The automotive tire pressure monitoring system helps in constantly monitoring the tire pressure and temperature of vehicles. These systems improve vehicle safety and fuel efficiency by maintaining optimal tire pressure. Rising sales of electric vehiclesPropel Demand as they commonly employ direct tire pressure monitoring systems to enhance drivability and range.
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 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing sales of electric vehicles is one of the key trends driving the growth of the automotive tire pressure monitoring system market. Electric vehicles commonly employ direct tire pressure monitoring systems to improve efficiency and boost the vehicle's range. The timely monitoring of tire pressure plays a critical role in enhancing the performance of electric vehicles. With governments around the world promoting electric vehicle adoption through subsidies and incentives, their sales are growing rapidly. This rising demand for electric vehicles will consequently propel the need for efficient tire pressure monitoring systems, thereby supplementing the expansion of the market over the forecast period.
Segment Analysis
The automotive tire pressure monitoring system market is dominated by the direct TPMS sub segment. Over 70% of the vehicles globally are equipped with direct TPMS as it provides precise tire pressure reading for each wheel compared to indirect TPMS which detects under inflation in one or more tires. With stringent fuel efficiency and vehicle safety regulations, automakers are focusing on direct TPMS resulting in higher demand.
Key Takeaways
The global automotive tire pressure monitoring system market analysis is expected to witness high growth. 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 6.6% over the forecast period 2023 to 2030.
Regional analysis related content comprises
The Asia Pacific region is expected to be the fastest growing market for automotive tire pressure monitoring systems during the forecast period. Countries like China, India, and Japan are witnessing higher automotive production which is driving the need for TPMS in new vehicles. Additionally, rising disposable incomes have increased demand for premium vehicles with advanced safety features like TPMS in major Asian countries.
Key players related content comprises
Key players operating in the automotive tire pressure monitoring system market are Archer Daniels Midland Company, Cargill, Incorporated, E. I. du Pont de Nemours and Company, Ingredion Incorporated Koninklijke DSM N.V., Tate & Lyle plc FMC Corporation, and Omega Protein Corporation.
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