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Automotive Tire Pressure Monitoring System (TPMS) Market - Growth, Trends, Covid-19 Impact, and Forecast (2022 - 2027)

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  • 100 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4534328
The studied automotive tire pressure monitoring system (TPMS) market was valued at USD 5.67 billion in 2021. It is expected to reach a value of USD 13.60 billion by 2027, registering a CAGR of more than 13% during the forecast period (2022-2027).

With the shutdown of assembly lines, social distancing norms, and stringent lockdowns imposed worldwide due to the COVID-19 pandemic, the market took a back step and witnessed a decline in demand. However, post the pandemic, the growing sales of vehicles are anticipated to support the market demand over the forecast period.

Over the long term, growing consumer preference for advanced driver assistance systems is expected to act as a major factor in the growth of the automotive TPMS market. Further, a spike in the sales of luxury vehicles with TPMS in their safety features to further propel the growth of automotive TPMS during the forecast period.

Though demand for TPMS was initially taken up by the luxury and premium car segment, which was well equipped with this monitoring system, mid-segment vehicles also offer the same to resonate with strong demand in the market. For instance, In June 2022, Volkswagen launched the 2022 Virtus with an entry-level Comfortline 1.0-litre TSI variant. The sedan segment has more than 40 features and sensors, including a tire pressure monitoring system.

Asia-Pacific is expected to stand as the largest market for automotive TPMS, with Japan and China as the major automotive hubs. The growing consumer awareness, aftermarket installation of TPMS, and increasing demand for luxury vehicles are expected to drive the Indian automotive TPMS market. During the forecast period, the growing technological advancements and luxury car penetration may support demand across major regions like Europe and North America.

Key Market Trends

Increasing Adoption of TPMS in Passenger Cars to Enhance Growth of Market

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

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 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.

Further, several automakers operating in the passenger car segment are offering the installed TPMS in their offered fleet because of several advantages this system carries. For instance:
  • In May 2022, the newly launched Audi A6 2022 model carries an advanced tire pressure monitoring system. This feature has been added in the 2022 model A6, which was unavailable in the 2021 models.
  • In May 2022, the newly launched 2022 hybrid premium midsize sedan Honda City is also equipped with a tire pressure monitoring system (TMPS) against the older model, which does not have the same.
Due to these additions in the newly launched fleets of automakers, demand is expected to remain on the positive side of the graph for the passenger cars segment of the market during the forecast period.

Asia-Pacific Region Anticipated to Grow at Significant Level During the Forecast Period

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 during the forecast period.

China and India drive the market in the region. 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 April 2022, Chinese passenger car production reached 996,000 units, with sales registering 965,000 units. This trend accounts for the downfall of 41.9% and 43.4% respectively in production and sales compared to the previous year. In 2022, from January to April, passenger car production decreased by 2.6% year-on-year, registering 6,494 million units.
Premium and mid-segment car growth across Asia-Pacific has been the key growth enabler for adopting TMPS. Several automakers are keeping the pace higher for passenger vehicle sales. For instance:
  • In 2021, BMW backed up China’s premium segment car sales by registering 815 691 units. It made BMW become China’s top-selling luxury car maker. Along similar lines, Mercedes Benz and Audi witnessed a decline in their premium car sales.
  • In May 2022, Geely Binrui COOL Sedan Coupe was launched in China for USD 14,000 and is considered the racing storm in the mid sedan segment. The car has active safety features, a tire pressure monitoring system, and Level 2 ADAS functions.
Further, key 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. Although 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.

Competitive Landscape

The automotive TPMS is moderately consolidated owing to several global and tier-2 and tier-3 suppliers. However, regarding OEM supply, companies like Sensata Technologies, Huf Electronics, Continental, Infineon Technology, Lear Corporation, and ZF TRW dominate the market.
  • In June 2022, Continental, a leading innovation and supplier of OE and aftermarket for tire pressure monitoring systems, TPMS diagnostic tools, and replacement parts, introduced a new packaging design for its next generation of REDI-Sensor Multi-Application TPMS Sensors. It came from the exhaustive research and development conducted by Continental AG in this segment.
  • In November 2021, KRAIBURG Austria announced the launch of a new, web-based tire pressure monitoring system called TYLOGIC, which reliably detects gradual or abrupt pressure loss, possible mechanical dama­ge to axles or brakes of the truck, or the imminent end of the regular tire mileage.
Further, the demand for high-quality and durable products 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.

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Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size in Value USD Billion)
5.1 Type
5.1.1 Direct TPMS
5.1.2 Indirect TPMS
5.2 Sales Channel Type
5.2.1 OEM
5.2.2 Aftermarket
5.3 Vehicle Type
5.3.1 Passenger Cars
5.3.2 Commercial Vehicles
5.4 Geography
5.4.1 North America United States Canada Rest of North America
5.4.2 Europe United Kingdom Germany France Italy Rest of Europe
5.4.3 Asia-Pacific China Japan India South Korea Rest of Asia-Pacific
5.4.4 Rest of the World Brazil United Arab Emirates Other Countries
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Continental AG
6.2.2 Pacific Industrial
6.2.3 Schrader Electronics
6.2.4 Delphi Automotive
6.2.5 Hella KGaA Hueck & Co.
6.2.6 ZF TRW
6.2.7 Valor TPMS
6.2.8 Valeo
6.2.9 DENSO Corporation
6.2.10 ALLIGATOR Ventilfabrik GmbH
6.2.11 Advantage PressurePro Enterprises Inc.
6.2.12 Alps Electric Co. Ltd
6.2.13 Sensata Technologies
6.2.14 Huf Electronics

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Continental AG
  • Pacific Industrial
  • Schrader Electronics
  • Delphi Automotive
  • Hella KGaA Hueck & Co.
  • ZF TRW
  • Valor TPMS
  • Valeo
  • DENSO Corporation
  • ALLIGATOR Ventilfabrik GmbH
  • Advantage PressurePro Enterprises Inc.
  • Alps Electric Co. Ltd
  • Sensata Technologies
  • Huf Electronics