by Automotive tire pressure monitoring system helps in monitoring the tire pressure in real-time. It alerts the driver if low pressure is detected in any of the four tires through an audible as well as visual signal. This helps in preventing tire punctures and damage thereby improving vehicle safety and performance.
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 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the automotive tire pressure monitoring system market is the increasing focus towards developing monitoring systems that can automatically adjust tire pressure as per weather conditions and road types. Traditionally, TPMS used to only alert drivers about over or under-inflated tires. However, advanced technologies are enabling systems that can optimize tire pressure in real-time to improve vehicle handling as well as fuel efficiency. For example, some systems are being developed that can adjust tire pressures based on weather and road surface conditions to optimize traction and braking. This is expected to drive the demand for next-gen TPMS solutions in the coming years.
SWOT Analysis
Strength: The automotive tire pressure monitoring system offers safety benefits by continuously monitoring tire pressure and warning the driver in case of low pressure. This helps in preventing accidents.
Weakness: The high cost of these systems makes it unaffordable for many customers. Also, faulty sensors can generate false alerts.
Opportunity: Strict regulations being implemented worldwide regarding vehicle safety are driving the demand for tire pressure monitoring systems. Growing automotive production also opens up opportunities for this market.
Threats: The development of alternative vehicle monitoring technologies poses a threat to this market. Economic slowdowns can negatively impact the automotive industry and thereby affect demand.
Key Takeaways
The global Automotive Tire Pressure Monitoring System Market Demand is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing safety concerns. Strict regulations worldwide mandating the use of tire pressure monitoring systems in vehicles are driving the demand.
Regional analysis: North America dominated the market in 2023 with over 30% share due to favorable regulations. Asia Pacific is expected to grow at the fastest pace during the forecast period led by countries like China and India. Growing vehicle production in the region is a major growth driver.
Key players operating in the automotive tire pressure monitoring system are ZF Friedrichshafen AG, ATEQ, Continental AG, Bartec USA LLC, Sensata Technologie, Inc., Huf Hülsbeck & Fürst 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
