Tire Pressure Monitoring System Market to Reach USD 15.7 billion, Grow at 9.3% CAGR By 2031 – Transparency Market Research, Inc.
Increasing focus on tire safety and performance drives demand for advanced Tire Pressure Monitoring Systems.
Wilmington, Delaware, United States, Dec. 08, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global tire pressure monitoring system market is estimated to flourish at a CAGR of 9.3% from 2023 to 2031. According to Transparency Market Research, sales of tire pressure monitoring system are slated to total US$ 15.7 billion by the end of the aforementioned period of assessment.
Emerging trends focus on integrating TPMS with autonomous driving systems, enhancing vehicle safety, and ensuring optimal tire performance within self-driving vehicles. This integration offers real-time tire health insights to autonomous vehicles, contributing to safer and more efficient operations.
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Some prominent manufacturers are as follows:
- ATEQ TPMS
- Bartec USA LLC
- Bendix Commercial Vehicles Systems LLC (Knorr-Bremse AG)
- BH SENS Group
- Continental AG
- Denso Corporation
- DUNLOP TECH GmbH
- Hamaton Ltd.
- Huf Hülsbeck & Fürst GmbH & Co. KG
- NIRA Dynamics AB
- NXP Semiconductors
- Pacific Industrial Co. Ltd.
- Robert Bosch GmbH
- Sensata Technologies, Inc.
- Valeo SA
- ZF Friedrichshafen AG
The application of blockchain technology in TPMS solutions has not been extensively studied but holds significant potential and influence. Blockchain aids in secure data storage and sharing within TPMS, ensuring integrity and authenticity of tire-related information and offering enhanced reliability and trust in tire pressure data.
The evolution of TPMS for electric and hybrid vehicles marks an understated driver. Tailored TPMS solutions for these vehicles address unique pressure management needs, optimizing battery life and ensuring safety, a crucial aspect in the growing market for electric vehicles.
Key Findings of the Market Report
- Direct TPMS is leading the tire pressure monitoring system market, providing accurate tire pressure data in real-time.
- Intelligent TPMS technology leads the tire pressure monitoring system market, offering advanced sensor capabilities and real-time monitoring features.
- Passenger cars and SUVs lead the tire pressure monitoring system market, integrating advanced safety features and tire monitoring technologies.
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Tire Pressure Monitoring System Market Growth Drivers & Trends
- Mandates for TPMS installation in vehicles globally drive market growth, emphasizing the importance of vehicle safety standards and reducing accidents caused by tire issues.
- Continuous sensors and wireless connectivity innovations enhance TPMS capabilities, offering real-time monitoring and accurate tire pressure data.
- Increasing vehicle sales worldwide bolsters the demand for TPMS, as consumers prioritize safety and manufacturers integrate these systems into new models.
- Rising demand for retrofit TPMS kits and aftermarket solutions expands the market, allowing older vehicles to be equipped with tire pressure monitoring capabilities.
- The emergence of smart tire technologies integrating TPMS with advanced sensors and predictive analytics fosters market growth, enhancing tire performance and efficiency.
Global Tire Pressure Monitoring System Market: Regional Profile
- The tire pressure monitoring system (TPMS) market in North America is robust, led by stringent safety regulations. Key players like Continental and ZF Friedrichshafen dominate, providing advanced TPMS solutions. The region’s focus on automotive safety and technological innovation drives market growth.
- Europe showcases a thriving TPMS market led by companies like Schrader (Sensata) and Huf Hülsbeck & Fürst. The region’s emphasis on vehicle safety standards fuels demand for TPMS solutions. Stringent regulations mandating TPMS in vehicles boost market expansion.
- Asia Pacific experiences significant growth in the TPMS market, led by players like Pacific Industrial Co., Ltd. and NIRA Dynamics. The region’s burgeoning automotive industry and increasing vehicle sales drive TPMS demand. Rising awareness regarding vehicle safety measures and technological advancements contribute to market growth, positioning Asia Pacific as a key market for TPMS adoption.
Tire Pressure Monitoring System Market: Competitive Landscape
The tire pressure monitoring system market boasts intense competition, with significant players like Continental AG, ZF Friedrichshafen AG, and Sensata Technologies dominating the sector. These industry giants excel with advanced tire pressure monitoring system offerings, leveraging innovative sensors and robust analytics.
Emerging contenders such as NIRA Dynamics AB and Huf Hülsbeck & Fürst GmbH & Co. KG intensify the market landscape, emphasizing technological innovations and aftermarket solutions. Strategic collaborations, product launches, and acquisitions drive market expansion strategies.
Regional players contribute niche expertise, catering to localized demands. With stringent safety regulations and the growing focus on vehicle safety, the tire pressure monitoring system market witnesses continual advancements and fierce competition among key industry players.
- NXP Semiconductors offers a diverse product portfolio in semiconductor solutions. Their offerings include microcontrollers, secure connectivity solutions, and automotive electronics, focusing on innovation and reliability across various industries like automotive, IoT, and communication technologies.
- Pacific Industrial Co., Ltd. manufactures industrial equipment such as conveyors, sorters, and packaging machinery. Their product lineup caters to diverse manufacturing needs, emphasizing efficiency and precision in industrial operations.
- Robert Bosch GmbH delivers a comprehensive suite of automotive technology and industrial solutions. Their diverse product portfolio includes automotive parts, power tools, home appliances, and industry-specific technologies, ensuring quality and innovation across various sectors globally.
Tire Pressure Monitoring System Market: Key Segments
- Direct TPMS
- Indirect TPMS
- Intelligent TPMS
- Conventional TPMS
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses and Coaches
- Off-road Vehicles
- Agriculture Tractors & Equipment
- Construction & Mining Equipment
- Industrial Vehicles (Forklifts, AGVs, etc.)
By Sales Channel
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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About Transparency Market Research
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