USD 6.2 billion
Report ID:
SQMIG25B2024 |
Region:
Global |
Published Date: November, 2024
Pages:
218
|Tables:
88
|Figures:
76
Global Tire Pressure Monitoring System Market size was valued at USD 6.2 billion in 2022 and is poised to grow from USD 6.83 billion in 2023 to USD 14.86 billion by 2031, growing at a CAGR of 5.52% in the forecast period (2024-2031).
The global OTR tire marketplace is witnessing regular growth, driven with the aid of accelerated demand from numerous sectors, which includes creation, agriculture, and mining. The strong enlargement of production and infrastructure projects, in particular in emerging economies, contributes extensively to the demand for OTR tires. Moreover, the rural region's mechanization and modernization efforts, coupled with the growing global populace's meals necessities, are fueling the want for OTR tires in agricultural equipment. The mining industry's persisted exploration and extraction activities similarly make a contribution to the market's increase.
Technological improvements in tire production, together with the development of durable and puncture-resistant materials, are improving the performance and lifespan of OTR tires. Additionally, the adoption of superior tire tracking systems is becoming a everyday trend, permitting users to optimize tire usage, lessen downtime, and beautify general operational efficiency.
Global Market Size
USD 6.2 billion
Largest Segment
Direct TPMS
Fastest Growth
Indirect TPMS
Growth Rate
5.52% CAGR
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Global Tire Pressure Monitoring System Market is segmented by Type, Technology, Vehicle Type, Sales Channel and region. Based on Type, the market is segmented into Direct TPMS, Indirect TPMS. Based on Technology, the market is segmented into Wheel-Based TPMS, Valve-Based TPMS, Band-Based TPMS. Based on Vehicle Type, the market is segmented into Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles. Based on Sales Channel, the market is segmented into Original Equipment Manufacturer (OEM), Aftermarket. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Tire Pressure Monitoring System Market Analysis by Type
Direct TPMS is possibly to dominate the marketplace. Direct TPMS presents real-time and accurate tire stress statistics by means of the use of character stress sensors internal each tire. The precision in monitoring enhances protection and efficiency, making it a preferred preference for both OEMs and aftermarket installations.
While direct TPMS may also dominate, indirect TPMS is anticipated to be the quickest-developing type. Indirect TPMS utilizes the vehicle's present sensors, typically the Anti-lock Braking System (ABS), to deduce tire strain not directly. The increase is pushed through value-effectiveness and the increasing fashion of integrating oblique TPMS in mid-range and access-stage motors.
Tire Pressure Monitoring System Market Analysis by Aplication
Wheel-primarily based TPMS is likely to dominate the market. This generation entails putting sensors at once on the tire valve or wheel rim, taking into account particular and actual-time tire strain monitoring. Wheel-based totally TPMS is thought for its accuracy and reliability, making it a favored choice for ensuring vehicle safety and overall performance.
Wireless TPMS is expected to be the fastest-developing generation. This consists of each wheel-primarily based and valve-primarily based TPMS systems that speak wirelessly with the vehicle's valuable monitoring unit. The increase is pushed by the growing demand for connected and clever automobile solutions, providing convenience and ease of integration with other automotive systems.
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North America is possibly to dominate the TPMS marketplace. The place has stringent rules mandating the installation of TPMS in automobiles, driving the marketplace call for. Additionally, the presence of a well-installed automotive industry, high customer cognizance concerning vehicle safety, and the adoption of superior automotive technologies make contributions to the dominance of North America inside the TPMS marketplace.
Asia-Pacific is expected to be the fastest-developing location. The vicinity's rapid financial boom, increasing automobile manufacturing, and growing attention of street protection are full-size factors contributing to the growing demand for TPMS. Moreover, regulatory traits in countries like China and India mandating TPMS installation further fuel the market's enlargement inside the Asia-Pacific region.
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Tire Pressure Monitoring System Market Drivers
Increasing Emphasis On Vehicle Safety And The Need To Mitigate The Risks
Increasing Attention Amongst Clients
Tire Pressure Monitoring System Market Restraints
High Cost Associated with Implementing TPMS Technology
High Complexity of TPMS Systems
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The competitive surroundings of the Tire Pressure Monitoring System marketplace is dynamic and is characterised by a mix of established players and emerging entrants, contributing to a dynamic and competitive surroundings. Key players which include Continental AG, Delphi Automotive, and Sensata Technologies dominate the market with their big product portfolios and giant enterprise presence. These corporations attention on research and development to introduce modern TPMS solutions, emphasizing accuracy, reliability, and integration skills. Regional players additionally play a great role, catering to particular market desires.
Tire Pressure Monitoring System Market Top Player’s Company Profiles
Tire Pressure Monitoring System Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global Tire Pressure Monitoring System marketplace analysis exhibits a dynamic market with some of standout trends and difficulties. The market is pushed by means of growing focus of street protection, stringent regulatory mandates, and the developing integration of superior sensor technology. However, market increase faces restraints due to the associated implementation costs, challenges in aftermarket adoption, and capacity worries related to sensor accuracy. Wheel-primarily based TPMS dominates the marketplace, mainly in North America, where regulatory requirements are stringent. The trend in the direction of wi-fi TPMS solutions is on the upward thrust, fostering connectivity and clever automobile integration. Predictive maintenance features and TPMS for electric cars constitute key market tendencies, emphasizing the industry's commitment to technological advancements and safety enhancements.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 6.2 billion |
Market size value in 2031 | USD 14.86 billion |
Growth Rate | 5.52% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Tire Pressure Monitoring System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Tire Pressure Monitoring System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Tire Pressure Monitoring System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Tire Pressure Monitoring System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG25B2024
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