Automotive tire pressure monitoring system (TPMS) monitors the pressure and temperature of tires in automobiles. TPMS helps in preventing under-inflated or flat tires by alerting the driver. TPMS detects low tire inflation pressure by monitoring changes in the tire rotation. It uses sensors attached to each wheel assembly to monitor and transmit tire pressure and temperature data to a central vehicle computer system. The vehicle’s dashboard alerts the driver if pressure in one or more tires drops significantly below the recommended level. Some key functions of TPMS include alerting drivers about low pressure before it becomes critically low and detecting pressure loss in individual tires to identify vehicle handling issues.
The global automotive tire pressure monitoring system market is estimated to be valued at US$ 7.17 Bn in 2024 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.
The growing concerns regarding vehicle safety and strict government regulations mandating installation of TPMS in vehicles are major factors driving the growth of the automotive tire pressure monitoring system market.
Market Dynamics:
The growing concern for vehicle safety among consumers is expected to drive the automotive tire pressure monitoring system market growth over the forecast period. Additionally, government regulations in various countries mandating the installation of TPMS in vehicles to reduce road accidents are also fueling the market growth. For instance, in the U.S., the National Highway Traffic Safety Administration (NHTSA) mandated the installation of TPMS in all new passenger cars starting from 2007 and in new trucks starting from 2008. The regulation was aimed to reduce road accidents caused due to under-inflated or flat tires. Such government safety norms are encouraging automakers to install TPMS as a standard fitment across their vehicle range. Moreover, technologically advanced features of TPMS including individual tire pressure & temperature monitoring and low pressure warning are increasing their adoption rate. However, high installation and maintenance cost of TPMS may hinder market growth over the forecast period.
Segment Analysis
The automotive tire pressure monitoring system market is dominated by the passenger car segment, as this segment accounts for a majority share of the global vehicle fleet. Passenger cars are mandated to have tire pressure monitoring systems in several countries due to safety regulations. The usage of these systems has greatly reduced accidents resulting from under-inflated tires.
PEST Analysis
Political: Governments across countries have implemented stringent safety regulations mandating the use of tire pressure monitoring systems in vehicles. Non-compliance can attract heavy fines. This is a key driver for market growth.
Economic: The rising disposable incomes have increased automobile ownership globally. As automotive production increases to meet demand, the installation of tire pressure monitoring systems is also witnessing high growth rates.
Social: With increased awareness about vehicle safety, consumers are willing to pay extra for advanced safety features like tire pressure monitoring systems. This has boosted their adoption rates.
Technological: Sensor technologies have advanced tremendously. Modern tire pressure monitoring systems use superior sensors that can provide real-time tire pressure data and alerts. This has enhanced their reliability.
Key Takeaways
The global automotive tire pressure monitoring system market share is expected to witness high growth over the forecast period of 2023 to 2030. Passenger cars remain the largest segment due to large vehicle fleet and mandatory regulations in several countries. The global automotive tire pressure monitoring system market is estimated to be valued at US$ 7.17 Bn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the market currently due to stringent vehicle safety norms. The Asia Pacific region is anticipated to witness the fastest growth on account of rising vehicle ownership and production hubs in countries like China and India.
Key players: 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
