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Tire Pressure Monitoring System (TPMS) Market Size

Report ID: GMI6466
Published Date: Aug 2023
Report Format: PDF

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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.

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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.

Tire Pressure Monitoring System Market Report Attributes
Report Attribute	Details
Base Year:	2022
Tire Pressure Monitoring System Market Size in 2022:	USD 6.2 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	10.9%
2032 Value Projection:	USD 17.1 Billion
Historical Data for:	2018 to 2022
No. of Pages:	150
Tables, Charts & Figures:	248
Segments covered:	Type, Sales Channel Type, Vehicle Type
Growth Drivers:	Presence of stringent vehicle safety regulations across the globe Growing automotive industry worldwide Rising adoption of connected vehicles Technological advancements in tire pressure monitoring systems Increasing consumer awareness regarding importance of proper tire pressure
Pitfalls & Challenges:	Presence of stringent vehicle safety regulations across the globe Growing automotive industry worldwide

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of tire pressure monitoring system was reached USD 6.2 billion in 2022 and will record 10.9% CAGR from 2023 to 2032, owing to the rising implementation of regulations for improved road safety worldwide.

The passenger cars vehicle type segment garnered over 79% of the market share in 2022, on account of the incessant need for lower emissions by enhancing fuel efficiency.

The aftermarket sales channel type segment record 32% of the market share in 2022, due to the increasing desire for improved vehicle performance and higher awareness of passenger vehicle telematics worldwide.

North America held over 32% of the market share in 2022, driven by the rising automotive sales in the region.