The Automotive Tire Pressure Monitoring System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Tire Pressure Monitoring System Global Market Report 2024, The automotive tire pressure monitoring system market size has grown rapidly in recent years. It will grow from $8.39 billion in 2023 to $9.72 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth in the historic period can be attributed to increase in automotive production and sales, expanding automotive aftermarket, enhanced safety and security requirements, globalization and international trade.
The automotive tire pressure monitoring system market size is expected to see rapid growth in the next few years. It will grow to $17.12 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to electrification of vehicles, autonomous vehicle development, stringent government regulations, expansion of the connected car ecosystem, rising disposable income. Major trends in the forecast period include advanced sensor technology, connected tpms, predictive maintenance, smartphone integration, data analytics and ai.
The growing number of accidents is expected to propel the growth of the automotive tire pressure monitoring systems market over the coming years. Accidents are unexpected, unwanted, and sudden events that are associated with injury or loss of life. The subsequent road fatalities and accidents prompted the regulatory authorities to mandate the installation and employment of tire pressure monitoring systems in automobiles, thereby promoting the production of automotive tire pressure monitoring systems. For instance, according to the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA), in the US, about 20,000 people lost their lives in motor vehicle crashes in the first half of 2021, a 20% increase from 2020. Therefore, the growing number of accidents and subsequent road fatalities is driving the growth of the growth of the automotive tire pressure monitoring systems market.
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The automotive tire pressure monitoring system market covered in this report is segmented –
1) By Type: Direct TPMS, Indirect TPMS
2) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
3) By Sales Channel Type: OEM, Aftermarket
Technological advancements have emerged as the key trend gaining popularity in the automotive tire pressure monitoring systems market. Major companies operating in the automotive TPMS sector are focused on research activities and new product innovations with advanced technologies for market growth. For instance, in June 2022, Sensata Technologies, a US-based company supplying sensing, electrical protection, control, and power management solutions, developed the Intelligent Tire Pressure Monitoring System (TPMS) with Bluetooth low energy wireless technology for improved vehicle safety and performance. This system replaces the traditional ultra-high frequency (UHF) radio with Bluetooth to allow two-way communication. It’s compatible with Over-the-Air updates, so drivers can receive updates without going to a service center, and it offers enhanced cybersecurity measures.
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Top Major Players
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