[Latest] Global Tire Pressure Monitoring System Market

Austin, TX, USA, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Tire Pressure Monitoring System Market Size, Trends and Insights By Type (Direct Tire Pressure Monitoring System, Indirect Tire Pressure Monitoring System), By Sales Channel (OEM, Aftermarket), By Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles), By Propulsion (ICE, Electric and Hybrid, Alternate fuel Vehicle), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database.

“According to the latest research study, the demand of global Tire Pressure Monitoring System Market size & share was valued at approximately USD 5.55 Billion in 2022 and is expected to reach USD 6.45 Billion in 2023 and is expected to reach a value of around USD 14.55 Billion by 2032, at a compound annual growth rate (CAGR) of about 9.2% during the forecast period 2023 to 2032.”

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Tire Pressure Monitoring System Market -Growth Factors and Dynamics

Increasing Emphasis on Vehicle Safety: With a growing focus on road safety, governments and consumers alike are increasingly recognizing the importance of advanced safety features in vehicles. TPMS plays a crucial role in ensuring optimal tire pressure, which enhances vehicle stability, reduces the risk of accidents, and improves overall road safety.

Rising Adoption of Advanced Automotive Technologies: The automotive industry is witnessing a rapid adoption of connected car technology, autonomous driving features, and smart vehicles. TPMS can be integrated with these advanced systems to provide real-time data, enabling predictive maintenance and improving the overall driving experience.

Regulatory Mandates: Government regulations mandating the installation of TPMS in new vehicles have been a significant driver for market growth. These regulations are aimed at improving road safety and fuel efficiency, leading to increased demand for TPMS systems.

Aftermarket Potential: The aftermarket segment for TPMS solutions presents significant growth opportunities. Many vehicle owners retrofit their older cars with TPMS kits to enhance safety, leading to increased demand for aftermarket TPMS products and services.

Technological Advancements: Continuous advancements in sensor technology, data analytics, and wireless communication have resulted in more accurate and reliable TPMS solutions. Manufacturers are constantly innovating to offer better performance, increased efficiency, and improved user experiences.

Environmental Concerns: Proper tire pressure maintenance not only enhances vehicle safety but also improves fuel efficiency and reduces greenhouse gas emissions. Increasing environmental consciousness is driving the adoption of TPMS systems as part of eco-friendly initiatives.

Vehicle Production and Sales: The overall growth of the automotive industry, including vehicle production and sales, has a direct impact on the demand for TPMS systems. As the number of vehicles on the road increases, so does the need for TPMS installations.

Consumer Awareness and Education: Educating consumers about the benefits of TPMS and the importance of tire maintenance is crucial for market growth. As consumers become more informed, they are more likely to prioritize safety and invest in TPMS solutions.

Competitive Landscape: The TPMS market is competitive, with various companies vying for market share. Manufacturers are continually striving to offer differentiated and innovative TPMS solutions to gain a competitive edge.

Cost and Pricing Factors: The cost of TPMS components and systems, as well as the pricing strategy adopted by manufacturers, can influence consumer adoption and market growth.

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Report Scope

Feature of the Report	Details
Market Size in 2023	USD 6.45 Billion
Projected Market Size in 2032	USD 14.55 Billion
Market Size in 2022	USD 5.55 Billion
CAGR Growth Rate	9.2% CAGR
Base Year	2022
Forecast Period	2023-2032
Key Segment	By Type, Sales Channel, Vehicle Type, Propulsion and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

(A free sample of the Tire Pressure Monitoring System report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
About 220+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on the Request.
Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
Includes Tables and figures have been updated.
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Custom Market Insights (CMI) research methodology

(Please note that the sample of the Tire Pressure Monitoring System report has been modified to include the COVID-19 impact study prior to delivery.)

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Tire Pressure Monitoring System Market: COVID-19 Analysis

Impact on Automotive Production: During the early stages of the pandemic, many countries implemented strict lockdown measures, which led to the temporary closure of automotive manufacturing plants. Reduced production and disruptions in supply chains resulted in a slowdown in vehicle production, affecting the installation of TPMS systems in new vehicles.

Decline in Vehicle Sales: The pandemic and its economic implications led to a decline in consumer demand for automobiles. With fewer new vehicles being sold, the market for original equipment TPMS installations experienced a setback during the pandemic.

Shift in Consumer Preferences: The COVID-19 pandemic brought about changes in consumer behavior, including an increased preference for personal vehicles over public transportation. This shift in preference could have positively impacted the aftermarket TPMS segment as vehicle owners sought to ensure the safety and maintenance of their vehicles.

Supply Chain Disruptions: The pandemic affected the supply chains of various industries, including automotive and electronics. Disruptions in the supply of TPMS components and sensors from manufacturers could have led to temporary shortages and delayed deliveries.

Recovery and Resilience: As countries gradually lifted restrictions and economic activities resumed, the automotive industry, including the TPMS market, showed signs of recovery. The market’s resilience and adaptability were evident as manufacturers and suppliers adjusted to the new normal.

Increased Focus on Vehicle Safety: The pandemic highlighted the importance of safety features in vehicles, and consumers became more conscious of maintaining their vehicles in top condition. This increased focus on safety could potentially drive the demand for TPMS systems as a safety-enhancing feature.

