The global tire pressure monitoring system market value reached around USD 7.67 Billion in 2024 due to increasing emphasis on vehicle safety and regulatory mandates for TPMS in many regions, such as USA. Advancements in technology, such as the integration of IoT and AI, have enhanced the capabilities of TPMS, allowing for real-time monitoring and predictive maintenance. This not only improves safety but also helps in fuel efficiency by ensuring tires are properly inflated. As a result, the industry is expected to grow at a CAGR of 9.40% during the forecast period of 2025-2034 to attain a value of USD 18.84 Billion by 2034.
Tire Pressure Monitoring System Market Growth
A TPMS can improve fuel efficiency, safety and vehicle performance, and tire life by preventing under-inflation or over-inflation of tires. The tire pressure monitoring system market value is fuelled by rising demand for automobiles across the globe, especially in emerging economies such as India, China, Mexico, and Brazil. The rising awareness among consumers about the benefits of TPMS and the stringent regulations imposed by various governments to ensure road safety is also contributing to the tire pressure monitoring system market growth.
Moreover, the wide adoption of advanced driver assistance systems (ADAS), the emergence of smart tires, and the development of wireless, solar-powered, and battery less TPMS are some of the factors that are likely to create new opportunities for the tire pressure monitoring system market development.
Key Trends and Developments
Growing demand for eco-friendly vehicles, rising adoption of autonomous and connected vehicles, and increasing implementation of stringent safety regulations are the key trends propelling the market growth.
February 2024
The Vredeveld Group implemented Continental AG’s Digital Tire Monitoring Technology, which enables 24/7 monitoring of vehicles. This advanced system offers features such as tracking driver locations and aims to reduce breakdowns, fuel consumption, and CO2 emissions.
January 2024
Goodyear and TDK established a partnership to advance intelligent tire technologies. Their collaboration focuses on creating a tire sensor system designed to improve vehicle efficiency, safety, and performance. This initiative highlights the growing trend towards integrating smart technologies into tire systems.
September 2023
DENSO Corporation launched “Everycool,” a commercial vehicle cooling system aimed at improving cooling efficiency. While primarily focused on temperature management, this system contributes to an environmentally conscious logistics sector by reducing energy consumption.
April 2023
Continental AG announced the commencement of production for Tire Pressure Monitoring Systems (TPMS) for cars in India. This initiative is part of Continental's efforts to enhance vehicle safety through advanced tire monitoring technologies, ensuring that drivers are alerted to any tire pressure issues that could compromise safety.
Growing Demand for Fuel-Efficient and Eco-Friendly Vehicles
Tire pressure monitoring systems can improve fuel efficiency and reduce greenhouse gas emissions by maintaining optimal tire pressure. This trend will boost the tire pressure monitoring system market revenue as more consumers and governments opt for greener transportation. The U.S. Environmental Protection Agency (EPA) indicates that maintaining optimal tire pressure can improve fuel efficiency by approximately 1%, which is equal to annual fuel savings of around 100 gallons for long-haul trucks. Additionally, this practice can prevent the release of nearly one metric ton of CO2 emissions each year, underscoring the significance of Tire Pressure Monitoring Systems (TPMS) in promoting sustainability initiatives. _x000D_
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Research conducted by the International Council on Clean Transportation (ICCT) further supports the idea that improperly inflated tires contribute to increased fuel consumption and, consequently, increased greenhouse gas emissions. In regions such as the European Union, the implementation of TPMS is anticipated to aid in the reduction of CO2 emissions from passenger vehicles, aligning with broader regulatory efforts aimed at minimising the environmental impact of the transportation sector.
Rising Adoption of Autonomous and Connected Vehicles
Tire pressure monitoring systems can enhance the safety and performance of autonomous and connected vehicles by providing real-time data and alerts. This trend will increase the demand of tire pressure monitoring system market as more vehicle manufacturers integrate advanced technologies and features._x000D_
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For instance, Goodyear and Gatik have partnered to integrate Goodyear's SightLine technology into Gatik's autonomous delivery vehicles. This high-end technology enables ongoing monitoring of tire health and road conditions, transmitting real-time data to the vehicle's control system. As a result, the autonomous fleet can modify various parameters, including braking, cornering, and tire load, in response to road conditions and payload, thereby improving safety and operational reliability. The use of real-time tire data has further helped Gatik reduce downtime, enhance delivery efficiency, and boost safety in their autonomous logistics operations across North America.
