An automotive tire pressure monitoring system (TPMS) is used to monitor the air pressure inside the pneumatic tires mounted on various types of vehicles. It sends wireless signals to a central processor from individual wheel sensor units. The system sounds an alarm or displays a low pressure warning to the driver when it detects significant air loss in any of the tires. This helps prevent accidents and damage due to under-inflation. Rising emphasis on vehicle and passenger safety features is a major driver for increasing adoption of TPMS globally.
Market key trends:
One of the key trends in the automotive tire pressure monitoring system market is the integration of these systems with other driver assistance technologies. Leading automakers are combining TPMS with advanced driver assistance systems (ADAS) like autonomous emergency braking, adaptive cruise control, lane departure warning etc. to develop smarter and more intelligent vehicles. For example, vehicle stability control systems now get real-time tire pressure data from TPMS which helps optimize traction and handling performance. Another trend is the miniaturization of tire pressure sensors through advancement in MEMS and electronics. This is enabling their integration within the wheel or tire assembly for a more discreet and aesthetically pleasing design.
The global Automotive Tire Pressure Monitoring System Market Size is estimated to be valued at US$ 7.17 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Threat of new entrants: Low as the market is dominated by few established players and requires high initial investment and expertise to establish.
Bargaining power of buyers: Moderate as buyers have several options but suppliers have differentiated products.
Bargaining power of suppliers: Moderate as major components can be sourced easily but suppliers hold expertise.
Threat of new substitutes: Low as tire pressure monitoring system has no close substitutes and offers safety advantages over alternatives.
Competitive rivalry: High among existing players to gain market share and expand their product portfolio.
The global Automotive Tire Pressure Monitoring System is expected to witness high growth, exhibiting 13% CAGR over the forecast period, due to increasing safety concerns.
Regional analysis: North America dominates the automotive TPMS market led by the U.S. due to stringent safety regulations for passenger cars. Asia Pacific is expected to be the fastest growing market with China and India witnessing high sales.
Key players operating in the automotive tire pressure monitoring system are ZF Friedrichshafen AG, ATEQ, Continental AG, Bartec USA LLC, Sensata Technologie, Inc., Huf HÃ1⁄4lsbeck & FÃ1⁄4rst GmbH & Co. KG, AUTOMOTIVE TECHNOLOGY CO., LTD., Rivigo Services, Denso Corporation, DUNLOP TECH GmbH, Pacific Industrial Co., Ltd., Bendix Commercial Vehicles Systems LLC, NXP Semiconductors, NIRA Dynamics AB, WABCO, and Hampton Automotive Technology CO., LTD.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it