Tire Pressure Monitoring System Market Scope
A Tire Pressure Monitoring System (TPMS) is a safety feature in vehicles designed to monitor and provide real-time information about the air pressure of the tires. The primary purpose of TPMS is to ensure that the tires are properly inflated and within the recommended pressure range. This system helps enhance safety, improve fuel efficiency, extend tire life, and reduce the risk of accidents caused by underinflated or overinflated tires. The growing awareness of safety among consumers and the automotive industry's emphasis on safety features are significant drivers of the TPMS market.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | ZF Friedrichshafen AG (Germany), Continental AG (Germany), Sensata Technologies Inc. (United States), Denso Corporation (Japan), Pacific Industrial Co. Ltd. (Japan), NXP Semiconductors (Netherlands), Huf Hülsbeck & Fürst GmbH & Co. KG (Germany), Infineon Technologies AG (Germany), Knorr-Bremse AG (Germany) and Hamaton (United Kingdom) |
CAGR | % |
Manufacturers offer both direct and indirect TPMS solutions to cater to different vehicle types and customer preferences. Also focusing on Investment in R&D to stay ahead of the competition by developing advanced TPMS technologies. Apart from this, profitable acquisitions and mergers as well as mutual partnerships help firms maintain their competitive edge.
ZF Friedrichshafen AG (Germany), Continental AG (Germany), Sensata Technologies Inc. (United States), Denso Corporation (Japan), Pacific Industrial Co. Ltd. (Japan), NXP Semiconductors (Netherlands), Huf Hülsbeck & Fürst GmbH & Co. KG (Germany), Infineon Technologies AG (Germany), Knorr-Bremse AG (Germany) and Hamaton (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are ATEQ TPMS (United States), Garmin Ltd. (United States) and Doran Manufacturing LLC (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Tire Pressure Monitoring System market by Type and Region with country level break-up.
On the basis of geography, the market of Tire Pressure Monitoring System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In May 2020, ZF Friedrichshafen AG completed the acquisition of commercial vehicle technology supplier WABCO, having gained approval from all required regulatory authorities. The combination of these two successful enterprises would bring a new dimension of innovation and capability for commercial vehicle systems technology.
In August 2023, Continental offered remote tire monitoring in real-time for trailers through its ContiConnect Live digital solution. The system works equally well with freestanding and coupled trailers. and In April 2023, Continental, a technology company launched the production of a tire pressure monitoring system (TPMS) for passenger cars, at its Bangalore plant which would complement its overall vision for safe mobility in India.
In the United States, the regulatory body responsible for Tire Pressure Monitoring Systems (TPMS) is the National Highway Traffic Safety Administration (NHTSA), which is part of the U.S. Department of Transportation. The NHTSA established regulations mandating TPMS in the United States to improve vehicle safety and fuel efficiency.
Influencing Trend:
Emergence of HD Tire Pressure Monitoring System and Increasing Adoption of Sensor Technology in Vehicles, along With the Rapid Development of Integrated Sensor Systems
Market Growth Drivers:
Growing Consumer Awareness about the Importance of Tire Maintenance and the Benefits of TPMS and Increasing Demand for Vehicle Safety Boost the Market for Tire Pressure Monitoring Systems
Challenges:
TPMS Sensors Require Regular Maintenance and Need to be Replaced Over Time Due to Battery Life or Damage
Restraints:
High Price Associated With the Tire-Pressure Monitoring System Hamper the Growth of the Market
Opportunities:
Increasing Government Regulations for Vehicle Safety Provides Opportunity to the Market
Key Target Audience
Manufacturers of Tire Pressure Monitoring System, Suppliers of Tire Pressure Monitoring System, New Entrants/Investors, Industry Associations, Research and Consulting Firms, Government Agencies and Others