Global Tire Pressure Monitoring System Market to Grow at a CAGR of 9.4% During 2024-2032, Driven by the Growing Awareness Regarding the Benefits Provided by Tyre Pressure Monitoring Systems

An electrical device called a tire pressure monitoring system (TPMS) is used to track tire air pressure. The TPMS's light-illuminating function alerts the driver to high or low tyre pressure. The Asia Pacific holds a significant portion of the tire pressure monitoring system market share due to the presence of leading automotive manufacturers in countries like Japan, South Korea, and China.

Tire pressure consistently decreases, even in 'completely' sealed tyres, with a monthly loss of up to 2 psi. In addition to the typical issues with tire sealing, air penetrates the rubber directly, for which periodic monitoring is essential. Customers’ growing demand for advanced driver assistance systems (ADAS) and the increased sale of luxury cars propel the market growth.

New product development further contributes to the market growth. In January 2024, Tyre Monitoring System TMS® launched Tyre Monitoring Device, a brand-new Tire Pressure Monitoring System (TPMS), exclusively for industrial and off-road (OTR) vehicles to meet the requirements of vehicles that are utilised in mass transportation systems, mining, earthmoving, mobile cranes, and container ports.

The new TMS® Hub has four distinct antennas that are connected to four separate receiver channels in order to ensure the most reliable signal reception possible. Fleet operators can save time and resources during installation due to the TPMS's simplified wiring. With its larger screen and smaller size, the upgraded display saves space in the cab and offers the driver quick and easy tyre pressure readings via its new, user-friendly touchscreen.

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Market Analysis by Type, Vehicle Type, Sales Channel, and Region:

• The market, on the basis of type, can be divided into Direct TPMS and Indirect TPMS.

• On the basis of vehicle type, the market can be divided into passenger cars and commercial vehicles.

• Based on sales channel, the market can be divided into OEM and aftermarket.

• The major regional markets for tyre pressure monitoring system include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• There is a growing awareness regarding the benefits such as reduced tire wear, lowered risk of accidents, and improved fuel efficiency offered by tire pressure monitoring devices.

• Advancements in pressure monitoring systems, such as the development of wireless sensors, data monitoring and revolutionary progressive web app development linked to vehicles, support the tire pressure monitoring system market expansion.

• Stringent government regulations and initiatives taken by carmakers to comply with automotive safety standards drive the market growth.

• Increased environmental awareness and consumer focus on sustainability emphasise the demand for tire pressure monitoring systems to enhance the accuracy and effectiveness of vehicles.

Key Offerings of the Report:

• The EMR report gives an overview of the global tire pressure monitoring system market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, vehicle types, sales channels, and regions of tire pressure monitoring.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global tire pressure monitoring system market are DENSO Corporation, Robert Bosch GmbH, Hella KGaA Hueck and Co., Continental AG, ZF Friedrichshafen AG, Pacific Industrial Co., Ltd., Sensata Technologies, Inc., Huf Hülsbeck & Fürst GmbH & Co. KG, and ATEQ Corp., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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