Market Size of Automotive TPMS Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 13.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive TPMS Market Analysis
The Automotive Tire Pressure Monitoring System (TPMS) Market was valued at USD 5.67 billion. It is expected to reach a value of USD 13.60 billion over the next five years, registering a CAGR of more than 13% during the forecast period.
The COVID-19 pandemic resulted in the shutdown of assembly lines, social distancing norms, and stringent lockdowns worldwide. The market took a step back and saw a decline in demand. However, following the pandemic, rising vehicle sales are expected to support market demand over the forecast period. Major players are forming strategic alliances and focusing on developing new products. For instance,
- October 2022: Volvo Group, Qamcom Group, and the inventor Roman Lustin formed a new start-up company, Fyrqom AB. It will provide an automated system for calibrating heavy-duty vehicles' tire pressure monitoring systems (TPMS).
Over the long term, consumer preference for advanced driver assistance systems is expected to play a significant role in the automotive TPMS market growth. Furthermore, a surge in the sales of luxury vehicles equipped with TPMS will propel the automotive TPMS growth during the forecast period. Though demand for TPMS was initially driven by the luxury and premium car segments, well-equipped with this monitoring system, mid-segment one-tire vehicles meet market demand. For instance,
- June 2022: Volkswagen debuted the 2022 Virtus with a 1-tire TSI Comfortline variant. More than 40 features and sensors are available in the sedan segment, including a tire pressure monitoring system.
The Asia-Pacific region is expected to be the largest market for automotive TPMS, with Japan, India, and China serving as major automotive hubs. The Indian automotive TPMS market is expected to be driven by rising consumer awareness, aftermarket TPMS installation, and rising demand for luxury vehicles. For instance,
- September 2022: Chongqing Livan Automotive Technology Co., Ltd. (Livan Auto), a battery-swappable car brand supported by Geely Automobile and Lifan Technology, introduced two new models. It includes a central console screen with an 8-inch LCD, a Tire Pressure Monitoring System (TPMS), and a Hill Hold Control (HHC) system.
