Global Automotive Tire Pressure Monitoring System (TPMS) Market was valued at US$ 6.41 Bn in 2022, and is projected to reach US$ 16.84 Bn by 2030, exhibiting a CAGR of 13% over the forecast period (2023-2030). According to Automotive Tire Pressure Monitoring System (TPMS) Market Report, By Product Type (Direct TPMS & Indirect TPMS), By Vehicle Type (Passenger Car, LCV, HCV), By Sales Channel (OEM & After Market) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
During the forecast period, the global automotive tire pressure monitoring system (TPMS) market is driven by increasing safety awareness by consumers. Consumers are becoming increasingly aware of the potential risks associated with under-inflated and over-inflated tires. Incorrect tire pressure reduces grip, lengthens braking distances, reduces stability, and increases the risk of a flat tire. Because these hazards pose significant risks to both drivers and other road users, consumers are actively seeking advanced safety features, including TPMS, to ensure a safer driving experience.
Global Automotive Tire Pressure Monitoring System (TPMS) Market - Drivers
Technological Advancements
Technological advancement is a major driver of the TPMS market as it enables the development of more advanced and sophisticated TPMS solutions. Innovations such as wireless sensor technology, integration with vehicle telematics systems, cloud connectivity, and advanced data analysis algorithms have improved the accuracy, reliability, and capabilities of TPMS systems. These advancements provide real-time monitoring, predictive maintenance capabilities, remote access, and integration with other vehicle safety systems, improving the value proposition and accelerating the adoption of his TPMS in the automotive industry. For instance, Michelin, the leading tire manufacturer, has announced a breakthrough initiative to integrate radio frequency identification (RFID) chips into all new car tires by 2023. Based on extensive experience in tire-centric RFID technology development, including the launch of RFID, The aim is to deliver the product with the chip installed. The move highlights Michelin's commitment to using RFID technology to improve tire management, increase efficiency and provide valuable data insights for both consumers and the automotive industry at large.
Global Automotive Tire Pressure Monitoring System (TPMS) Market - Restraints
Lack of Standardization and High Prices of TPMS
Despite the growing demand for TPMS in the automotive industry, the market faces challenges due to a lack of standardization and relatively high prices for TPMS solutions. Due to the lack of uniform regulations and standards for TPMS implementation, there are variations in system specifications and compatibility between vehicles and manufacturers. This lack of standardization makes it difficult for the consumer to choose a suitable TPMS solution, hindering widespread adoption. Additionally, the cost of TPMS remains relatively high, especially for more highly integrated systems. The additional cost of installing his TPMS in vehicles could be a disincentive for some consumers and manufacturers, leading to slower market growth. However, as technology advances and economies of scale come into play, prices are expected to come down over time, making TPMS more accessible to a wider range of vehicles and consumers. An instance of the lack of standardization and high cost of TPMS is the different sensor protocols and compatibility between different car manufacturers. For example, some vehicles may use a direct TPMS system that requires a separate sensor for each tire, while others use an indirect TPMS system that relies on existing vehicle sensors to estimate tire pressure. Additionally, different sensor frequencies and communication protocols are used. This lack of standardization may make it difficult for consumers to find compatible TPMS solutions, may require additional costs for specialized sensors or system modifications, and ultimately has an impact on overall price and ease of implementation.
Counterbalance - A lack of standardization and high prices initially pose challenges to the TPMS market, but ongoing standardization efforts, cost-reduction trends, and long-term benefits of TPMS capabilities offset them. These factors make TPMS adoption a more favorable prospect and a worthwhile investment for both vehicle owners and manufacturers.
Global Automotive Tire Pressure Monitoring System (TPMS) Market - Key Developments
In May 2022, Honda, a renowned global automotive manufacturer known for its innovative and high-quality vehicles, motorcycles, and power equipment, released the latest version of its hybrid premium mid-size sedan “Honda City 2022”. A notable addition to this model is the integration of the Tire Pressure Monitoring System (TPMS). His TPMS feature on the 2022 Honda City represents an upgrade over previous models and highlights Honda's commitment to improving customer safety and the overall driving experience. TPMS is a technology used to monitor vehicle tire pressure and provide real-time information to the driver. It measures tire pressure using sensors located in each tire or wheel assembly. At Honda City 2022, these sensors are built into the wheels and transmit data wirelessly to the vehicle's onboard computer system. His introduction of TPMS at Honda City for 2022 offers several benefits for both the driver and the vehicle itself. First, you'll be able to ensure optimal tire pressure, essential for maintaining proper traction, stability, and handling. By constantly monitoring tire pressure, TPMS detects significant deviations from recommended pressure levels and alerts the driver.
