United States of America 27/09/2024 Insight Partners announced the publication of its research report on the Tire Pressure Monitoring System Market titled, Tire Pressure Monitoring System Market Report 2031. With the release of this market study, The Insight Partners aims to provide a 360-degree view of the current scenario of the Tire Pressure Monitoring System Market and predicts future demand over the forecast period. The report covers key factors such as advancements in automotive driving systems, regulatory developments, and growing demand for vehicle safety. These insights offer valuable information on market trends and the evolving role of tire pressure monitoring in modern vehicles.
Overview of the Tire Pressure Monitoring System Market
The Tire Pressure Monitoring System Market has been developing and also may have declined but the dynamic situation may have changed as well, this report delivers proven factual data about when and how is this happening: the factors causing change, such as technology factors, legislative factors, and consumer preference factors.
Key findings and insights
Market Size and Growth
Historical Data: The CAGR of the Tire Pressure Monitoring System Market for the forecast period 2023–2031 is projected to be 6.2%. Analyzing acronym's findings like these is an effective approach to seeking patterns in numbers, which helps with my subjective forecasts as well.
Key factors:
Key Factors Affecting the Tire Pressure Monitoring System (TPMS) Market
The TPMS market is influenced by several factors, including:
1. Government Regulations and Safety Standards: Compulsory Installation: most countries came shortly after to law, and decided to put TPMS on new cars carefully.
2. Growing Consumer Awareness: Safety Benefits: Because TPMS reduces the incidence of blowouts as well as improves vehicle handling, consumer awareness of these benefits is also increasing.
3. Advancements in Technology: Sensor Reliability: Improvements in sensor technology have increased their accuracy and durability.
4. Increasing Vehicle Production: Availability of global automotive market: The wide availability of automotive market globally including emerging economies has opened up the doors for optimal usage of TPMS for good.
Market Segmentation
Segmentation Criteria:
Market Segmentation for the Tire Pressure Monitoring System (TPMS) Market
The TPMS market can be segmented based on various factors, including:
1. By Vehicle Type:
- Passenger Cars: This segment includes cars used for personal transportation.
- Commercial Vehicles: This segment comprises trucks, buses, and vans used for commercial purposes.
2. By Technology:
- Basic Direct TPMS: The sensor portion is installed on each wheel, and measures the air pressure in the tire.
- Indirect TPMS: It uses sensors embedded in the car’s ABS (anti-lock braking system) to measure tire pressure indirectly.
3. By Installation:
- Original Equipment Manufacturer (OEM): TPMS systems installed in vehicles during the manufacturing process.
- Aftermarket: TPMS systems installed in vehicles after purchase.
Spotting Emerging Trends
Technological Advancements:
Emerging Technologies Disrupting the Tire Pressure Monitoring System (TPMS) Market
There will be a surge of new technologies from the TPMS supplier marketplace that are designed to offer new features, improved performance, and safety:
1. Artificial Intelligence (AI) and Machine Learning:
- Predictive Maintenance: Layers of AIs analyze TPMS data to predict tire failure and recommend preventive maintenance.
- Tire Wear and Depth Monitoring AI: Sensors detect tire wear and surface depth. The system will alert when tires need replacement.
2. Internet of Things (IoT):
- Networked TPMS: Internet of Things (IoT): This category is defined by TPMS systems that are fully connected to the internet and via sensors and data analytics services provided by the cloud.
- Integration With Other Vehicle Systems: TPMS can be utilized as a starting point for integrating with other vehicle systems to provide valuable function beyond simple alerts, such as intuitive infotainment systems and telematics.
3. Advanced Sensor Technology:
- Pressure and Temperature Sensors: Continuous advancements in sensor technology are improving accuracy and reliability.
- Wear Sensors: Sensors can monitor tire tread wear to determine when replacement is needed.
4. 5G Connectivity:
Live-monitored and Alerted: 5G technologies enable real-time data transmission, which is quick enough to be monitored and alerted immediately.
Low Latency: 5G's low latency allows for immediate responses to tire pressure changes.
