Tire Pressure Monitoring System (TPMS) Market Analysis

Tire Pressure Monitoring System Market Analysis

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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.