In 2021, KRAIBURG Austria, a leading automotive technology company known for its innovative solutions in tire pressure monitoring and other advanced vehicle technologies, made an interesting announcement about the launch of its latest product TYLOGIC. TYLOGIC is a state-of-the-art web-based tire pressure monitoring system that provides accurate and reliable tire pressure monitoring on a wide range of vehicles with a particular focus on trucks. This advanced system incorporates the latest technology to detect both gradual and sudden tire deflation. By continuously monitoring pressure levels, TYLOGIC can warn drivers and fleet managers in good time of deviations from the optimal tire pressure range. This early warning system allows immediate corrective action, minimizing the risk of tire accidents and maximizing overall safety on the road. Furthermore, TYLOGIC does more than just monitor tire pressure. It can also detect potential mechanical damage to truck axles and brakes. This feature is very important for the proper functioning and maintenance of critical vehicle components. TYLOGIC detects potential mechanical problems and alerts the user to prevent further damage and potential failures, improving performance reliability, and longevity of the entire truck.
Global Automotive Tire Pressure Monitoring System (TPMS) Market - Impact of COVID-19
One of the main negative impacts of COVID-19 on the TPMS market is the slowdown in automobile production. Many automakers have temporarily halted production to ensure the safety of their workers, following lockdown measures. As a result, fewer vehicles were produced and equipped with these technologies, reducing demand for TPMS systems. Additionally, the pandemic has disrupted global supply chains and impacted the availability of TPMS components and raw materials. Travel restrictions, temporary closures of production facilities, and logistical issues disrupted the smooth flow of deliveries, causing delays and bottlenecks. This compounded the challenges for TPMS manufacturers and slowed market growth. Additionally, economic uncertainty due to the pandemic has impacted consumer spending patterns, leading to a decline in car sales. As a result, the demand for his TPMS solutions in the aftermarket has also decreased. Consumers facing economic constraints and uncertainties may be delaying or postponing maintenance and retrofit upgrades, including the installation of TPMS systems.
To know the latest trends and insights prevalent in this market, click the link below:
Key Trends and Analysis of the Global Automotive Tire Pressure Monitoring System (TPMS) Market:
- North America is an important market for TPMS due to strict safety regulations and high acceptance of advanced automotive technology. The region has seen development within the TPMS market because of the increase in consumer awareness regarding the benefits in terms of safety. In addition, increasing demand for passenger cars and commercial vehicles also contributes to the market growth in the region.
- Europe is another important market for TPMS, driven primarily by the presence of major car manufacturers and a focus on vehicle safety regulations. In the region, TPMS has been widely deployed in passenger and commercial vehicles, with original equipment manufacturers (OEMs) including TPMS as a standard feature in new vehicles. In Europe, the increasing focus on reducing traffic accidents and improving vehicle efficiency has increased the demand for TPMS.
- In the Asia-Pacific region, the TPMS market is growing rapidly due to factors such as increasing vehicle production, increasing disposable income, and increasing consumer awareness of safety features. Countries such as China, Japan, and India are contributing significantly to the market growth in this region. Implementation of strict government regulations on vehicle safety and increasing adoption of his TPMS by OEMs is expected to further drive the market.
- In Latin America, the TPMS market is experiencing steady growth owing to the growth of the automotive industry and increasing consumer awareness of vehicle safety. Countries such as Brazil and Mexico are major markets in the region, with increasing demand for automobiles and commercial vehicles. The Latin America market is expected to grow faster with the implementation of regulations that require new vehicles to be equipped with a TPMS.
- In the Middle East and Africa region, TPMS is gradually being introduced, mainly due to the growth of the automotive sector and increasing interest in vehicle safety. With increasing vehicle sales, the demand for TPMS is expected to rise, especially in countries such as Saudi Arabia, South Africa, and the United Arab Emirates. The introduction of regulations to promote vehicle safety is expected to boost the TPMS market in the region.
Some of the major players in the Automotive Tire Pressure Monitoring System (TPMS) Market are ZF Friedrichshafen AG, ATEQ, Continental AG, Bartec USA LLC, Sensata Technologies, Inc., Huf Hülsbeck & Fürst GmbH & Co. KG, AUTOMOTIVE TECHNOLOGY CO., LTD., Rivigo Services, Denso Corporation, DUNLOP TECH GmbH, Pacific Industrial Co., Ltd., Bendix Commercial Vehicles Systems LLC, NXP Semiconductors, NIRA Dynamics AB, WABCO, and HAMATON AUTOMOTIVE TECHNOLOGY CO., LTD.
