-assistance systems (ADAS) in vehicles are fueling the pressure monitoring system (TPMS) market.

Tire Pressure Monitoring System (TPMS) Market Analysis:

• Major Market Drivers: Major factors include stringent automotive safety regulations mandating TPMS in new vehicles to enhance road safety, advancements in automotive technology, and increased consumer safety awareness.
• Key Market Trends: The global tire pressure monitoring system (TPMS) market is experiencing strong growth, driven by increasing number of safety-conscious consumers, along with stringent automotive safety regulations.
• Geographical Trends: APAC dominates the market, which can be attributed to growing vehicle production and sales, stringent regulations regarding vehicular safety, and significant technological advancements and manufacturing in the automotive sector.
• Competitive Landscape: Some of the major market players in the tire pressure monitoring system (TPMS) industry include ATEQ, Bartec USA LLC, Bendix Commercial Vehicle Systems LLC (Knorr Brake Holding Corporation), Continental Aktiengesellschaft, Denso Corporation, Hamaton Automotive Technology Co. Ltd. (Hangzhou Hamaton Intelligent Control Holdings Co. Ltd.), Huf Hülsbeck & Fürst GmbH & Co. KG, Nira Dynamics AB, NXP Semiconductors N.V., Pacific Industrial Co. Ltd., Sensata Technologies Inc. and WABCO Holdings Inc. (ZF Friedrichshafen AG), among many others.
• Challenges and Opportunities: Challenges include high maintenance and installation costs, resistance from older vehicles, compatibility issues with existing systems, and the complexity of integrating advanced sensor technologies. Nonetheless, rising demand for the solution in emerging automotive markets, integration with connected vehicles, and expanding aftermarket services are offering favorable opportunities to the tire pressure monitoring system (TPMS) market outlook.
   

Tire Pressure Monitoring System (TPMS) Market Trends:

Stringent Government Regulations

Governments across the globe are implementing strict safety regulations, mandating the integration of TPMS in new vehicles to prevent tire-related accidents, thereby enhancing road safety. TPMS primarily monitors tire pressure, providing real-time information to the driver and alerting them about a significant under-inflation condition in one or more tires. For instance, the Ministry of Road Transport and Highways, the Government of India, has introduced regulations for tires, safety glass, and external projections under CMVR (Central Motor Vehicles Rule). They have formulated the specification for the tire pressure monitoring system (TMPS) for vehicles up to maximum mass of 3.5 tonnes.

Favorable Technological Advancements

One of the key factors propelling the tire pressure monitoring system (TPMS) market is rapid advancements in TPMS technology, such as improved sensor accuracy, real-time data monitoring, and extended battery life. These innovations and advancements help enhance the functionality and reliability of these systems and enable the efficient integration of TPMS into existing and new vehicles, thereby gaining consumer confidence and appeal. For instance, in June 2022, Sensata Technologies announced the launch of their new smart TMPS for vehicle original equipment manufacturers (OEMs) to improve vehicle safety and performance. Their intelligent TPMS sensor is equipped with Bluetooth low energy wireless technology, which offers easy connectivity with the vehicle.

Growing Vehicle Production and Sales

The rising production and sales of vehicles, especially in emerging economies, is acting as a crucial growth-inducing factor. As the sales are rising, so is the incorporation of TPMS to comply with safety regulations and meet consumer demand for safer and smarter vehicles. For instance, Asia Pacific’s light vehicle (LV) production in 2023 exhibited nearly 10% year-on-year (YoY) growth, recording 51.8 million units. This growth can be attributed to a robust pace of production, especially in China and Japan, along with strong exports.

Tire Pressure Monitoring System (TPMS) Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, technology, vehicle type, and distribution channel.

Breakup by Type:

• Direct TPMS
• Indirect TPMS
   

Direct TPMS accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes direct and indirect TPMS. According to the report, direct TPMS represented the largest segment.

Direct TPMS is dominating the market due to its favorable characteristics, such as high accuracy and reliability in providing real-time tire pressure data through sensors embedded in the tires. This level of precision is crucial in preventing road accidents, maintaining vehicle safety, extending tire life, and enhancing fuel efficiency. One of the factors that give direct TPMS an advantage over indirect is that they do not require recalibration after tire rotations or replacements. Besides this, advancements in sensor technology, such as the use of MEMS, have reduced the costs of direct TPMS over time, enhancing its appeal among both manufacturers and consumers.

Breakup by Technology:

• Intelligent TPMS
• Conventional TPMS
   

Conventional TPMS exhibits a clear dominance in the market 

A detailed breakup and analysis of the market based on the technology have also been provided in the report. This includes intelligent and conventional TPMS. According to the report, conventional TPMS accounted for the largest market share.

Conventional TPMS is dominating the TMPS market due to its ability to directly measure air pressure and temperature. Placed inside each tire, the system uses battery-powered sensors to record and transmit real-time data to the vehicle’s onboard computer system using radio frequency (RF) technology. Such information is crucial for maintaining vehicle safety, extending tire life, and optimizing fuel efficiency. For example, in February 2022, Fleeca India Private Limited, a Jaipur-based start-up, launched Fleeca Kawach, which is one of India’s first AI-driven smart truck TPMS. This system, mounted on the rim of the tire, alerts the driver within 20 seconds of frequency about the air pressure and temperature in heavy vehicles tires.

