Smart Tire Pressure Monitoring System (TPMS) Market Size, Share, Growth, and Industry Analysis, By Type (Indirect Tire Pressure Monitoring System & Direct Tire Pressure Monitoring System), By Downstream Industry (Passenger Vehicle & Commercial Vehicle), and Regional Forecast to 2032

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SMART TIRE PRESSURE MONITORING SYSTEM (TPMS) MARKET OVERVIEW

The Smart Tire Pressure Monitoring System (TPMS) Market Size was US$ 11697.64 Mn in 2023 and is projected to touch US$ 32504.95 Mn By 2032, Exhibiting a CAGR of 4.1% During the Forecast Period.

An Advanced TPMS technology with better control over details offered is known as a smart tire pressure monitoring system (TPMS). Such a process includes provision for example, getting updates about how much air is inside them, their temperature and anything else associated with tires directly from their sources. Any change in normal functioning of car tires such as less or excessive air in them or high/ low temp would automatically generate alerts to a central system or the driver depending on the settings applied.

Several factors contribute to the increasing growth of smart tire pressure monitoring systems (TPMS) such as improvements in TPMS capabilities because of the new development of sensor technology and consumer sensitization. The efficiency with which they work is predicted to rise while their pricing is predicted to fall through enhancing aspects like accuracy, durability and dimensions of these sensors. The Smart TPMS sector is expected to experience a great expansion due to technology improvements that have been witnessed while at the same time vehicle security and effectiveness being emphasised more.

COVID-19 IMPACT or RUSSIA-UKRAINE WAR IMPACT or ISRAEL-HAMAS WAR IMPACT

"Slowdown in Automobile Industry Due to Lockdown Led to Decreased Manufacturing "

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Global automotive industry has been immensely impacted by COVID-19 pandemic and this has led to severe consequences on the Smart Tire Pressure Monitoring System (TPMS) Market. The closures of factories due to lockdowns and other constraints disrupted the supply chain, which hindered automobile production. Consequently, this led to a dramatic drop in demand for TPMS as people were spending less on new vehicles. Manufacturing and installation of advanced safety technologies such as TPMS was hindered by the slow sales in the automotive sector. But as industry bounces back, it is anticipated that the market will slowly get back on track.

LATEST TREND

"Advancement in Sensor Technology Drive Market Growth"

The TPMS new-fangled from the changeable sensor devices using modern technology has been boosted by sensors among other factors. In fact, more accurate sensors with longer life spans and capable of transmitting data at real time have excellent overall performance in this area. This results in improved monitoring tire pressure and temperature which increases vehicle safety and efficiency. Furthermore, smaller sized sensors can easily be installed on every type of automobile. In that way, automotive technology has been promoted through these advanced sensing devices as they provide enhanced connectivity, safety features and convenience for users.

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SMART TIRE PRESSURE MONITORING SYSTEM (TPMS) MARKET SEGMENTATION

BY TYPE

Based on Type, the global market can be categorized into Indirect Tire Pressure Monitoring System & Direct Tire Pressure Monitoring System

• Indirect Tire Pressure Monitoring System: The indirect method relies on automobile sensors like wheel pace sensors in the anti-lock braking system (ABS) so as to get an idea of the air pressure in tires by noting variations in the rotational velocity of different wheels, which could be due to their differing pressures.

• Direct Tire Pressure Monitoring System: The direct system utilizes pressure sensors inside each tire to provide real-time and accurate pressure readings.

BY APPLICATION

Based on application, the global market can be categorized into Passenger Vehicle & Commercial Vehicle

• Passenger Vehicle: Increasing consumer demand for safety features and regulatory mandates are driving the adoption of TPMS in passenger cars and SUVs.

• Commercial Vehicle: The commercial vehicle sector is increasingly being influenced by TPMS demand due to stringent safety regulations and growing fuel efficiency needs in logistics and transportation.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

DRIVING FACTORS

"Innovation in Sensor Technology is Enhancing the Capabilities of TPMS Boost the Market"

A factor in the Smart Tire Pressure Monitoring System (TPMS) Market growth is the innovation in sensor technology that is enhancing the capabilities of TPMS. The extraordinary ability of TPMS is enhanced by state-of-the-art devices capable of giving even more precise, durable and instantaneous data transmission. This trend has led to greater precision in tire pressure and temperature measurements with direct consequences for vehicle safety and performance. By determining integration possibilities in electric vehicle and self-driving systems, small reducing sensors and strengthened connections are among innovations occurring today. Consequently, there is greater interest in these advanced TPMS systems.

"Growing Awareness Among Consumers Expand the Market"

The aware customers are a different important factor that drive the TPMS market.Wider tire pressure awareness among drivers has increased demand for more sophisticated TPMS solutions as they realise its benefits. This increased awareness compels consumers to look for vehicles fitted with smart TPMS technology which fuels market growth while also persuading car-making companies to embed these systems into more models.

