A tire pressure monitoring system (TPMS) is a cutting-edge electronic device that helps to maintain proper tire pressure in an automobile, promoting safety, reducing fuel consumption, and lowering carbon emissions. Direct and indirect TPMS are two of the most frequently used types. Direct TPMS measures tire pressure using a sensor installed on the wheels. On the other hand, indirect TPMS works with antilock braking system (ABS) speed sensors to monitor the air pressure. By turning on the light, the TPMS alerts the driver to either high or low tire pressure. Because of the real-time information it offers, drivers can maintain the ideal tire pressure, which lowers the possibility of underinflation-related accidents and roadside crises. Additionally, it decreases the tire's overall weight and rolling resistance.
According to SPER market research, ‘Tire Pressure Monitoring System Market Size- By Type, By Vehicle Type, By Sales Channel, By Propulsion- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state the Global Tire Pressure Monitoring System Market is estimated to reach USD 9.40 billion by 2033 with a CAGR of 10.51%.
Several key aspects contribute to the market's growth. The global automobile industry's ongoing expansion, combined with increased customer preference for advanced driver assistance systems (ADASs), adds to the market's vitality. Technological improvements, such as the integration of energy harvesting and display systems that offer critical vehicle health information, are driving market expansion. Government laws requiring the installation of TPMS in automobiles to reduce traffic accidents drive the market's growth. Furthermore, the growing popularity of online retail channels that provide clients with simple access and convenience, as well as strategic alliances and collaborations between important companies to extend their product portfolio and market presence.
Tire Pressure Monitoring Systems players must also overcome some challenges, including fierce competition from existing players and new entrants, fluctuating raw material prices and supply chain disruptions, cyber security risks and data privacy concerns associated with some smart and wireless TPMS, shifting customer preferences and expectations. The TPMS sensors are expensive, and their replacement costs are high, which may limit market growth. When the sensor's battery expires on one tire, the three sensors on the other tires are likely to fail as well; as a result, consumers would have to replace all four sensors, which could be a barrier to market expansion.
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The COVID-19 pandemic prompted the closure of assembly lines, the implementation of social distancing standards, and strict lockdowns around the world. It further impacted the demand and supply of aftermarket products as consumers delayed the purchase of non-essential commodities due to economic uncertainty. The market retreated, and demand fell. However, following the pandemic, growing vehicle sales are likely to boost market demand throughout the forecast period.
North America dominates the tire pressure monitoring systems market and is expected to maintain this dominance during the projected period. The Asia-Pacific area is likely to experience tremendous growth. Sensata Technologies Inc., Pacific Industrial Co. Ltd., WABCO, Nira Dynamics AB, Dunlop Tech GmbH, ALLIGATOR Ventilfabrik GmbH, PressurePro, ALPS ELECTRIC CO. LTD., and Aptiv, Dill Air Controls Products are among the key participants in the tire pressure monitoring systems market.
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Tire Pressure Monitoring System Market Forecast
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