Tire Pressure Monitoring System Market Size, Share, and Analysis by 2031

The Tire Pressure Monitoring System market is expected to register a CAGR of 6.2% during 2023–2031. The integration of advanced technologies in automotive active belt systems in vehicle applications is likely to remain a key trend in the market.

Tire Pressure Monitoring System Market Analysis

• The factors that are anticipated to drive the Tire Pressure Monitoring System market are stringent safety regulations, increasing consumer awareness about vehicle safety, and advancements in automotive electronics technology. Airbag electronics play a crucial role in enhancing the overall safety and reliability of modern vehicles. As per the National Highway Traffic Safety Administration (NHTSA), seatbelts and airbags can reduce the chances of death from a head-on collision by 61%. Due to this, several manufacturers are producing their vehicles with advanced technology-based safety measures.
• An airbag is designed to inflate at the time of collision in an automobile. Stringent government rules and regulations for vehicle safety and road safety drive the Tire Pressure Monitoring System market growth. The rising demand for safer and enhanced automotive driving systems has impacted market growth. The automotive industry is adopting technological advancements to improve vehicle safety. Also, the rising adoption of the Industrial Internet of Things (IIoT) automotive automation with advanced sensors in airbag systems is driving the market growth. The Tire Pressure Monitoring System market is expected to grow exponentially because of an increase in demand for electric vehicles and increasing passenger car sales in developing and developed countries.

Tire Pressure Monitoring System Market Overview

• The increasing use of AI and machine learning algorithms in ECUs influences market growth. The integration of these technologies into automotive ECUs is causing a revolution in the market. These advancements allow to development of sophisticated and adaptable airbag deployment systems that can react to real-time data, which improves passenger safety. To illustrate, cutting-edge ECUs can evaluate the intensity and nature of a crash by examining sensor data from accelerometers, gyroscopes, and car cameras. They can tell the difference between rollovers, side impacts, and front-end collisions and set off airbags as needed.

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Tire Pressure Monitoring System Market: Strategic Insights

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Tire Pressure Monitoring System Market Drivers and Opportunities

Increase in demand for safety measures in automobiles

• Airbags are supplemental for automobile safety. The market for Tire Pressure Monitoring System market has increased with strict government safety regulations and an increase in awareness of vehicle safety among customers. The growing awareness for driver safety and enhancing the driving experience has been driving the Tire Pressure Monitoring System market.
• Development of the automotive industry in developing countries
• The automotive industry is experiencing remarkable growth in developing countries like China, India, Brazil, and others because of the rising economies, increase in disposable income, and changing customer preferences. This expansion is beneficial for the growth of the Tire Pressure Monitoring System market.

Increased Sales of Luxury Vehicles

• Luxury automobile manufacturers are increasingly driving the evolution by integrating sophisticated automatic safety technologies, including Tire Pressure Monitoring System, into their vehicles to ensure passenger safety and comply with the stringent automotive safety regulations. As per the latest Automotive Industry Associations report, in India, more than 47,000 luxury vehicles were sold in 2023, which increased by 21% compared to 2022. BMW and Mercedes-Benz announced increased sales in 2023 by 10-15% compared to 2022.
• Tire Pressure Monitoring System technology has a high potential market in the luxury automobile segment, which has a significant share in the global passenger automobile market, owing to increased awareness about safety aspects in automobiles and increased government policies and norms related to vehicular safety.

Increased Adoption of AI and Machine Learning for Automotive Safety is Driving Trend in the Market Growth

• The increasing utilization of machine learning and AI algorithms in automotive safety has increased demand for the Tire Pressure Monitoring System market growth. The integration of AI technology into automotive airbag control units is growing at a rapid pace in the market. These advancements in airbag deployment safety systems create real-time data, which improves the passenger’s safety. To evaluate the intensity of a crash, automotive electronics sensors use data from gyroscopes, accelerometers, and car cameras. These automotive electronics in airbags can tell the difference between side impacts, rollovers, and front-end collisions and set off airbags as required.

Tire Pressure Monitoring System Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Tire Pressure Monitoring System market analysis are component and application.

• Based on vehicle type, the market is divided into Compact Cars, Mid-Sized Cars, Premium Cars, Luxury cars, Light Commercial Vehicles, and Heavy Commercial Vehicles.
• Depending on the components, the market is divided into sensors, airbag control units, inflators, and communication modules, among others.

Tire Pressure Monitoring System Market Share Analysis by Geography

• Tire Pressure Monitoring System market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering Tire Pressure Monitoring System market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the Tire Pressure Monitoring System market in these regions.

Tire Pressure Monitoring System Market Regional Insights

The regional trends and factors influencing the Tire Pressure Monitoring System Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Tire Pressure Monitoring System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Tire Pressure Monitoring System Market Report Scope

Tire Pressure Monitoring System Market Players Density: Understanding Its Impact on Business Dynamics

The Tire Pressure Monitoring System Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Tire Pressure Monitoring System Market are:

1. Autoliv, Inc.
2. Continental AG
3. DENSO Corporation
4. Hyundai Mobis Co., Ltd.
5. Takata Corporation
6. ZF Friedrichshafen AG

Disclaimer: The companies listed above are not ranked in any particular order.

Tire Pressure Monitoring System Market News and Recent Developments

The Tire Pressure Monitoring System market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Tire Pressure Monitoring System market are listed below:

• ZF Friedrichshafen AG has developed LIFETEC a dual contour airbag for the passenger side, which can be inflated in two different sizes, depending on the seating position. ZF LIFETEC is also developing a dual contour airbag for the driver's side for the next generation of partially or fully automated vehicles. (Source: ZF Friedrichshafen AG, Company Website, June 2024)
• ZF Friedrichshafen AG launched The ACR8 seat belt system. This connected belt from ZF actively enhances occupant seating position to help mitigate injury in a crash. (Source: ZF Friedrichshafen AG, Company Website, March 2024)

Tire Pressure Monitoring System Market Report Coverage and Deliverables

The “Tire Pressure Monitoring System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Tire Pressure Monitoring System market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Tire Pressure Monitoring System market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Tire Pressure Monitoring System market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Tire Pressure Monitoring System market
• Detailed company profiles