Breakup by Vehicle Type:

• Passenger Vehicles
• Commercial Vehicles
   

Passenger car dominates the market

The report has provided a detailed breakup and analysis of the market based on the vehicle type. This includes passenger and commercial vehicles. According to the report, passenger vehicles represented the largest segment.

The passenger vehicle represents the largest segment in the tire pressure monitoring system (TPMS) market due to stringent safety regulations that mandate the integration of the system in new passenger vehicles to improve road safety. Poorly maintained tires can be a cause of accidents, due to which automakers are increasingly installing the system into their vehicles. This is further supported by the increasing consumer consciousness about vehicle safety and the advantages of having real-time TPMS. Moreover, the expanding automotive industry, especially in developing regions, is propelling the segment’s growth in the global tire pressure monitoring system (TPMS) market size. For instance, in June 2022, Volkswagen launched Virtus with a 1-tire TSI comfortline variants. The car offers over 40 safety features and sensors, including a tire pressure monitoring system.

Breakup by Distribution Channel:

• OEMs
• Aftermarket
   

OEMs is the predominant market segment

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes OEMs and aftermarket. According to the report, OEMs accounted for the largest market share.

OEM is dominating the tire pressure monitoring system (TPMS) market due to various factors, such as stringent safety regulations that mandate the inclusion of the system in new vehicles. Manufacturers install TPMS directly during vehicle production and assembly to comply with such standards. Moreover, consumer inclination towards vehicles equipped with advanced safety features has influenced OEMs to adopt TPMS, thereby favoring the segment. Additionally, OEMs are covering TPMS under vehicle warranties, which adds to its appeal. For instance, in June 2022, Continental, one of the leading innovation and supplier of OE and aftermarket for TMPS, TPMS diagnostic tools, and replacement parts, launched a new packaging design for its next-generation of REDI-sensor Multi-Application TPMS sensors. This was backed by extensive research and development (R&D) conducted by the company.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest tire pressure monitoring system (TPMS) market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for tire pressure monitoring system (TPMS).

Asia Pacific represents the dominating region in the global tire pressure monitoring system (TPMS) market, with China and India anticipated to be the region’s market leaders. Factors, such as rising premium car market penetration, rapid automotive sector growth, stringent safety regulations, and increased safety installations per vehicle, drive the demand for TPMS and other safety systems. Additionally, the region’s technological advancements have made the integration more cost-effective, broadening the accessibility to a growing middle class. Besides this, growth in premium and mid-segment car sales in the region is accelerating TPMS adoption. Several automakers are increasing passenger vehicle sales and launching new products. For example, in August 2022, the iMAX8 EV, a mid-sized electric MPV from SAIC Roewe, was launched in five variants. A tire pressure monitoring system is one of the vehicle's features. Moreover, in May 2022, Geely Binrui COOL Sedan Coupe was launched in China for USD 14,000 in the mid-sedan segment. The car includes active safety features, a tire pressure monitoring system, and Level 2 ADAS functions.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the tire pressure monitoring system (TPMS) industry include ATEQ, Bartec USA LLC, Bendix Commercial Vehicle Systems LLC (Knorr Brake Holding Corporation), Continental Aktiengesellschaft, Denso Corporation, Hamaton Automotive Technology Co. Ltd. (Hangzhou Hamaton Intelligent Control Holdings Co. Ltd.), Huf Hülsbeck & Fürst GmbH & Co. KG, Nira Dynamics AB, NXP Semiconductors N.V., Pacific Industrial Co. Ltd., Sensata Technologies Inc. and WABCO Holdings Inc. (ZF Friedrichshafen AG).
• The competitive landscape of the tire pressure monitoring system (TPMS) market is characterized by a mix of global and regional players, making the market highly competitive. Major automotive technology companies are leveraging their extensive technology portfolios and wide geographical presence. These companies invest heavily in R&D to innovate and improve TPMS features, enhancing integration with other vehicle safety systems. The market also witnesses significant competition from emerging Asian manufacturers who offer cost-effective solutions, increasing the pressure on established players to innovate and reduce costs while maintaining high quality and reliability standards. For instance, in October 2022, Fyrqom AB, a new start-up, was formed by Volvo Group, Qamcom Group, and Roman Lustin. The new company will provide an automated system for calibrating heavy duty vehicles’ tire pressure monitoring systems.

Tire Pressure Monitoring System (TPMS) Market News:

• In May 2022, Continental launched CombineMaster and CombineMaster VF tires, a continuous TPMS that drives down overall operating costs by continuously monitoring the air pressure and temperature of the tires.
• In September 2022, Chongqing Livan Automotive Technology Co., Ltd. (Livan Auto), a battery-swappable car brand supported by Geely Automobile and Lifan Technology, introduced two new models. These variants include a central console screen with an 8-inch LCD, a TPMS, and a HHC system.
• In April 2024, Sesata Technologies announced the launch of PewView STA79, a new addition to their PreView Radar product line that aims to improve the safety of medium and heavy-duty vehicles worldwide.

Tire Pressure Monitoring System (TPMS) Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the tire pressure monitoring system (TPMS) market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global tire pressure monitoring system (TPMS) market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the tire pressure monitoring system (TPMS) industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.