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Tire Pressure Monitoring System Is Fastest Growing Segment Fueling The Growth Of Automotive Tire Pressure Monitoring System Market

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Ashish Thapa
Tire Pressure Monitoring System Is Fastest Growing Segment Fueling The Growth Of Automotive Tire Pressure Monitoring System Market

Tire Pressure Monitoring Systems (TPMS) monitor the air pressure inside the pneumatic tires on various types of vehicles. TPMS helps in preventing tire-related accidents and offers benefits like improved vehicle efficiency and safety. The system alerts drivers when tire pressure drops significantly from the recommended level.



The global Automotive Tire Pressure Monitoring System Market is estimated to be valued at US$ 7.17 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market key trends:

One of the key trends in the automotive tire pressure monitoring system market is the development of next-generation TPMS with advanced connectivity features. With the rising adoption of autonomous and connected vehicles,

OEMs are integrating advanced connectivity capabilities into automotive electronic components and accessories. Next-gen TPMS with capabilities like fleet management, remote diagnostics, over-the-air updates, and integration with vehicle telematics offer greater convenience and cost-savings. They help fleet operators and commercial vehicle owners easily monitor tire pressure from remote locations. Emerging 5G networks further support advanced data communication abilities of next-gen connected TPMS.


Segment Analysis

The automotive tire pressure monitoring system market is segmented into direct TPMS and indirect TPMS. The indirect TPMS segment dominated the market in 2023 and is expected to continue its dominance during the forecast period. Indirect TPMS monitors tire pressure indirectly using the vehicle's ABS sensor data. It is a more affordable solution compared to direct TPMS and hence witness higher adoption, especially in the aftermarket.


Key Takeaways

The global Automotive Tire Pressure Monitoring System Market Demand is expected to witness high growth, exhibiting a CAGR of 13.% over the forecast period, due to increasing vehicle production and rising safety concerns.


Regional analysis

Asia Pacific dominated the global market in 2023 and is expected to continue its dominance during the forecast period. Rapid economic growth and increasing vehicle production in countries such as China and India are driving the market in the region. China, in particular, is the largest vehicle producer globally and hence offers significant opportunities for TPMS manufacturers.


Key players

Key players operating in the automotive tire pressure monitoring system market are ZF Friedrichshafen AG, ATEQ, Continental AG, Bartec USA LLC, Sensata Technologie, Inc., Huf Hülsbeck & Fürst GmbH & Co. KG, AUTOMOTIVE TECHNOLOGY CO., LTD., Rivigo Services, Denso Corporation, DUNLOP TECH GmbH, Pacific Industrial Co., Ltd., Bendix Commercial Vehicles Systems LLC, NXP Semiconductors, NIRA Dynamics AB, WABCO, and Hamaton Automotive Technology CO., LTD.


Get More Insights On This Topic: https://www.ukwebwire.com/the-growth-of-automotive-tire-pressure-monitoring-system-market-share-size-analysis/


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