An automotive tire pressure monitoring system (TPMS) monitors the air pressure inside the pneumatic tires on various types of vehicles. It sends continuous real-time tire-pressure information to the driver, so preventive action can be taken to avoid any possible tire damage or accidents. TPMS systems use pressure sensors located on each wheel to detect tire pressure variations and transmit the data via a wireless signal to a central controller. The controller then alerts the driver of any anomalies via a dashboard display.

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 Dynamics:
Growing demand for comfort and safety features and rising adoption of electric vehicles are expected to drive the growth of the automotive tire pressure monitoring system market over the forecast period. Electric vehicles have a different wheel and tire arrangement as compared to ICE vehicles, which experience pressure fluctuations at a higher rate. Thus, TPMS plays a vital role in electric vehicle safety and performance. Also, with rising adoption of autonomous vehicles globally, the demand for safety features such as TPMS is also expected to increase substantially over the next few years. Moreover, technological advancements such as sensor miniaturization, long battery life, and low-cost wireless connectivity have made TPMS affordable for mass market adoption.

SWOT Analysis 

Strength: The automotive tire pressure monitoring system market has seen significant technological advancements with the integration of sensors, controllers and other components. The real-time monitoring of tire pressure helps improve vehicle safety and performance. Many countries have also made TPMS a mandatory feature for new vehicles.

Weakness: The initial costs associated with installing tire pressure monitoring systems can be high. Low tire pressure issues also cannot be addressed immediately and require the driver's attention. Battery life of TPMS sensors is limited and they need periodic replacement.

Opportunity: With growing auto sales worldwide driven by emerging markets, the aftermarket for TPMS systems is also expanding. Integration of TPMS with advanced driver assistance and connected car technologies provide opportunities for additional functions and data monitoring.

Threats: Strict emission regulations pose challenges for auto component manufacturers to reduce costs while meeting technical specifications. Economical low-cost alternatives or substitutes can threaten market share of established TPMS brands.

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 demand for safety features. Stringent government regulations regarding TPMS implementation have also accelerated market expansion.

Regional analysis: North America dominates the global automotive TPMS market Currently, holding around 35% market share. Presence of major automakers as well as mandatory implementation of TPMS boosted demand. Asia Pacific is the fastest growing regional market with countries like China and India displaying strong growth on the back of increasing automobile manufacturing activities.

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 HÃ1⁄4lsbeck & FÃ1⁄4rst 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. The market is highly competitive with established brands focusing on new product launches and integration of advanced technologies to consolidate their market position.

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