Dublin, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The "Tire Pressure Monitoring System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global Tire Pressure Monitoring System (TPMS) market is experiencing significant growth, with a projected compound annual growth rate (CAGR) of 9.4%. This growth is expected to take the market from an estimated US$6.3 billion in 2022 to a forecasted US$11.1 billion by 2028.
TPMS Overview:
A Tire Pressure Monitoring System (TPMS) is an electronic solution that helps maintain the proper air pressure in vehicle tires. There are two common types of TPMS: direct and indirect. Direct TPMS uses sensors mounted on the wheels to measure tire pressure directly, while indirect TPMS works with antilock braking system (ABS) speed sensors to monitor tire air pressure. TPMS provides real-time information about tire pressure to the driver through displays and alarms, enhancing vehicle safety, fuel economy, and reducing carbon emissions.
Market Drivers:
The TPMS market is experiencing positive growth due to several key factors:
- Automotive Industry Growth: The significant expansion of the automotive industry worldwide is a major driver of the TPMS market.
- Demand for Advanced Driver-Assistance Systems (ADAS): Consumers are increasingly seeking advanced driver-assistance systems to enhance road safety, contributing to the TPMS market's growth.
- Technological Advancements: Integration of energy harvesting and display systems for vehicle health information, along with advancements in sensor technology, are boosting market growth.
- Preference for Direct TPMS: The preference for direct TPMS is rising as it provides accurate, real-time pressure information directly from tire valves.
- Government Mandates: Government policies mandating TPMS installation in vehicles to reduce accidents and casualties are encouraging market growth.
- R&D Activities: Extensive research and development activities are further propelling the TPMS market.
Market Segmentation:
The TPMS market is segmented by type, technology, vehicle type, distribution channel, and region.
Type:
- Direct TPMS
- Indirect TPMS
Technology:
- Intelligent TPMS
- Conventional TPMS
Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
Distribution Channel:
- OEMs
- Aftermarket
Competitive Landscape:
- AT&T Inc.
- Cartrack
- Continental AG
- Geotab Inc.
- Inseego Corp.
- Orbcomm
- Robert Bosch GmbH
- Spireon Inc.
- Teletrac Navman (Vontier Corporation)
- TomTom N.V.
- Verizon Communications Inc.
Key Questions Answered in This Report:
- How has the global tire pressure monitoring system (TPMS) market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global tire pressure monitoring system (TPMS) market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the technology?
- What is the breakup of the market based on the vehicle type?
- What is the breakup of the market based on the distribution channel?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global tire pressure monitoring system (TPMS) market and who are the key players?
- What is the degree of competition in the industry?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 146 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $6.3 Billion |
| Forecasted Market Value (USD) by 2028 | $11.1 Billion |
| Compound Annual Growth Rate | 9.9% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/44wstm
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