The Automotive Tire Pressure Monitoring System Market Poised to Grow at Highest Pace due to Stringent Safety Regulations
The automotive tire pressure monitoring system (TPMS) incorporates sensors mounted on each wheel to detect tire pressure and send readings to a central controller. TPMS helps track tire pressure and alerts drivers in case of low pressure or abnormal pressure changes that can affect vehicle stability and fuel efficiency. TPMS mitigates safety risks associated with under-inflated tires and is an integral safety system mandated by automobile regulatory bodies.
Global Automotive Tire Pressure Monitoring System Market is estimated to be valued at US$ 11.18 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 To 2031
Key Takeaways
Key players operating in the automotive tire pressure monitoring system are Infosys Limited, SAP, HCL, EXL, Atos SE, Accenture, Genpact, IBM Corporation, Oracle Corporation, Cognizant, Capgemini SE, and Tata Consultancy Services Limited and Others. Growing awareness about fuel efficiency and safety benefits among drivers as well as stringent government mandates for TPMS installation across regions are fueling demand. Advanced sensors and telematics technologies are enabling more precise pressure monitoring and integration of TPMS data with driver assistance systems.
Market Trends
The automotive Automotive Tire Pressure Monitoring System Market Growth is witnessing increased adoption of direct and indirect TPMS variants. Direct TPMS systems that incorporate sensors mounted on each wheel deliver more accurate real-time pressure readings compared to indirect TPMS that infers pressure data from wheel speed sensors. However, indirect systems are more cost-effective. With rising vehicle production volumes, low-cost indirect TPMS are expected to dominate the market.
Integration of TPMS with advanced driver assistance and connected car telematics platforms is also a key trend. This allows transmission of pressure data to the cloud for predictive analysis and diagnostics. TPMS data integration with adaptive cruise control and lane departure warning systems could further augment safety.
Market Opportunities
Regulations mandating TPMS in commercial vehicles and increased retrofitting of the system provide growth opportunities. North America and Europe have implemented mandates for commercial vehicle TPMS, which is expected to boost aftermarket revenue. Growing vehicle parc and opportunities in developing automotive markets like China and India also support the market outlook. The development of sensor technologies for lightweighting tires without compromising on pressure detection accuracy could drive further adoption.
Impact of COVID-19 on Automotive Tire Pressure Monitoring System Market Growth
The COVID-19 pandemic has significantly impacted the automotive tire pressure monitoring system market. The restrictions imposed by governments worldwide to curb the spread of the virus led to closure of manufacturing facilities. This resulted in reduced production volumes during the initial months of 2020. However, with gradual lifting of lockdowns and resumption of operations, the market is likely to recover. While production and sales were down during lockdowns, the need for such tire monitoring systems remained intact.
To ensure safety of vehicles and prevent road accidents resulting from low tire pressure, adoption of tire pressure monitoring systems is expected to increase post pandemic. This is anticipated to drive market growth in the coming years. Players in the market are focusing on developing advanced systems with wireless technologies like Bluetooth to enhance convenience. They are also working on opportunities in commercial fleet management applications. Overall, the long term outlook remains positive with technological advancements and increased safety awareness among consumers worldwide.
In terms of value, North America holds the largest share in the automotive tire pressure monitoring system market currently. The presence of major automakers and strict vehicle safety regulations have supported market growth here over the past few years. Asia Pacific is projected to be the fastest growing regional market driven by rising vehicle production and sales in China, India and other developing nations.
Geographically, Western Europe constitutes a major share due to the early adoption of these systems. Countries like Germany, France, UK and Italy have seen strong demand. Central and Eastern European nations are also emerging as lucrative markets with improving economic conditions and infrastructure.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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