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IMARC Group's report titled "Tire Pressure Monitoring System (TPMS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the global tire pressure monitoring system market share. The global market size reached US$ 6.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.3 Billion by 2032, exhibiting a growth rate (CAGR) of 8.2% during 2024-2032.
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Factors Affecting the Growth of the Tire Pressure Monitoring System Industry:
Proper tire maintenance is essential as it directly impacts the performance and longevity of tires. Tires, when underinflated, experience uneven wear and increased rolling resistance, leading to decreased fuel efficiency. A tire pressure monitoring system (TPMS) plays a pivotal role in this by continuously monitoring tire pressure and alerting drivers to any deviations from the recommended levels. By maintaining optimal tire pressure, TPMS helps prevent premature tire wear, which not only extends the lifespan of tires but also reduces the frequency of replacements, saving both users and fleet operators costs. Moreover, by ensuring that tires are adequately inflated, TPMS contributes to improved fuel efficiency, as tires operating at the correct pressure require less energy to roll, resulting in reduced fuel consumption.
The increasing adoption of TPMS in the commercial vehicle sector is contributing to the market growth. Commercial vehicles, such as trucks and buses, are typically subjected to heavy use and long-distance travel, making tire maintenance a critical aspect of their operation. TPMS systems in these vehicles offer benefits by ensuring optimal tire pressure, which is crucial for the safety, fuel efficiency, and longevity of tires in commercial use. Additionally, the economic benefits of reduced downtime and maintenance costs associated with tire failures are considerable for fleet operators. The growing demand for TPMS in the logistics and e-commerce sectors is positively influencing the market.
The rising integration of TPMS with advanced driver assistance systems (ADAS) is impelling the growth of the market. ADAS technologies, such as electronic stability control, anti-lock braking systems, and traction control, are becoming common in modern vehicles. Integrating TPMS with these systems enhances overall vehicle safety and performance. Additionally, accurate tire pressure data from TPMS is utilized by stability control systems to make more effective adjustments, thereby improving vehicle handling and safety. This integration is part of a broader trend of connected and autonomous vehicles, where various sensors and systems within the vehicle communicate and work together.
Leading Companies Operating in the Global Tire Pressure Monitoring System (TPMS) Industry:
Tire Pressure Monitoring System Market Report Segmentation:
By Type:
Direct TPMS exhibits a clear dominance in the market due to its real-time monitoring capabilities, ensuring precise tire pressure data and enhancing safety for vehicle owners.
By Technology:
Conventional TPMS represents the largest segment as it offers a cost-effective solution for tire pressure monitoring, making it the preferred choice among individuals and manufacturers.
By Vehicle Type:
Passenger vehicles account for the majority of the market share. They have a larger user base, leading to higher demand for TPMS.
By Distribution Channel:
OEMs hold the biggest market share, owing to the direct integration of TPMS in new vehicles, providing users with a pre-installed and reliable solution.
Regional Insights:
Asia Pacific dominates the market, attributed to the rising production of vehicles and increasing awareness about safety measures.
Global Tire Pressure Monitoring System Market Trends:
With the proliferation of the internet of things (IoT) and advancements in wireless communication, TPMS is becoming part of the connected ecosystem of vehicles. These systems offer real-time data transmission and can be integrated with smartphone apps, allowing drivers to monitor tire pressure remotely. This integration enhances convenience and ensures continuous monitoring, even when the vehicle is not in use. Besides this, the growing development of advanced sensor technologies is leading to the creation of more accurate and durable sensors capable of providing precise tire pressure readings under varying conditions. These new sensors are not only more reliable but also smaller and easier to integrate into different tire types, including those for heavy-duty vehicles.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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