April 03, 2024 21:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
NEWARK, Del, April 03, 2024 (GLOBE NEWSWIRE) -- The tire pressure monitoring system market is anticipated to exhibit a CAGR of 6.2% through 2034. The market valuation is projected to increase from US$ 3.47 billion in 2024 to US$ 6.34 billion by 2034. kty transducer temp measurement
The tire pressure monitoring systems (TPMS) industry is being propelled by two major factors: the pressing need to extend the lifespan of tires and the growing concern for vehicle safety. With the increasing deployment of traction control systems in vehicles, the demand for TPMS is expected to surge globally.
The tire pressure monitoring systems market is anticipated to have a notable increase in demand due to the growing integration of sensor technologies in passenger cars. The requirement for decreased tire wear, increased fuel efficiency, and greater road safety explain this increase. Therefore, tire pressure monitoring devices are gaining popularity among car manufacturers and owners.
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Introducing sophisticated systems with wireless connectivity, real-time monitoring, and predictive maintenance capabilities has led to an international boom in the tire pressure monitoring system market. The characteristics above allow the efficient and effective monitoring of tire pressure, augmenting safety, optimizing fuel efficiency, and mitigating tire wear and tear.
“The tire pressure monitoring system (TPMS) industry is growing due to tire lifespan extension and vehicle safety concerns. The demand for TPMS is expected to rise due to the integration of sensor technologies in passenger cars. These devices monitor tire pressure and alert drivers if it falls below recommended levels, preventing accidents and improving fuel efficiency. The market is gaining popularity due to wireless connectivity, real-time monitoring, and predictive maintenance capabilities, enhancing safety, fuel efficiency, and tire wear and tear,” - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Tire Pressure Monitoring System Market
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Competitive Landscape of the Tire Pressure Monitoring System Market
The automotive industry's need for high precision and durability is driving substantial expansion of the tire pressure monitoring system (TPMS) market. Advanced driver assistance systems are becoming a result of major manufacturers spending on research and development to integrate TPMS with other safety technologies.
With several tire pressure monitoring system producers, automakers, and service providers, the tire pressure monitoring system market is expanding significantly. By establishing enduring connections with OEMs and ADAS TPMS makers in key markets like Europe and India, TPMS manufacturers are creating new sources of income. To stay dominant in the market and satisfy changing needs from the automobile sector, leading companies in the TPMS market make investments in state-of-the-art sensor technologies.
Key Companies in the Tire Pressure Monitoring System Market
Recent Developments in the Tire Pressure Monitoring System Market
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Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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