Automotive Tire Pressure Monitoring System Market Is Estimated To Witness High Growth Owing To Rising Vehicle Sales
Automotive tire pressure monitoring systems (TPMS) are electronic systems fitted inside a vehicle's wheels to monitor the individual tire pressures. The TPMS alerts the driver when the pressure of any tire drops below the recommended level. This helps prevent accidents resulting from under-inflated tires and improves fuel efficiency. TPMS is commonly employed in passenger vehicles and commercial vehicles alike.
The global automotive tire pressure monitoring system market is estimated to be valued at US$ 7.17 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One key driver attributed to the growth of the automotive TPMS market is the rising vehicle sales globally. Manufacturers are increasingly making TPMS a standard in new automobiles due to regulatory norms aimed at enhancing vehicle safety. For instance, the European Union mandated TPMS as a compulsory safety feature in all new passenger cars and light commercial vehicles from November 2012. Similarly, in the United States, the National Highway Traffic Safety Administration made TPMS installation mandatory from 2007. The increasing stringency of vehicle safety regulations regarding tire pressure monitoring is thus driving automakers to make the technology standard.
Another factor fueling the demand for TPMS is the systems' ability to improve fuel efficiency by preventing under-inflated tires. Tires with low pressure lead to higher rolling resistance and cause vehicles to consume more fuel. TPMS alerts drivers to reinflate tires and maintain optimal pressure levels. This offers fuel savings of around 3-4% according to estimates. The rising crude oil prices worldwide are compelling vehicle owners as well as manufacturers towards technologies that boost fuel efficiency. This makes TPMS an attractive proposition.
SWOT Analysis
Strength: Tire pressure monitoring systems provide safety alerts to drivers when tire pressures are low. They can alert drivers to reduce the risks of accidents, blowouts, and loss of control. Many original equipment manufacturers now offer TPMS as a standard feature. Government regulations in key markets now mandate TPMS in new vehicles.
Weakness: TPMS require maintenance such as battery replacements. The sensors and receiver units add costs for automakers. Consumers may perceive TPMS as an unnecessary added expense. Compatibility issues can arise when replacing tires or having tires rotated.
Opportunity: Market growth in developing regions as more drivers adopt newer vehicles with standard TPMS offerings. Rising awareness of safety benefits can boost aftermarket installations. Connected car technologies may enhance TPMS with remote monitoring apps. Alternative sensor technologies may reduce costs and improve reliability.
Threats: Slow global automotive production during economic slowdowns. Potential weaknesses in sensor battery life or network connections. Changes in safety regulations could impact mandatory TPMS requirements. Trade issues impacting auto parts supply chains.
Key Takeaways
The global automotive tire pressure monitoring system market size is expected to witness high growth. The global automotive tire pressure monitoring system market is estimated to be valued at US$ 7.17 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030.
North America currently dominates the market due to stringent regulations mandating TPMS in vehicles. However, the Asia Pacific region is expected to surpass North America in terms of market size owing to rapid growth in vehicle production and sales in major countries such as China and India. The Asia Pacific region is projected to grow at the highest CAGR during the forecast period due to strong demand from China, India, and Japan. China is the largest manufacturer of passenger and commercial vehicles globally, while India is a fast-growing market, which will drive the need for TPMS.
Key players related content comprises Key players related content: Key players operating in the automotive tire pressure monitoring system market are Archer Daniels Midland Company, Cargill, Incorporated, E. I. du Pont de Nemours and Company, Ingredion Incorporated Koninklijke DSM N.V., Tate & Lyle plc, FMC Corporation, and Omega Protein Corporation.
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