Growing Adoption of Direct TPMS
The shift towards Direct Tire Pressure Monitoring Systems (dTPMS) is significantly influencing the tire pressure monitoring system market, as these systems provide real-time monitoring by using sensors installed directly in each tire. A notable example is the TREAD Act in the U.S., which mandates that all passenger cars and light trucks be equipped with TPMS, underscoring the importance of safety in vehicle design. As a result, manufacturers like BMW and Volkswagen have integrated dTPMS into their vehicles, enhancing safety features and meeting regulatory requirements. Additionally, advancements in sensor technology, such as battery-less sensors and improved durability, are making dTPMS more appealing to consumers and manufacturers alike._x000D_
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Moreover, educational campaigns by safety organisations are raising awareness about the dangers of under-inflated tires, which can lead to blowouts and accidents. For instance, insurance companies now offer discounts for vehicles equipped with TPMS, incentivising consumers to adopt this technology. This trend is reflected in the growing number of vehicles equipped with dTPMs. The integration of dTPMS with advanced driver-assistance systems (ADAS) further enhances its functionality, providing drivers with alerts about tire conditions that can improve fuel efficiency and vehicle handling.
Increased Regulatory Pressures
Many countries have enacted laws that require new vehicles to be equipped with TPMS to enhance road safety. For instance, regulations in the European Union and South Korea mandate that all new passenger vehicles include TPMS, reflecting a commitment to reducing tire-related accidents. In South Korea, after 2015, it became mandatory for all vehicles to have TPMS regardless of size, showcasing the country's proactive approach to vehicle safety._x000D_
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Additionally, government initiatives aimed at improving vehicle safety standards are coupled with campaigns to educate drivers about maintaining optimal tire pressure. This has led to a significant increase in consumer awareness regarding the benefits of TPMS, such as improved fuel efficiency and reduced tire wear. For example, the National Highway Traffic Safety Administration (NHTSA) reports that proper tire maintenance can enhance fuel economy by up to 3% and extend tire life significantly. Furthermore, many commercial vehicle operators are integrating TPMS into their systems to ensure safety and efficiency. This trend is particularly prevalent in logistics companies where maintaining optimal tire pressure is critical for preventing blowouts and reducing operational costs.
Tire Pressure Monitoring System Market Trends
Increasing implementation of stringent safety regulations is a crucial trend of tire pressure monitoring system market. Tire pressure monitoring systems can prevent tire blowouts and accidents caused by underinflated or overinflated tires. This trend will drive the market value as more countries and regions mandate the installation of tire pressure monitoring systems in new vehicles. The increased preference for advanced driver assistance systems (ADAS) by customers due to their ability to enhance vehicular safety is aiding the market growth because TPMS helps to lower the risk of accidents and breakdowns. The sales of luxury vehicles with advanced tire pressure monitoring systems are also increasing due to their ability to improve passenger safety.
For instance, In the European Union, the upcoming implementation of the second phase of the General Safety Regulation (GSR II), set to take effect in July 2024, requires that all newly manufactured vehicles, including commercial trucks, be equipped with tire pressure monitoring Systems (TPMS) to enhance road safety.
Tire Pressure Monitoring System Market Restraints
The costs associated with TPMS technology can pose a significant obstacle, particularly for consumers in price-sensitive markets. While direct TPMS systems are recognised for their high accuracy, they also come with higher production and installation expenses. This price sensitivity often leads consumers, especially in the aftermarket sector, to opt for cheaper alternatives that may not comply with safety standards, potentially hindering the growth of premium TPMS products and affecting the tire pressure monitoring system demand forecast.
TPMS sensors depend on batteries that have a limited lifespan, typically requiring replacement every few years. For older vehicles, maintaining these sensors can be both expensive and inconvenient, which may deter consumers from adopting or keeping TPMS in the long run. This challenge could slow the continued adoption of TPMS, particularly in markets where vehicles are used for extended periods.
Tire Pressure Monitoring System Market Dynamics
Tire pressure monitoring systems can extend the lifespan and durability of tires by reducing wear and tear. This trend will create more tire pressure monitoring system market opportunities as more customers seek to replace or upgrade their existing tire pressure monitoring systems. A report from AAA indicates that proper tire pressure management through Tire Pressure Monitoring Systems (TPMS) can significantly increase tire life span. Underinflated tires often experience uneven wear and are at a higher risk of punctures. By preventing underinflation, TPMS is essential for extending tire life and improving vehicle safety. Additionally, research has demonstrated that vehicles equipped with TPMS exhibit superior tire performance, leading to fewer tire replacements and ultimately saving money for vehicle owners over time.
The expansion of the automotive sector and growing vehicle ownership due to increased reliance on mobility solutions for commuting coupled with rising disposable incomes are resulting in system market expansion. Additionally, the integration of TPMS with smartphones and other smart devices is creating new opportunities for the market players.
Tire Pressure Monitoring System Industry Segmentation
“Global Tire Pressure Monitoring System Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Based on type, the market is divided into:
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