Automotive Tire Pressure Monitoring System Global Market Sees Growth Rate Of 19% Through 2022

The global automotive tire pressure monitoring systems market size is expected to grow from $6.00 billion in 2021 to $7.14 billion in 2022 at a compound annual growth rate (CAGR) of 19.0%. The global automotive tire pressure monitoring market size is expected to grow to $12.61 billion in 2026 at a CAGR of 15.3%.

What is the Global Automotive Tire Pressure Monitoring System Market?

The automotive tire pressure monitoring systems market consists of the sales of automotive tire pressure monitoring systems by entities (organizations, partnerships, and sole proprietors) that are used to monitor the pressure of tires in vehicles by using pressure sensors. The automotive tire pressure monitoring system (TPMS) is an electronic system that monitors the tire's internal air pressure and gives real-time data on tire pressure. It also helps to warn the driver about the underinflated tires.

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What drives the Global Automotive Tire Pressure Monitoring System Market?

The growing number of accidents is expected to propel the growth of the automotive tire pressure monitoring systems market over the coming years. Accidents are unexpected, unwanted, and sudden events that are associated with injury or loss of life. The subsequent road fatalities and accidents prompted the regulatory authorities to mandate the installation and employment of tire pressure monitoring systems in automotive, thereby promoting the production of automotive tire pressure monitoring systems. For instance, according to the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA), in the US, about 20,000 people lost lives in motor vehicle crashes in the first half of 2021, a 20% increase from 2020. Therefore, the growing number of accidents and subsequent road fatalities are driving the growth of the automotive tire pressure monitoring systems market.

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Global Automotive Tire Pressure Monitoring System Market Segments
The global automotive tire pressure monitoring system market is segmented:
By Type: Direct TPMS, Indirect TPMS
By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
By Sales Channel Type: OEM, Aftermarket
By Geography: The regions covered in the automotive tire pressure monitoring system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Automotive Tire Pressure Monitoring System Global Market Report 2022provides market size and growth forecasts for the global automotive tire pressure monitoring system market, global automotive tire pressure monitoring system market share, automotive tire pressure monitoring system market segments and geographies, automotive tire pressure monitoring system market competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive tire pressure monitoring system market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Automotive Tire Pressure Monitoring System Industry Playersinclude Continental AG, Sensata Technologies Inc., Denso Corporation, Pacific Industrial Co. Ltd, NXP Semiconductors, Huf Hülsbeck & Fürst GmbH & Co. KG, Nira Dynamics AB, Hamaton Automotive Technology Co. Ltd., ATEQ TPMS, Alligator Ventilfabrik GmbH, Alps Alpine Co. Ltd, Doran Manufacturing, Bartec USA LLC, Dill Air Controls Products, ZF Friedrichshafen AG, and DUNLOP TECH GmbH. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.