The global tire pressure monitoring system (TPMS) market is projected to experience a CAGR growth of over 21% during the forecast period of 2019-2026, according to the TechSci Research report titled “Global Tire Pressure Monitoring System Market By Technology, By Vehicle Type, By Sales Channel, By Region, Competition, Forecast & Opportunities, 2026”. This growth is attributed to the increasing number of accidents and the growing awareness regarding vehicle safety. TPMS plays a crucial role in maintaining proper tire pressure, which enhances safety on the road by reducing vehicle distance, minimizing tire wear, and improving fuel economy and vehicle handling. Leading automaker countries have implemented regulations for the use of TPMS, and the rising adoption of automotive safety systems is expected to have a positive impact on the global TPMS market.
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In 2018, the passenger car segment accounted for the largest market share in the global tire pressure monitoring system market and is expected to maintain its dominance throughout the forecast period. This is due to the expanding fleet size of passenger cars, increasing sales, rising disposable income, and growing consumer preference for safety features in passenger vehicles. Direct TPMS is the leading technology segment, as it accurately measures pressure for each tire, unlike indirect TPMS that relies on ABS sensors for tire inflation measurement.
Prominent automotive component giants, such as Sensata Technologies Inc., Continental AG, Pacific Industrial Co. Ltd, NIRA Dynamics, Denso Corporation, and NXP Semiconductors, are continuously enhancing and expanding their product offerings to attract customers. In February 2019, Continental AG introduced the VDO TPMS Go device, a new universal service tool for tire pressure monitoring systems (TPMS).
Europe holds the leading position in the global tire pressure monitoring system market due to regional legislation mandating TPMS in all vehicles since 2014 and the presence of major automotive manufacturers. The Asia-Pacific tire pressure monitoring system market is expected to witness significant growth in the coming years, driven by the increasing demand for vehicles in economies such as China, Japan, and South Korea, along with new TPMS regulations in China. Mr. Karan Chechi, Research Director at TechSci Research, a research-based global management consulting firm, stated these insights.
The report “Global Tire Pressure Monitoring System Market By Technology, By Vehicle Type, By Sales Channel, By Region, Competition, Forecast & Opportunities, 2026” evaluates the future growth potential of the global TPMS market and provides statistics and information on market size, structure, and future growth. The report aims to provide cutting-edge market intelligence and assist decision-makers in making sound investment decisions. Additionally, it identifies and analyzes emerging trends, along with essential drivers, challenges, and opportunities in the global tire pressure monitoring system market.
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