Automotive Tire Pressure Monitoring System (TPMS) Market - Growth, Trends, and Forecast (2019 - 2024)

The Automotive Tire Pressure Monitoring System (TPMS) Market is segmented by Type (Direct TPMS and Indirect TPMS), Sales Channel Type (OEM and Aftermarket), Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles) and Geography.

Market Snapshot

Market Summary
Study Period:

2018-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

Key Players:

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Market Overview

The automotive tire pressure monitoring system (TPMS) market is expected to register a CAGR of 13.36%, during the forecast period, 2019-2024.

The major factors driving the TPMS market are:

  • Consumer preference toward advanced driver assistance systems, with safety acting as a major propellant for the growth of the automotive TPMS market.
  • Spike in the sales of luxury vehicles with TPMS in their safety features, which has further propelled the market growth of automotive TPMS.
  • Growing number of accidents and subsequent road fatalities prompted the regulatory authorities of many countries to mandate the employment of TPMS in automobiles.

The Asia-Pacific region is the largest market for automotive TPMS, with Japan and China as the major automotive hubs. Growing consumer awareness, aftermarket installation of TPMS, and increasing demand for luxury vehicles are expected to drive the market for automotive TPMS in India.

 

Scope of the Report

TPMS is an electronic system that is designed to provide real-time information about tire pressure, by monitoring the air pressure inside the tires. The TPMS also warns the driver about the number of tires that are underinflated.

The automotive TPMS market has been segmented by type, sales channel type, vehicle type, and geography.

By Type
Direct TPMS
Indirect TPMS
By Sales Channel Type
OEM
Aftermarket
By Vehicle Type
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Geography
North America
United States
Canada
Rest of North America
Europe
United Kingdom
Germany
France
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Rest of the World
Brazil
United Arab Emirates
Other Countries

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Key Market Trends

Increasing Adoption of TPMS in Passenger Cars

TPMS usually finds major applications in the passenger vehicle segment, where tire pressure management is considered to be a critical safety system. The automotive industry has been stepping up on introducing features that aid in minimizing the impact of collisions, reduce fatalities, and improve overall vehicle safety. This, in turn, is fueling the growth of the automotive TPMS market during the forecast period.

Despite the poor growth rate of the passenger vehicle segment, the market for premium luxury vehicles is expected to increase significantly in the Asia-Pacific region. Luxury vehicles are expected to witness an extremely high growth rate across the entire passenger vehicle segment. With TPMS fitted in a majority of these vehicles, the passenger vehicle segment is poised to drive the market for automotive TPMS significantly.

Companies, like Dill Air Control, are now producing TPMS systems for high-end models of automakers, such as Toyota, Lexus, BMW, Volkswagen, Hyundai, Chrysler, Jeep, and Rolls Royce. The sports-, premium-, and luxury-segment passenger cars from major automakers are now employing TPMS as a standard, with the tire pressure being displayed in the instrument panel display. With the growing consumer demand for vehicles with advanced safety features, TPMS is highly anticipated to be available as a standard in C-segment hatchbacks, Sedans, and SUVs.

By Type Logo

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Asia-Pacific Growing at a Fast Pace

The Asia-Pacific automotive TPMS market is expected to witness a high CAGR during the forecast period. Countries from Asia-Pacific are expected to hold a significant share in the global automotive TPMS market by the end of 2024.

The market in the region is driven by China and India. Factors, like increasing market penetration of premium cars and a rise in safety installations per vehicle (due to the adoption of safety regulations by governments/agencies), are accelerating the demand for TPMS and other ADAS. In the advanced economies of Asia-Pacific, like Japan, South Korea, and Singapore, safety systems, including automotive TPMS, featured in compact and mid-sized vehicles are advanced in nature and usually at par with those available in Europe and North America.

In addition, the automotive OEMs in the region, such as Hyundai and Nissan, aim to increase their revenue by strategically manufacturing and integrating advanced automotive TPMS technology with safety systems. As a whole, though the regional market for TPMS is quite limited at present, it is expected to grow at a very high rate during the next five years.

Global players, such as Continental AG and Valeo, have their presence in Asia-Pacific, and their aggressive marketing strategies are expected to influence the market demand for automotive TPMS in the region during the forecast period.

Regional Analysis

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Competitive Landscape

The market for automotive TPMS is fairly fragmented, in terms of tier-2 and tier-3 supplies. However, regarding the supply to OEMs, Sensata Technologies, Huf Electronics, Continental, Infineon Technology, Lear Corporation, and ZF TRW dominate the market. Demand for products with high accuracy and durability was one of the main reasons for automakers to prefer products from major manufacturers. Additionally, these big players increased their R&D spending exponentially to integrate automotive TPMS with other safety-related solutions. This resulted in better TPMS-based advanced driver assistance systems for automotive applications.

Major Players

  1. Delphi Automotive
  2. DENSO Corporation
  3. Continental AG
  4. ZF TRW
  5. Valor TPMS

* Complete list of players covered available in the table of contents below

Market Concentration

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Current Market Scenario

    2. 4.2 Technology Trends

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Market Drivers

    5. 4.5 Market Restraints

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Direct TPMS

      2. 5.1.2 Indirect TPMS

    2. 5.2 By Sales Channel Type

      1. 5.2.1 OEM

      2. 5.2.2 Aftermarket

    3. 5.3 By Vehicle Type

      1. 5.3.1 Passenger Cars

      2. 5.3.2 Light Commercial Vehicles

      3. 5.3.3 Heavy Commercial Vehicles

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 United Kingdom

        2. 5.4.2.2 Germany

        3. 5.4.2.3 France

        4. 5.4.2.4 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Rest of Asia-Pacific

      4. 5.4.4 Rest of the World

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 United Arab Emirates

        3. 5.4.4.3 Other Countries

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Continental AG

      2. 6.2.2 Pacific Industrial

      3. 6.2.3 Schrader Electronics

      4. 6.2.4 Delphi Automotive

      5. 6.2.5 Hella KGaA Hueck & Co.

      6. 6.2.6 ZF TRW

      7. 6.2.7 Valor TPMS

      8. 6.2.8 Valeo

      9. 6.2.9 DENSO Corporation

      10. 6.2.10 ALLIGATOR Ventilfabrik GmbH

      11. 6.2.11 Advantage PressurePro Enterprises Inc.

      12. 6.2.12 Alps Electric Co. Ltd

      13. 6.2.13 Sensata Technologies

      14. 6.2.14 Huf Electronics

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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