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The latest report by IMARC, titled “ TirePressureMonitoringSystem(TPMS)Market:GlobalIndustryTrends,Share,Size,Growth,Opport unityandForecast2023-2028
” " the global tire pressure monitoring system market size reached US$ 6.3 Billion in 2022.
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.
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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 9.4% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary:
BreakupbyType:
• Direct TPMS
• Indirect TPMS
BreakupbyTechnology:
• Intelligent TPMS
• Conventional TPMS
BreakupbyVehicleType:
• Passenger Vehicles
• Commercial Vehicles
BreakupbyDistributionChannel:
• OEMs
• Aftermarket
BreakupbyRegion:
• North America
• United States
• Canada
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
CompetitiveLandscapewithKeyPlayers:
• 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.
• WABCO Holdings Inc. (ZF Friedrichshafen AG)
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