NEWARK, Del, April 03, 2024 (GLOBE NEWSWIRE) — According to Future Market Insights report, the tire pressure monitoring system market is anticipated to exhibit a CAGR of 6.2% through 2034. The market valuation is projected to increase from US$ 3.47 billion in 2024 to US$ 6.34 billion by 2034.
The tire pressure monitoring systems (TPMS) industry is being propelled by two major factors: the pressing need to extend the lifespan of tires and the growing concern for vehicle safety. With the increasing deployment of traction control systems in vehicles, the demand for TPMS is expected to surge globally.
The TPMS market is anticipated to have a notable increase in demand due to the growing integration of sensor technologies in passenger cars. Moreover, the requirement for decreased tire wear, increased fuel efficiency, and greater road safety explain this increase. Therefore, tire pressure monitoring devices are gaining popularity among car manufacturers and owners.
Introducing sophisticated systems with wireless connectivity, real-time monitoring, and predictive maintenance capabilities has led to an international boom in the tire pressure monitoring system market. The characteristics above allow for efficient and effective monitoring of tire pressure. Moreover, this augmentation enhances safety, optimizes fuel efficiency, and mitigates tire wear and tear.
“The TPMS industry is growing due to tire lifespan extension and vehicle safety concerns. Moreover, the integration of sensor technologies in passenger cars expects to drive an increase in demand for TPMS. These devices monitor tire pressure and alert drivers if it falls below recommended levels, preventing accidents and improving fuel efficiency. The market is gaining popularity due to wireless connectivity, real-time monitoring, and predictive maintenance capabilities, enhancing safety, fuel efficiency, and tire wear and tear,” – says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Tire Pressure Monitoring System Market
- The United States tire pressure monitoring system industry is projected to experience a CAGR of 6.1% through 2034.
- Japan’s tire pressure monitoring system (TPMS) market is expected to demonstrate a CAGR of 12.9% through 2034.
- The United Kingdom’s TPMS industry is anticipated to witness a CAGR of 5.1% through 2034.
- The Indian tire pressure monitoring system industry is expected to showcase a significant CAGR of 12.8% through 2034.
- The Chinese TPMS market is expected to display a CAGR of 13.1% through 2034.
Competitive Landscape of the Tire Pressure Monitoring System Market
The automotive industry’s need for high precision and durability is driving substantial expansion of the TPMS market. Advanced driver assistance systems are becoming a result of major manufacturers spending on research and development to integrate TPMS with other safety technologies.
With several tire pressure monitoring system producers, automakers, and service providers, the TPMS market is expanding significantly. By establishing enduring connections with OEMs and ADAS TPMS makers in key markets like Europe and India, TPMS manufacturers are creating new sources of income. Leading companies in the TPMS market make investments in state-of-the-art sensor technologies. Moreover, this is to stay dominant in the market and satisfy changing needs from the automobile sector.
Recent Developments in the Tire Pressure Monitoring System Market
- Parker Meggitt’s iPRESS wireless tire pressure gauge for aviation was granted a Supplemental Type Certificate in October 2023. The device offers an improved user experience and tire pressure status feature incorporated into an app for smartphones and tablets.
- With the introduction of the XENSIV SP49 tire pressure-monitoring sensor in September 2023. Infineon Technologies AG combined its knowledge of automobiles with a proprietary glass-silicon-glass MEMS sensor. The sensor offers smart tire functions, including load recognition, tire blowout warning, tire inflation assistance, and on-tire auto-position sensing by integrating MEMS sensors with ASIC.
