Automotive TPMS Market Size
Global automotive TPMS market reached USD 5.9 billion in 2022 and is expected to reach USD 9.1 billion by 2030, growing with a CAGR of 12.9% during the forecast period 2024-2031. The automotive industry is continually evolving, with advancements in technology transforming the driving experience.
One such technological innovation that has gained prominence in recent years is the Tire Pressure Monitoring System (TPMS). As road safety becomes a top priority, governments across the globe are taking initiatives to mandate TPMS installations in vehicles.
The direct TPMS leads the product segment in the global automotive TPMS market, accounting for over half of the market share. Similarly, the Asia-Pacific dominates the automotive TPMS market, capturing the largest market share of over 1/3rf. The region’s growing population and automotive production act as the major factor that plays key role for the respective dominance.
Market Scope
| Metrics | Details |
| CAGR | 12.9% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Product, Vehicle and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Rising Vehicle Production and Sales
The global automotive industry has experienced a steady increase in vehicle production and sales, contributing to the growth of the TPMS market. Despite the challenges posed by the COVID-19 pandemic in 2020, the automotive sector has shown resilience and rebounded with an upward trajectory.According to the International Organization of Motor Vehicle Manufacturers (OICA), global vehicle production reached over 77 million units in 2022, a substantial recovery compared to the previous year.
Additionally, the International Energy Agency (IEA) reported that global electric car sales reached 3.1 million units in 2020, representing an impressive year-on-year growth of 41%. With the continuous growth of vehicle production and sales, the demand for TPMS in new vehicles has surged, further propelling the global automotive TPMS market.
Increasing Focus on Vehicle Safety and Emission Reduction
Vehicle manufacturers and consumers alike are becoming increasingly aware of the importance of vehicle safety and environmental sustainability. As a result, there is a growing focus on integrating advanced safety features in vehicles to reduce accidents and improve overall road safety. TPMS plays a crucial role in vehicle safety by constantly monitoring tire pressure, thereby preventing potential hazards associated with underinflated or overinflated tires.
Furthermore, TPMS also contributes to reducing environmental impact by optimizing fuel efficiency. Properly inflated tires result in reduced rolling resistance, leading to improved fuel economy and lower greenhouse gas emissions. With the rising concerns about climate change and environmental sustainability, the integration of TPMS in vehicles has become a priority for automakers and consumers, driving the global TPMS market.
High Initial Costs and Maintenance Expenses and Limited Adoption in Emerging Markets
One of the primary restraints faced by the global automotive TPMS market is the high initial costs associated with the installation of TPMS in vehicles. TPMS requires sensors, control units, and displays to monitor tire pressure, and this can significantly increase the overall cost of the vehicle. Moreover, ongoing maintenance expenses, such as replacing sensor batteries and calibrating the system, can add to the financial burden for vehicle owners.
Although TPMS is widely adopted in developed regions such as North America and Europe, it faces slower adoption rates in emerging markets. The lack of strict regulations mandating TPMS installation in these regions and cost-sensitive consumers contribute to the limited adoption. Additionally, the presence of a large number of older vehicles without TPMS capabilities hampers the market's growth in these regions.
Market Segment Analysis
The global automotive TPMS market is segmented based on product, vehicle, sales channel and region.
Accuracy and Real-Time Monitoring
Direct TPMS employs individual pressure sensors within each tire to measure tire pressure accurately. The sensors directly transmit real-time pressure readings to the vehicle's onboard computer, enabling drivers to monitor tire pressure continuously. The respective accuracy and real-time monitoring capability have been crucial factors driving the preference for direct TPMS over indirect TPMS.
With accurate pressure readings, direct TPMS ensures that drivers receive timely alerts in case of underinflated tires, enabling them to take immediate corrective action. The aforementioned fact not only enhances vehicle safety but also contributes to fuel efficiency and tire longevity. The benefits of real-time monitoring have incentivized automakers to integrate direct TPMS in their vehicles, further fueling the segment's growth.
Market Geographical Share
Increasing Vehicle Production and Sales
Asia-Pacific is home to some of the world's largest automotive markets, such as China, Japan, India, and South Korea. Such countries have witnessed steady economic growth and rising disposable incomes, leading to increased automotive sales. As the automotive market expands, the demand for safety features like TPMS has also surged.
For instance, China remains the world's largest automotive market, with millions of vehicles being produced and sold each year. With increasing consumer awareness and the government's emphasis on safety, the demand for TPMS in China's automotive sector has witnessed significant growth.
Major Key Players
The major global players in the market include Continental AG, Denso Corporation, Pacific Industrial Co., Ltd., Schrader Electronics, Alligator Ventilfabrik GmbH, PressurePro, Alps Electric Co., Ltd., Bendix Commercial Vehicle Systems LLC, Doran Manufacturing LLC and Takata Corporation.
COVID-19 Impact Analysis
The global automotive Tire Pressure Monitoring System (TPMS) market experienced significant disruptions due to the pandemic's unprecedented challenges. According to the International Organization of Motor Vehicle Manufacturers (OICA), global vehicle production fell by around 16% in 2020 compared to the previous year.
Similarly, vehicle sales witnessed a sharp decline of approximately 15% during the same period. With uncertainty surrounding the economy and job security, consumer spending on non-essential items, including vehicles, declined significantly. Many potential buyers postponed their vehicle purchases, leading to reduced demand for new cars equipped with TPMS.
By Product
- Direct TPMS
- Indirect TPMS
By Vehicle
- Passenger vehicle
- Commercial vehicle
By Vehicle
- OEM
- Aftermarket
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- On April 24, 2023, Continental announced that the company has started the production of Tire Pressure Monitoring System for passenger cars in its Bangalore plant. The company intends to become the first tier 1 manufacturer of TPMS with this initiative.
- On June 29, 2022, Sensata technologies developed a new Bluetooth controlled TPMS named BLETPMS. The respective step is to establish the company’s presence in market which is evolving to accommodate connected smart tires.
- On February 2, 2021, Wheely-Safe introduced open platform systems capable of allowing its users to make use of the company’s advanced TPMS, brake temperature sensing and wheel lose sensing technologies.
Why Purchase the Report?
- To visualize the global automotive TPMS market segmentation based on product, vehicle, sales channel and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of automotive TPMS market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as excel consisting of key products of all the major players.
The global automotive TPMS market report would provide approximately 61 tables, 54 figures and 186 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
