An automotive tire pressure monitoring system assists in monitoring tire air pressure by utilizing pressure sensors and sending wireless signals to a central processor. Automotive TPMS warns the driver about underinflation through a dashboard light or message. By continually monitoring pressure levels in all tires, TPMS plays a key role in improving vehicle control, reducing tire wear, and preventing blowouts. Advantages of TPMS include enhanced fuel efficiency, improved safety as under inflated tires can blow out and lead to accidents.
Market key trends:
One of the key trends driving growth of the automotive TPMS market is the transition towards connected and autonomous vehicles. Vehicles are becoming increasingly data-driven with the integration of telematics and connectivity solutions. TPMS sensors generate vital real-time data regarding tire pressure and temperature which can be transmitted wirelessly for predictive maintenance of fleet vehicles. Automakers are also incorporating TPMS as standard to comply with regulatory mandates and enhance safety features of autonomous vehicles which will fuel the demand over the forecast period.
The global Automotive Tire Pressure Monitoring System Market Size 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.
Threat of new entrants: High capital requirements to enter the automotive tire pressure monitoring system market pose a barrier for new players. Bargaining power of buyers: Presence of several suppliers of automotive tire pressure monitoring systems enables buyers to negotiate lower prices. Bargaining power of suppliers: Suppliers have moderate bargaining power owing to differentiated products and technologies. Threat of new substitutes: Limited threat as automotive tire pressure monitoring systems have no close substitutes. Competitive rivalry: Intense competition exists among existing vendors on the basis of technology, pricing and service offerings.
Strengths: Growing automotive production and stringent safety regulations are driving demand. Integrated systems offer real-time tire pressure monitoring.
Weaknesses: High costs of these systems limit mass adoption. Compatibility issues exist with new tire designs.
Opportunities: Emerging markets offer massive growth potential. Integration of sensors with smart tire technologies presents opportunities.
Threats: Technological advances may render existing systems obsolete rapidly. Economic slowdowns can significantly reduce automobile sales.
The global automotive tire pressure monitoring system market is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing vehicle production and stringent safety norms mandating tire pressure monitoring systems. Regionally, Asia Pacific dominates the market currently and is expected to maintain its leading position over the next few years owing to high vehicle manufacturing in China, India, and Japan.
The European regional market follows next, with prevailing tire pressure monitoring regulations in countries like Germany supporting the automotive TPMS demand. Key players operating in the automotive tire pressure monitoring system market 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 Hamaton Automotive Technology CO., LTD.