Global Tire Pressure Monitoring Systems (TPMS) Market to Reach $25.5 Billion by 2026

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Apr 18, 2022, 11:05 ET

SAN FRANCISCO, April 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Tire Pressure Monitoring Systems (TPMS) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Global Tire Pressure Monitoring Systems (TPMS) Market to Reach $25.5 Billion by 2026

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Edition: 17; Released: February 2022
Executive Pool: 3932
Companies: 76 - Players covered include ATEQ; Bartec USA LLC; Bendix Commercial Vehicles Systems LLC; Continental AG; DENSO Auto Parts; Hamaton Automotive Technology Co., Ltd.; Huf Hulsbeck & Furst GmbH & Co. KG; NIRA Dynamics AB; NXP Semiconductors NV; Pacific Industrial Co., Ltd.; Sensata Technologies, Inc.; Wabco Holdings Inc. and Others.
Coverage: All major geographies and key segments
Segments: Type (Direct, and Indirect); Vehicle Type (Passenger Car, Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV)); End-Use (OEM, and Aftermarket)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

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ABSTRACT-

Global Tire Pressure Monitoring Systems (TPMS) Market to Reach $25.5 Billion by 2026

TPMS represents a key active safety system. Tire sensors are the backbone of the smart tire concept. They offer operating data about the tire and its environment such as road conditions, tire pressure, tread conditions which is then used by the onboard computer systems to adapt the vehicle's driving style and/or alter the driver to take changes in driving style to ensure greater safety. The simple TPMS is beginning to play critical roles in enabling smart tires of the future. Amid the COVID-19 crisis, Global Tire Pressure Monitoring Systems (TPMS) market estimated at US$16.4 Billion in the year 2022, is projected to reach a revised size of US$25.5 Billion by 2026, registering a compounded annual growth rate (CAGR) of 11.5% over the analysis period. Europe represents the largest regional market for Tire Pressure Monitoring Systems and is projected to reach US$6.1 Billion by 2026. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 22.1% over the analysis period. Tire Pressure Monitoring System (TPMS) is a market driven largely by legislations. Several legislations already in place like in the United States, Europe and Asia, have and will continue to shape growth patterns in the market. TPMS in the US for instance witnessed substantial growth as sales following the TREAD Act legislations that mandated installation of TPMS in all new cars.

Currently, direct tire pressure monitoring systems are considered as technologically superior for meeting required safety standards. However, direct TPMS are relatively more expensive than indirect TPMS. The market is expected to witness a complete change in the event of successful technology innovations that help indirect TPMS match the accuracy levels of direct TPMS, thereby assisting vehicle manufacturers in reducing their overall production costs. Tire pressure monitoring systems are used predominately in passenger cars and commercial vehicles. Installation of these systems in other vehicles such as motorcycles and off-road vehicles is expected to help expand the market's revenue stream in the coming years. The market is expected to be significantly influenced by emerging players attempting to penetrate the market through the introduction of new products offering better performance in terms of price, size, accuracy, and power.

Ongoing technological advances in TPMS, active industry research, and establishment of new frequencies hold significant promise in expanding the capabilities of TPMS. Advanced systems that can transmit live tire pressure data to the cloud is combined with AI predictive analysis to alert drivers, fleet managers and tire service providers about potential issues. To display more information on the health of the vehicle, specifically related to tires, will require continuous transmission of massive amounts of data in real-time. New generation TPMS leverage IoT technology and cloud services to provide a more accurate and easy-to-visualize data relating to tire condition. The large amounts of data will be critical to the future of vehicle-to-everything (V2X) communication. A key application of IoT, vehicular networking collects and shares data that play a vital role in connecting cars (V2V) and road infrastructure (V2I). It also has the potential to empower more intelligent and safe driving. The development of intelligent TPMS based on vehicular networking technology and cloud services offer more reliable and stable algorithms essential to monitoring tire pressure. For fleet managers, IoT enabled TPMS offers key benefits such as fewer tire inspections, less maintenance, and faster response times to tire-related functional problems. Real-time tire pressure monitoring provides data insights into wear pattern on the tires, which enables predictive maintenance and accurately predict cases of probable puncture. More

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