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Key questions answered in this report:

What is the size of the Tire Pressure Monitoring System market and what is its expected growth rate?
What are the primary driving factors that push the Tire Pressure Monitoring System market forward?
What are the Tire Pressure Monitoring System Industry's top companies?
What are the different categories that the Tire Pressure Monitoring System Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Tire Pressure Monitoring System market sample report and company profiles?

Key Offerings:

Market Share, Size & Forecast by Revenue | 2023−2032
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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List of the prominent players in the Tire Pressure Monitoring System Market:

Continental AG
Delphi Technologies (BorgWarner Inc.)
Denso Corporation
Hamaton Automotive Technology Co. Ltd.
Hampton Auto Repair
Hitachi Astemo Ltd.
Huf Hülsbeck & Fürst GmbH & Co. KG
InnotechRV (WiPath Communications LLC.)
NIRA Dynamics AB
Orange Electronic Co. Ltd.
Pacific Industrial Co. Ltd.
Renesas Electronics Corporation
Robert Bosch GmbH
Sensata Technologies Inc.
The Goodyear Tire & Rubber Company
Valeo
ZF Friedrichshafen AG
Others

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Tire Pressure Monitoring System Market – Regional Analysis

North America:

North America, comprising the United States and Canada, has been a significant market for TPMS due to strict safety regulations. The United States, in particular, mandated TPMS in all new passenger vehicles in 2007. The presence of a large automotive industry and high consumer awareness of safety technologies contributed to the market’s growth. The aftermarket segment is also significant in this region, as TPMS retrofitting is common for older vehicles.

Europe:

Europe is another prominent market for TPMS, driven by the region’s stringent safety regulations. The European Union implemented a law mandating TPMS installation in all new passenger vehicles in November 2014. European customers prioritize safety features, leading to a higher adoption rate of TPMS. Countries like Germany, the UK, and France have significant contributions to the market.

Asia-Pacific:

The Asia-Pacific region has witnessed substantial growth in the TPMS market due to the increasing adoption of automotive safety technologies and the expanding automotive industry. Countries like China, Japan, South Korea, and India have emerged as key players in the market. The rising disposable income, growing vehicle sales, and increasing awareness of road safety have contributed to the demand for TPMS in this region.

Latin America:

Latin America has shown moderate growth in the TPMS market. Brazil, Mexico, and Argentina are some of the countries where TPMS adoption has been relatively higher due to regulatory initiatives and increasing safety awareness. However, economic fluctuations in the region have influenced market dynamics.

Middle East and Africa:

The TPMS market in the Middle East and Africa is relatively smaller compared to other regions. However, the market has been steadily growing, driven by increasing vehicle sales, infrastructure development, and growing awareness of road safety. Countries like the United Arab Emirates and South Africa have shown significant potential for TPMS adoption.

Rest of the World:

Smaller regions, not covered in the previous categories, fall under the “Rest of the World” segment. The TPMS market in these regions can vary significantly depending on factors such as economic conditions, regulatory environment, and consumer preferences.

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The Tire Pressure Monitoring System Market is segmented as follows:

By Type

Direct Tire Pressure Monitoring System
Indirect Tire Pressure Monitoring System

By Sales Channel

OEM
Aftermarket

By Vehicle Type

Passenger Vehicles
Light Commercial Vehicles
Heavy Commercial Vehicles

By Propulsion

ICE
Electric and Hybrid
Alternate fuel Vehicle

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By Region

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

This Tire Pressure Monitoring System Market Research/Analysis Report Contains Answers to the following Questions.

Which Trends Are Causing These Developments?
Who Are the Global Key Players in This Tire Pressure Monitoring System Market? What are Their Company Profile, Product Information, and Contact Information?
What Was the Global Market Status of the Tire Pressure Monitoring System Market? What Was the Capacity, Production Value, Cost and PROFIT of the Tire Pressure Monitoring System Market?
What Is the Current Market Status of the Tire Pressure Monitoring System Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Tire Pressure Monitoring System Market by Considering Applications and Types?
What Are Projections of the Global Tire Pressure Monitoring System Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
What Is Tire Pressure Monitoring System Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is the Economic Impact On Tire Pressure Monitoring System Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
What Are Market Dynamics of Tire Pressure Monitoring System Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Tire Pressure Monitoring System Industry?

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Reasons to Purchase Tire Pressure Monitoring System Market Report

Tire Pressure Monitoring System Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
Tire Pressure Monitoring System Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
Tire Pressure Monitoring System Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
Tire Pressure Monitoring System Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

The study provides a thorough overview of the global Tire Pressure Monitoring System market. Compare your performance to that of the market as a whole.

Aim to maintain competitiveness while innovations from established key players fuel market growth.

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What does the report include?

Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Tire Pressure Monitoring System market analysis.

The competitive environment of current and potential participants in the Tire Pressure Monitoring System market is covered in the report, as well as those companies' strategic product development ambitions.

According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

For each segment mentioned above, actual market sizes and forecasts have been given.

Who should buy this report?

Participants and stakeholders worldwide Tire Pressure Monitoring System market should find this report useful. The research will be useful to all market participants in the Tire Pressure Monitoring System industry.
Managers in the Tire Pressure Monitoring System sector are interested in publishing up-to-date and projected data about the worldwide Tire Pressure Monitoring System market.
Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Tire Pressure Monitoring System products' market trends.
Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.

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