RESTRAINING FACTOR

"Compatibility Issue with Various Vehicle Models Impede Market Growth"

A restraining element within the growth of the Smart Tire Pressure Monitoring System (TPMS) Market is the compatibility issue with various vehicle models. Difficulties arise in incorporating advanced TPMS technology into various vehicle designs as a result of differences in current structures and sensor needs. Manufacturers may incur higher costs and complexities which could inhibit the universal acceptance of TPMS in all types of cars.

OPPORTUNITY

"Integration of TPMS with Vehicle Connectivity System Create Opportunity in the Market"

The integration of Smart Tire Pressure Monitoring Systems (TPMS) with vehicle connectivity systems presents a significant market opportunity. By incorporating advanced connectivity features, like real-time data sharing and remote monitoring, with TPMS, automotive manufacturers can improve vehicle safety and parade a much wider tire health insight to the drivers. Thus, the integration opens new doors for innovation and growth of the TPMS market thus winning tech-savvy customers and fleet managers who are looking at sophisticated vehicle management solutions.

CHALLENGE

"Potential Additional Costs Could Be a Potential Challenge for Consumers"

A potential challenge for consumers in adopting Smart Tire Pressure Monitoring Systems (TPMS) is the complexity of integration and potential additional costs. For some cars, it’s harder to perform installations and calibrations compared to others due to advanced TPMS systems. This means more dollars are needed for start off purposes. Besides, maintaining compatibility with different models of vehicles and ensuring system reliability may be complicated things that deter certain clients from using these technologies.

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SMART TIRE PRESSURE MONITORING SYSTEM (TPMS) MARKET REGIONAL INSIGHTS

• NORTH AMERICA (U.S. COMPULSORY)

North America is a key market for Smart Tire Pressure Monitoring Systems (TPMS) due to stringent safety regulations that mandate their use in vehicles. In the United States Smart Tire Pressure Monitoring System (TPMS) Market growth TPMS acceptance is also being driven by the region’s advanced automobile technologies and the high level of consumer awareness on safety in vehicles. With a well-established auto industry, and a rise in demand for more safety features for vehicles, the U.S. market enjoys vigorous growth.

• EUROPE

The TPMS market is being propelled by rigorous safety regulations and a focus on technological progressions across Europe. The most popular manufacturers within the continent are introducing advanced TPMS systems in their brand-new models of cars. This is as a result of strict regulatory requirements and the high demand for sophisticated safety features by consumers.

• ASIA

The market for Smart Tire Pressure Monitoring Systems (TPMS) is growing rapidly with the Asian automotive industry expansion in nations such as China and India. The increased production of vehicles and heightened consumer understanding of safety and efficiency are core drivers of this growth. Through upgrading their advanced TPMS technology, the region’s fluid automotive industry meets the rising needs for better vehicle safety and performance that results in a considerable market growth and opportunity.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

Key enterprise players are shaping the Smart Tire Pressure Monitoring System (TPMS) Marketplace through strategic innovation and marketplace growth. Corporations have taken the front seat by creating new TPMS technologies characterised by more precise sensors, constant updating and flowing connections. Consequently, they improve auto security as well as effectiveness. In addition, these people have been broadening their international scope via cooperation, buyouts and mergers with vehicle makers such as Ford and Toyota which allows them to enter new territories and promote global acceptance of TPMS systems.

LIST OF TOP SMART TIRE PRESSURE MONITORING SYSTEM (TPMS) COMPANIES

• CUB Elecparts (Taiwan)
• Continental (Germany)
• Schrader (Sensata) (U.S.)
• ACDelco (U.S.)
• Baolong Automotive (China)
• Huf (Germany)
• Lear (U.S.)
• Denso (Japan)
• Bendix (U.S.)
• Sate Auto Electronic (China)
• Shenzhen Autotech (China)
• Nanjing Top Sun (China)
• ZF TRW (Germany)
• Orange Electronic (Taiwan)
• NIRA Dynamics (Sweden)
• Pacific Industrial (Japan)

KEY INDUSTRY DEVELOPMENT

June 2020: The world’s largest tyre and rubber manufacturer Bridgestone is working together with Microsoft on a revolutionary project towards creating the first-ever monitoring system for tyres that detects any possible damage in real time. Such problems are critical as they cause close to one third (30%) of road mishaps caused due to mechanical malfunctions 1.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The Smart Tire Pressure Monitoring System (TPMS) Market is poised for a continued boom pushed by innovation in sensor technology that is enhancing the capabilities of TPMS and growing awareness among consumers. Despite challenges, which include complexity of integration and potential additional costs. Key industry players are advancing via technological upgrades and strategic marketplace growth, enhancing the supply and attraction of smart tire pressure monitoring systems (TPMS). As customer choices shift towards pressure monitoring system options, the Smart Tire Pressure Monitoring System (TPMS) Market is expected to thrive, with persistent innovation and a broader reputation fueling its destiny prospects.