Changing Consumer Preferences:
Consumer Preferences and Demand in the Tire Pressure Monitoring System Market
Factors Influence the consumer to prefer Tire Pressure Monitoring Systems. The consumer prefers the Tire Pressure Monitoring Systems due to the following reasons. Some cases shows that the consumers depend the tire pressure monitoring system. This is due to they will feel difficulty to control the steering wheel. Another reason consumers to prefer the System is because of the vehicle is moving. This reason is because the consumers will not be aware of the tire pressure.
1. Safety Consciousness:
TPMS would save lives and injuries from avoidable accidents. The graph illustrates consumer demands for new cars and their safety precautions. People are very aware of the increased likelihood of accidents when driving a car with underinflated tires. One can see that the highest demand comes from a TPMS that would avoid accidents and save lives and injuries.
- Peace of Mind: TPMS makes sure that my wheels are always in the best (highest tire pressure) state possible so that they will never be unlucky enough to have underinflated tires; it provides me with peace of mind.
2. Fuel Efficiency:
- Cost Saving: As long as people see inflating their tires correctly as a cost-saving proposition, along the highway, they’re going to take care of it.
- Environmental Concerns: Fuel efficiency is also a concern for environmentally conscious consumers.
3. Convenience and Ease of Use:
- User-Friendly Interfaces: Users want TPMS systems that are user-friendly with easy-to-use friendly interfaces.
- Enhanced Convenience: Wireless TPMS eliminate the inconvenience of traditional manual checks.
4. Technological Advancements:
Integration with other Vehicle Systems: Points were awarded to those TPMS systems that ‘talked’ with other vehicle systems (infotainment systems, telematics, and such) to display pressure readings, alarms, and the like.
- Smart Features: systems potentially include predictive maintenance and tire wear reporting capabilities.
- Regulatory Changes: Analyze the effect of the recent regulations or the upcoming regulation changes on the Tire Pressure Monitoring System Market.
Growth Opportunities
Growth Opportunities in the Tire Pressure Monitoring System Market
The Tire Pressure Monitoring System (TPMS) market is about to flourish: The TPMS is poised to benefit from a constellation of drivers.
1. Increasing Government Regulations:
- Mandatory Installation: Governments worldwide are implementing stricter regulations requiring TPMS installation in new vehicles.
- Safety Standards: There has been an ever-increasing demand for an excellent road safety and avoidance of accidents, which is forcing the application of TPMS.
2. Rising Consumer Awareness:
- Safety plus: Consumer word-of-mouth about the safety benefits of TPMS – as in, it can prevent blowouts and make my car handle better – is on the uptick.
- Fuel Efficiency: The connection between proper tire pressure and fuel efficiency is driving demand.
3. Technological Advancements:
- Better Sensors: Better sensor technology are leading to more accurate and reliable TPMS systems.
- Wireless Communication: Wireless communication protocols are making TPMS systems more convenient and user-friendly.
4. Growing Automotive Market:
- Automotive market: It is quite certain that automotive market is increasing every year and it may go in this way in near future as well.
- Trend of new vehicle sales: with an increase solid demand of new vehicles, more and more owner will expect their car could fit with TPMS.
That’s why TPMS manufacturers are now looking over their shoulders to the other side of the Atlantic, where EV’s have a stranglehold. Electric vehicles standardise tyre pressure, creating a juicy market for suppliers.
Conclusion
The report titled 'Tire Pressure Monitoring System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2031' delineates the market outlook and would be operative through 2031. The regular and updated information about prospects and determinants in the market is given. Additionally, an introspective class and division structure of the tire pressure monitoring system industry are depicted, along with the taxonomy.
A company intending to carry out its operations in the market charted in the report can get valuable insights. Since the report offers an in-depth analysis of the competitive landscape, environment, and probable course for growth, a stakeholder can make informed decisions in favour of market accomplishment and the creation of business opportunities.
About The Insight Partners
The Insight Partners is among the leading market research and consulting firms in the world. We take pride in delivering exclusive reports along with sophisticated strategic and tactical insights into the industry. Reports are generated through a combination of primary and secondary research, solely aimed at giving our clientele a knowledge-based insight into the market and domain. This is done to assist clients in making wiser business decisions. A holistic perspective in every study undertaken forms an integral part of our research methodology and makes the report unique and reliable.