Global Automotive Tire Pressure Monitoring System Market – Size, Outlook, Trends and Forecast (2024 – 2032)

In automotive, tires are used in safe, comfortable and fuel-efficient driving. Tire pressure monitor systems are considered important as without these driver doesn’t know the level of the air present in the tire and accidents may occur. Usage of tire monitoring systems give indications related to the air pressure with the help of sensors, preventing the accidents to occur. However, the functional errors are present such as sudden disabling of the engine resulting in the accidents. This is avoided by the perfect OEM-fitted vehicles.  The growth of the automotive tire pressure monitoring system market in the emerging economies around the globe is due to various facts such as the growing environmental and economic policies and rising demand for high-end luxury cars.

Global Automotive Tire Pressure Monitoring System Market Size:

Global Automotive Tire Pressure Monitoring System market is poised to reach a value of $7.03 billion in 2024 from $3.42 billion in 2018, growing with the CAGR of 12.80%. Key points like strict installation of TPMS and implementation in high & middle range vehicles, demand for tire monitoring system in the aircraft industry, government focus on road safety measures and growing consumer interest towards vehicle safety are accelerating this market growth. The automotive tire pressure monitoring system market has opportunities like encouragement by new car safety program(NCAP) by providing the rating for vehicles. Factors like Lack of standardisation and the high cost of TPMS systems, vehicle tracking using the TPMS sensors, Inaccurate results of TPMS in some regions are restricting the growth of the market.

Global Automotive Tire Pressure Monitoring System Market Share:

Product type, vehicle type, channel type and geographical regions are the segments present in the automotive tire pressure monitoring system market. There are sub-segments like direct TPMS, and Indirect TPMS are present by product type. Direct TPMS is going to drive the market growth as it is improving the vehicle safety by monitoring tire pressure with the help of sensors. This direct TPMS also include the automatic resetting when the rotation or inflation of the tire is done. Unlike the direct method, an Indirect method is used in monitoring air pressure by measuring the individual tire speed. Passenger vehicles, heavy commercial vehicles, and light commercial vehicles are the sub-segments which are presently based on the vehicle type. Passenger cars have the large share, and it will be the fastest growing segment of an increase in the sales of passenger cars and development of luxury cars manufacturing industry is accelerating the market growth. OEMs and the aftermarket are the sub-segments present on the base of channel type. Original equipment manufacturers deal with the manufacturing equipment of the automotive. Whereas aftermarket is related to the market for the spare parts and accessories in the tire pressure monitoring system.  Aftermarket is going to dominate the market growth of the TPMS market as owing to the growing safety concerns and rise in the lifespan of the vehicles.

Geographical classification of the automotive tire pressure monitoring system market includes North America, Europe, Middle East & Africa, South America, and  APAC regions. APAC has the fastest growing market, owing to the facts like safety rules made mandatory by the government and increasing vehicle sales and safety installations. Europe is the largest market in the regard of automotive tire pressure monitoring market as it is home to the number of automotive manufacturers such as Delphi Automotive, Bosch GmbH, and Continental AG.

Global Automotive Tire Pressure Monitoring System Market Trends:

• NXP manufactures tire pressure monitoring sensors for heavy duty, trucks, and vehicles which offers high-pressure tolerance indicating the pressure value
• WABCO corporation consolidates acquisition of Meritor and making its joint venture in the regard of automotive.

Global Automotive Tire Pressure Monitoring System Market Research Reports Includes:

• An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
• To have complete market analysis through industry value chain analysis, Porter’s five, PESTLE, SWOTanalysis, and Y-o-Y analysis.
• Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year–On–Year
• Identifying DROCin the current market and their impact in altering the market dynamics.
• Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial analysis with major competitors.
• Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
• Identify the latest developments, market shares and strategies that are employed by the major market players, such as
• Continental AG
• Denso Corporation
• WABCO Vehicle control systems
• NXP Semiconductors
• OMRON Corporation

Along with these companies, there were many other companies are considered in the report while analysing the Diagnostic Imaging Equipment market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.