According to the latest report by IMARC Group, titled "Tire Pressure Monitoring System (TPMS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global tire pressure monitoring system market size reached US$ 5.6 Billion in 2021. A tire pressure monitoring system (TPMS) refers to an electronic system that monitors the air pressure present in a vehicle’s tire and reflects the reading on the display screen in real-time. It also depicts the derived data in the form of a pictogram display. These solutions aid the drivers in analyzing the potential risks associated with the changes in the pressure and temperature of tires. The widespread utilization of these systems offers enhanced convenience to the driver while significantly improving vehicle safety as well as a reduced number of injuries as a result of lower incidences of road accidents.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Tire Pressure Monitoring System (TPMS) Market Trends:
The global market is primarily driven by considerable growth in the automotive sector. With the inflating per capita income levels of the masses and the escalating adoption of electric vehicles (EVs), there has been a rising preference towards the utilization of advanced driver-assistance systems (ADASs) to ensure optimum safety. TPMS forms an essential part of the ADASs as it employs innovative sensors to gather precise pressure information from the tire valves to display the same in real-time, thereby creating a positive outlook for the market. The market is further driven by continual technological advancements in the market, including the widespread integration of energy harvesting and display systems with TPMS to provide data and insights about the performance health of the vehicle. Moreover, numerous governing agencies are also mandating the installation of TPMS in vehicles in an attempt to minimize the incidences of road accidents, which is providing an impetus to the market growth. Some of the other factors contributing to the market growth include the growing consumer awareness regarding the importance of using TPMS in their vehicles and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 9.77% during 2022-2027.
- On the basis of type, the market has been divided into direct and indirect TPMS.
- Based on the technology, the market has been classified into intelligent and conventional TPMS.
- On the basis of the vehicle type, the market has been bifurcated into passenger and commercial vehicles.
- Based on the distribution channel, the market has been segmented into OEMs and aftermarket.
- On the geographical front, the market has been segregated into 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 Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players 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).
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