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How Has the Advanced Tire Pressure Monitoring System Market Size Evolved Over the Last Few Years?
The market size of the advanced tire pressure monitoring system has significantly escalated over the past years. The anticipated projection is to see a surge from $4.91 billion in 2024, reaching $5.3 billion in 2025 at a compound annual growth rate (CAGR) of 7.9%.
Key factors driving this upscale include government mandates on tire pressure monitoring systems (TPMS), an increase in awareness pertaining to vehicle safety, escalation in passenger vehicle sales, a boost in automotive production as well as a growing demand for fuel efficiency.
Over the next few years, the advanced tire pressure monitoring system market is set to experience robust growth, anticipated to reach $7.09 billion by 2029 at a CAGR of 7.6%. This growth over the mentioned period can be linked to the increasing usage in commercial vehicles, the emphasis on predictive maintenance, the rise of autonomous and electric vehicles, escalating tire replacement demand and the growing aftermarket requirement for TPMS.
The forecast period will show major trends such as the move towards real-time monitoring, integration with telematic platforms, focus on wireless and app-based TPMS solutions, sensor miniaturization and cloud-based data analytics within the tire pressure monitoring systems sector.
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What Are the Key Drivers Fueling Growth in the Advanced Tire Pressure Monitoring System Market?
The advanced tire pressure monitoring system (TPMS) market is projected to see a surge due to the growth of vehicle production and sales. This relates to the manufacturing and selling of vehicles including passenger cars, commercial vehicles, and electric vehicles.
As the auto industry leans towards more intelligent and connected vehicles, advancements are also noted in TPMS – modern features like wireless connectivity, live updates and applications within onboard diagnostic systems are now included, all adding value and spurring innovation within the market. For example, successfully reported by the International Organization of Motor Vehicle Manufacturers (OICA), a France-based international trade organisation catering to the automotive industry, global vehicle production skyrocketed in May 2024 with over 93.5 million units being produced in 2023.
This was a 10% elevation from the previous 2022 figures. Therefore, it’s evident that the advanced tire pressure monitoring system market is driven by the rising vehicle production and sales.
Which Key Segments Are Driving Growth in the Advanced Tire Pressure Monitoring System Market?
The advanced tire pressure monitoring system market covered in this report is segmented –
1) By Product Type: Direct Tire Pressure Monitoring System (TPMS), Indirect Tire Pressure Monitoring System (TPMS)
2) By Technology: Battery-Powered, Energy Harvesting
3) By Vehicle Type: Passenger Vehicles, Commercial Vehicles
4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Subsegments:
1) By Direct Tire Pressure Monitoring System (TPMS): Pressure Sensors, Control Units, Transmitters, Receiver Modules, Batteries
2) By Indirect Tire Pressure Monitoring System (TPMS): Wheel Speed Sensors, Electronic Control Units (ECU), Software Algorithms
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Which Emerging Trends Will Impact the Advanced Tire Pressure Monitoring System Market in the Forecast Period?
Leading entities in the advanced tire pressure monitoring system (TPMS) market are driving their efforts towards the creation of intelligent tire pressure monitoring sensors, with the intention of advancing vehicle safety, optimizing fuel efficiency, and bettering performance. The enhanced TPMS sensors, known as Intelligent Tire Pressure Monitoring Sensors, do more than just track tire pressure – they are engineered to provide multi-dimensional, accurate, and immediate data on the condition and function of the tire.
As a case in point, Infineon Technologies AG, a semiconductor production company based in Germany, in September 2023, introduced the XENSIV SP49, a sensor for monitoring tire pressure. The SP49 intertwines the technology of microelectromechanical systems (MEMS) sensors and application-specific integrated circuit (ASIC) to accommodate smart tire functionalities like auto-position sensing, tire inflation assistance, blowout detection, and load tracking.
Equipped with a 32-bit Arm M0+ core, expansive memory, and low-power monitoring, it is apt for both traditional and electric cars. This progression aids in lowering emissions, extending tire lifespan, and boosting road safety by incorporating it directly into the tire pressure monitoring system.
Which Geographies Are Leading the Expansion of the Advanced Tire Pressure Monitoring System Market?
North America was the largest region in the advanced tire pressure monitoring system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the advanced tire pressure monitoring system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Who Are the Top Companies Dominating the Advanced Tire Pressure Monitoring System Market in 2025?
Major companies operating in the advanced tire pressure monitoring system market are Hitachi Astemo Ltd., ZF Friedrichshafen AG, Orange Electronic Co., Ltd., Denso Corporation, Continental AG, Hyundai Mobis Co. Ltd., Valeo S.A., Infineon Technologies AG, NXP Semiconductors N.V., HELLA GmbH & Co.
KGaA, Delphi Technologies PLC, Sensata Technologies Holding PLC, Pacific Industrial Co. Ltd., Huf Hülsbeck & Fürst GmbH & Co.
KG, Bartec USA LLC, Schrader Electronics Limited, CUB Elecparts Inc., ATEQ TPMS Tools LC, Bendix Commercial Vehicle Systems LLC, Renesas Electronics Corporation., TVS Motor Company
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