Global Automotive Tire Pressure Monitoring System Market Projected to Reach $19.56 Billion by 2029
21 Jan, 2025
What Factors Propelled the Historic and Current Automotive Tire Pressure Monitoring System Market Size?
The automotive tire pressure monitoring system (TPMS) market size has shown notable growth in recent years. The market size increased from $9.59 billion in 2024 to $11.06 billion in 2025, marking a solid compound annual growth rate (CAGR) of 15.3%. Factors contributing to this growth include the rise in automotive sale and production, the expansion of the automotive aftermarket, increased safety and security requirements, and growth in globalization and international trade.
What Does the Future Hold for the Automotive Tire Pressure Monitoring System Market?
The automotive TPMS market is set to continue its rapid growth trajectory in the coming years. The market is expected to grow to $19.56 billion by 2029, with a CAGR of 15.3%. This growth may be attributed to factors such as the electrification of vehicles, the development of autonomous vehicles, stringent government regulations, the expansion of the connected car ecosystem, and a rise in disposable income. The forecast period also holds key trends to look out for in the market; these include advanced sensor technology, connected TPMS, predictive maintenance, integration with smartphones, and advancements in data analytics and AI.
What Key Drivers Are Propelling the Growth of the Automotive Tire Pressure Monitoring System Market?
The substantial increase in accidents is a major factor propelling the growth of the automotive TPMS market. As a response to the escalating number of accidents and subsequent fatalities, regulatory authorities have mandated the installation of TPM systems in automobiles, thereby driving market growth. For instance, according to a report by the US-based National Safety Council, an estimated 3,820 motor vehicle deaths were recorded in July 2024, a slight increase compared to the 3,780 deaths in June 2023.
How is the Automotive Tire Pressure Monitoring System Market Segmented?
The automotive TPMS market is divided into the following segments:
1) By Type: Direct TPMS, Indirect TPMS
2) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
3) By Sales Channel Type: OEM, Aftermarket
What Trends Are Impacting the Automotive Tire Pressure Monitoring System Market?
Technological advancements are emerging as a key trend in the automotive TPMS market. Many corporations in the automotive TPMS sector are focusing on research and developing new product innovations using advanced technologies. For instance, in June 2022, Sensata Technologies developed the Intelligent Tire Pressure Monitoring System (TPMS) featuring Bluetooth low energy wireless technology for improved vehicle safety and performance.
Which Key Players are Driving the Automotive Tire Pressure Monitoring System Market?
In light of the market's competitive landscape, these major players are driving innovation:
• Continental AG
• Sensata Technologies Holding plc
• Denso Corporation
• Pacific Industrial Co. Ltd.
• NXP Semiconductors N.V.
• Huf Hülsbeck & Fürst GmbH & Co. KG
• Nira Dynamics AB
• Hamaton Automotive Technology Co. Ltd.
• ATEQ TPMS
• Alligator Ventilfabrik GmbH
What Are the Key Regional Dynamics in the Automotive Tire Pressure Monitoring System Market?
North America held the largest market share in the automotive TPMS market in 2024. Meanwhile, the Asia-Pacific region is expected to experience the fastest growth in the forecast period. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.