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IMARC Group, a leading market research company, has recently releases report titled “Tire Pressure Monitoring System (TPMS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global tire pressure monitoring system market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the tire pressure monitoring system market?
How big is the tire pressure monitoring system market?
The global tire pressure monitoring system (TPMS) market size reached US$ 6.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.1 Billion by 2028, exhibiting a growth rate (CAGR) of 9.4% during 2023-2028.
What is a tire pressure monitoring system?
What is a tire pressure monitoring system?
A tire pressure monitoring system (TPMS) is a safety feature in vehicles that continuously monitors the air pressure of the tires. It alerts the driver if there is a significant deviation from the recommended tire pressure, indicating a potential problem. TPMS typically uses sensors mounted on each tire's valve stem or within the tire itself to measure the tire pressure. The system then relays the information to a central control unit, which can display the tire pressures to the driver in real-time. TPMS helps prevent tire-related accidents by providing early warning of underinflation or overinflation, promoting safer driving and improved fuel efficiency.
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What are the growth prospects and trends in the tire pressure monitoring system industry?
What are the growth prospects and trends in the tire pressure monitoring system industry?
The tire pressure monitoring system (TPMS) industry is expected to witness significant growth prospects and trends in the coming years. One key factor driving the growth is the increasing focus on vehicle safety regulations worldwide. Governments and regulatory bodies are mandating the installation of TPMS in vehicles to ensure proper tire pressure maintenance and reduce accidents caused by tire failures.
Furthermore, the growing adoption of advanced driver assistance systems (ADAS) in vehicles is contributing to the expansion of the TPMS market. TPMS is an integral component of ADAS, as it enhances vehicle safety by providing real-time tire pressure data to other safety systems like stability control and braking systems. In terms of trends, there is a shift towards wireless and direct TPMS systems. Wireless TPMS eliminates the need for physical connections between the sensors and the control unit, simplifying installation and maintenance. Additionally, there is a growing demand for smart TPMS that can provide additional data such as tire temperature and tread wear, enabling predictive maintenance and enhancing overall vehicle performance. Overall, the TPMS industry is expected to experience substantial growth driven by safety regulations, ADAS integration, and advancements in wireless and smart technologies.
What is included in market segmentation?
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
Direct TPMS
Indirect TPMS
Breakup by Technology:
Intelligent TPMS
Conventional TPMS
Breakup by Vehicle Type:
Passenger Vehicles
Commercial Vehicles
Breakup by Distribution Channel:
OEMs
Aftermarket
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Who are the key players operating in the industry?
Who are the key players operating in the industry?
The report covers the major market players including:
ATEQ
Bartec USA LLC
Bendix Commercial Vehicle Systems LLC (Knorr Brake Holding Corporation)
Continental Aktiengesellschaft
Denso Corporation
Hamaton Automotive Technology Co. Ltd. (Hangzhou Hamaton Intelligent Control Holdings Co. Ltd.)
Huf Hülsbeck & Fürst GmbH & Co. KG
Nira Dynamics AB
NXP Semiconductors N.V.
Pacific Industrial Co. Ltd.
Sensata Technologies Inc.
WABCO Holdings Inc. (ZF Friedrichshafen AG).
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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