The global tire pressure monitoring system market size was US$ 5.3 billion in 2021. The global tire pressure monitoring system market size is estimated to reach US$ 11.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.6% during the forecast period from 2022 to 2030.
A tire pressure monitoring system is an electronic procedure used for monitoring the air pressure in tires. The aim of the TPMS is to alert the driver on the subject of high or low tire pressure by glowing the light. The need for tires that enhance fuel efficiency has grown recently. Thus, tire manufacturers have focused on increasing the existing technologies to improve traction, safety, and mileage. It is important to maintain optimum pressure in tires for optimal fuel efficiency, safe driving, and maximizing tire life. It allows to offer greater fuel economy, enhances vehicle safety, and overall decreases CO2 emission.
Factors Influencing Market Growth
- The increase in the demand for safety features, growth in the implementation of electronic systems in vehicles, and technological improvements connected to tire pressure management is expected to drive the overall market expansion.
- Software losses associated with sensors, increased initial expense, and complicated structure are expected to hinder the expansion of the growth.
- Integration of automatic tire inflation systems with telematics and an increase in the need for convenience while driving is anticipated in the overall market expansion.
Effect of the COVID-19 Pandemic
COVID-19 had a severe impact on the overall market expansion. They forced governments around the world to enforce strict lockdowns and restrict the import-export of fundamental raw material products for most of the pandemic. This results in a sudden drop in the availability of important raw materials for vehicle segments. As a result of interrupted supply chains and production plans caused by the pandemic, automotive production and sales suffered badly, which, hinder the overall market expansion.
Asia Pacific has dominated the overall market during the analysis period. It has recognized its major drivers, such as growing research and development acquisition, FDI, and trade openness. Advanced education, transforming economically in forward growth for infrastructure, and changes in regulatory environments drive the overall market expansion.
The prominent players in the global tire pressure monitoring system market are:
- Hitachi Automotive
- ROBERT BOSCH
- Sensata Technologies
- Friedrichshafen AG
- ZF The Goodyear Tire & Rubber Company
- Delphi Automotive
- Hampton Automotive Technology
- DENSO CORPORATION
- Pacific Industrial
The global tire pressure monitoring system market segmentation focuses on Type, Sales Channel, Vehicle Type, Propulsion, and Region.
Segmentation on the basis of Type
- Direct Tire Pressure Monitoring System
- Indirect Tire Pressure Monitoring System
Segmentation on the basis of Sales Channel
Segmentation on the basis of Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Segmentation on the basis of Propulsion
- Electric and Hybrid
- Alternate fuel Vehicle
Segmentation on the basis of Region
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America