Market Size of North America Heavy Commercial Vehicle (HCV) TMPS Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America HCV TPMS Market Analysis
The North America Heavy Commercial Vehicle (HCV) TMPS Market is currently valued at USD 450 million and is anticipated to register a CAGR of over 4.5% during the forecast period.
The market will be driven primarily by the growth in heavy commercial vehicle sales in North America and the adoption of stringent trucking emissions and safety norms. For instance, in 2021, 12,058,515 commercial vehicles were sold in the US, with an increase of over 9.11% over 2020.
Manufacturing shutdowns, lockdowns, and trade restrictions during the COVID-19 pandemic negatively affected the automotive TPMS industry in the April-July 2020 period. Furthermore, the fall in automotive production and lack of labor significantly impacted the market. As automotive manufacturers resumed operations due to steadily rising commercial vehicle sales in North America, the market recovered in late 2020 and posted good growth in 2021, during the forecast market. Furthermore, the manufacturers implemented contingency plans to mitigate future business uncertainties and retain continuity with clients in the critical sectors of the automobile industry. For instance,
- In the spring of 2020, to comply with social distancing norms and other COVID-19 measures, Schrader TPMS Solutions, a TPMS brand of Sensata Technologies, started online training courses like TPMS e-Training on their new online training platform ww.TPMSAcademy.com. It covered topics like TPMS legislation, sensor types, installation best practices, programming, relearning, and more.
Over the long term, the growth in sales of TPMS for heavy commercial vehicles will be driven by an increase in heavy commercial vehicle sales in North America.
The adoption of stringent trucking emissions and safety norms and the introduction of electric trucks is further expected to induce growth in North America Heavy Commercial Vehicle TPMS market. For instance
- Under Transportation Recall Enhancement, Accountability, and Documentation (TREAD) Act of 200, a new Federal Motor Vehicle Safety Standard was established that requires the installation of tire pressure monitoring systems (TPMSs) in commercial vehicles to warn the driver when a tire is significantly under-inflated.
- Similarly, in October 2016, the US Environmental Protection Agency (US EPA) and the National Highway Traffic Safety Administration (NHTSA) initiated Greenhouse Gas Emission (GHG) Phase 2. The Federal Phase 2 GHG regulation established federal GHG emissions standards and fuel economy requirements for new trailers and heavy-duty tractors. Those requirements include performance standards for box-type trailers, which manufacturers can meet by equipping such trailers with aerodynamic features. It reduces aerodynamic drag, low rolling-resistance (LRR) tires, tire pressure monitoring systems, and weight reduction measures. Such developments are expected to drive the market's future growth further.
Key market players are also introducing new TPMS systems, again anticipated to produce solid growth in the North America Heavy Commercial Vehicle (HCV) TPMS Market.
- In August 2022, Schrader TPMS Solutions announced that their EZ-Sensor line of TPMS systems is now compatible with electric vehicles.
Thus the factors mentioned above are anticipated to produce solid growth in North America Heavy Commercial Vehicle (HCV) TMPS Market.
