Tire Pressure Monitoring System (TPMS) Market Size - By Type (Direct TPMS, Indirect TPMS), By Sales Channel Type (Aftermarket, OEM), By Vehicle Type (Passenger Cars, Commercial Vehicle) & Global Forecast, 2023 – 2032

Tire Pressure Monitoring System (TPMS) Market Size

Tire Pressure Monitoring System Market size was valued at USD 6.2 billion in 2022 and is projected to register a CAGR of 10.9% between 2023 and 2032, attributed to the rising implementation of regulations mandating the installation of tire pressure monitoring system (TPMS) in vehicles for improved road safety.
 

To cite an instance, in May 2022, the rollout of new EU regulation made TPMS legally mandatory in light commercial vehicles, buses, trailers and semi-trailers for reducing the wear rate of tires while increasing vehicle safety. The growing number of accidents caused by tire-related issues has further ensured the dire need for proper tire pressure and better fuel efficiency. The surging popularity of multipurpose passenger vehicles and the influx of various regulatory changes are some other factors defining the market growth.
 

The increasing rate of vehicle ownership mainly in developing countries along with the growing consumer awareness about road safety will drive the demand for tire pressure monitoring systems. According to Statistics Canada, the total count of road motor vehicles registered across Canada rose to 26.2 million in 2021, increasing 1.9% over 2020.
 

However, the rising concerns of significant upfront costs related to TPMS installation and implementation to both manufacturers and vehicle owners may limit the market expansion to some extent. Compatibility and battery-life issues, false alarms and regulatory variability are also likely to impede the product uptake in the forecasted timeline.
 

COVID-19 Impact

The COVID-19 pandemic posed multiple hurdles for the tire pressure monitoring system market expansion on account of the plummeted consumer spending on vehicles as well as disruptions in production that lead to significant decline in automotive sales. It further impacted on the demand and supply of aftermarket products as consumers delayed the purchase of non-essential commodities due to economic uncertainty. However, the amplified focus on online sales and distribution channels for TPMS products influenced the industry growth to considerable extent during the pandemic.
 

Tire Pressure Monitoring System Market Trends

Increasing demand for technologically advanced tire pressure monitoring systems for improved driving experience and safety will favor market size. For instance, in June 2022, Sensata Technologies developed a new Intelligent TPMS for vehicle OEMs to assist in improving vehicle safety and performance. The surging integration of vehicle connectivity and infotainment systems in these systems has made way for real-time tire pressure monitoring to drivers through dashboard displays and smartphone apps.
 

Tire Pressure Monitoring System Market Analysis

The passenger cars segment held over 79% of the tire pressure monitoring system market share in 2022, due to the incessant need for lower emissions by enhancing fuel efficiency.  The increasing adoption of passenger cars worldwide has prompted the higher obligation to limit tire-related problems, costly repairs, and replacements. As per CEIC, the sales of passenger cars were reported at more than 2.8 million units in Dec 2022. The influx of several connected technologies, including Internet of Things and cloud services, sweeping the automotive industry will further drive the segment growth.
 

The aftermarket segment accounted for 32% of the tire pressure monitoring system market share in 2022, owing to the increasing desire for improved vehicle performance and higher awareness of passenger vehicle telematics worldwide. Multiple regulations implemented for TPMS in North America and Europe have steered the popularity of aftermarket solutions amongst vehicle owners to replace the older models. The surging trend of retrofitting older vehicles along with the ease of access to wide range of tire pressure monitoring system kits with different features and price points will contribute to the segment expansion.
 

North America tire pressure monitoring system (TPMS) market was recorded 32% of revenue share in 2022, driven by the rising automotive sales in the region. For instance, Toyota and GM are anticipating the auto sales across the U.S. to increase to around 15 million vehicles by 2023. The growing consumer awareness for withstanding harsh conditions as well as providing the reliable readings have made way for continuous advancements in sensor technologies, supporting the product demand. The robust presence of regulations mandating the use of tire pressure monitoring system in vehicles is another important factor driving the regional market revenue.
 

Tire Pressure Monitoring System (TPMS) Industry Leaders

Major companies operating in the TPMS market are :

• Aptiv PLC
•  Bartec USA LLC
• Continental AG
• Delphi Automotive LLC
• DENSO CORPORATION
• Doran Manufacturing LLC
•  Dunlop Tech GmbH
• Garmin Ltd.,
• Infineon Technologies AG
• Knorr-Bremse AG
• Nira Dynamics
• NXP Semiconductors
• Pacific Industrial Co. Ltd.
• Sensata Technologies Inc.
•  ZF Friedrichshafen AG

. These companies invest in research and development to enhance sensor accuracy, battery life, wireless communication, and integration capabilities. Innovations might include smarter algorithms for pressure monitoring, more durable sensors, and improved user interfaces.
 

Tire Pressure Monitoring System (TPMS) Industry News

• In March 2022, Sensata Technologies joined forces with Nira Dynamics for delivering robust and accurate tire TDM (tread depth monitoring) virtual sensor systems in vehicle OEMs for improving their efficiency, safety, and uptime.
   

This Tire pressure monitoring system (TPMS) market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:

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Market, By Type

• Direct TPMS
• Indirect TPMS

Market, By Vehicle Type

• Passenger Cars
• Commercial Vehicles

Market, By Sales Channel Type

• Aftermarket
• OEM

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ 
• Latin America
  • Brazil
  • Mexico
• MEA
  • South Africa
  • UAE
  • Saudi Arabia