Tire Pressure Monitoring System Market Leading Companies, Current Trends and Business Strategies, 2023

The global tire pressure monitoring system (TPMS) market is expected to display higher growth rate over the next seven years. Rapid surge in tire pressure monitoring system industry is credited to the increasing demand for advanced security features in both lightweight and heavyweight vehicles, and mandatory administrative regulations for incorporation of safety & security measures, majorly in the developed economies such as U.S. and the UK. Globally, tire pressure monitoring systems market is predicted to generate massive revenue over the next seven years, providing numerous opportunities for industry participants to invest in research and development of tire pressure monitoring systems.

The tire pressure monitoring system (TPMS) helps to monitor and assists driver for maintaining tire pressure, thus offering safe driving conditions. The tire pressure monitoring system (TPMS) also assists in identifying significantly under-inflated tires. The tire pressure monitoring system (TPMS) consists of the low tire pressure indicator with a yellow symbol to display tire pressure on the dashboard instrument panel.

Rise in the integration of monitoring systems in both autonomous and semi-autonomous vehicles owing to increasing demand from end-user is expected to drive the growth of tire pressure monitoring system (TPMS) industry over the forecast period. High-end demand for automation in automobile industry at various levels of vehicle production is expected to draw huge investment from industry participants, thereby propelling market growth across the globe in the years to come. Several original equipment manufacturers (OEMs) are spending heavily for research & development to manufacture high performing products at reduced cost is affecting market growth positively in the past few years.

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The TPMS market is broadly categorized into two major segments based on the product type such as direct TPMS and indirect TPMS. Direct tire pressure monitoring system (TPMS) segment is growing rapidly in the tire pressure monitoring systems industry with substantial revenue generation in the last few years. Growing popularity of direct TPMS segment is attributed to its capability to deliver real time data and cost efficiency.

The tire pressure monitoring system market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in automotive sector, surge in number of research & development activities and existence of well-established industrial infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth.

Asia-Pacific region is estimated to hold a major share in the TPMS industry with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, increasing manufacturing activities, robust growth in automotive sector,and significant investment by leading industry players considering potential growth opportunities in the region.

The key players in the tire pressure monitoring system market are Valeo, Inc., Robert Bosch GmbH, ZF Friedrichshafen AG, Continental AG, Sensata Technologies Corp., Denso Corp., Pacific Industrial Co., Ltd., NXP Semiconductors N.V., WABCO Holdings, Inc., Huf Hülsbeck & Fürst GmbH & Co., KG, NIRA Dynamics AB, Bendix Commercial Vehicles Systems LLC, Dunlop Tech GmbH, Bartec LLC, and Ateq Systems Analytic India Pvt., Ltd.

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