The tire pressure monitoring system market is estimated to develop at a CAGR of 10.3% from 2022 to 2032, reaching a value of US$ 7.7 billion by 2032.
Commercial vehicles are heavier, and despite having adequate tire pressure, tire bursts are common owing to bad road conditions. The tire pressure monitoring system (TPMS) eliminates the guesswork by warning the driver when a vehicle’s tires tire is low on air or flat. As proper air pressure in a tire propels the car smoothly, this information minimizes the possibility of an accident and improves fuel efficiency.
Automobile manufacturers are subject to severe passenger safety rules established by various government authorities around the world. The expansion of the automotive industry, aspirations to incorporate modern technology, and the development of structured safety features
Over the projected period, the worldwide TPMS market is expected to gain from increased per-capita income in developing nations, as well as rising demand for premium and opulent vehicle features. Tire pressure monitoring systems (TPMS) will be common in heavy commercial vehicles in countries with a major trucking industry, resulting in increased sales.
TPMS is quickly becoming a cutting-edge automobile component. Furthermore, the market is expected to profit from a rise in the safety standards set by prominent manufacturers around the world. In the future years, rising sales of electric vehicles are likely to boost demand for tire pressure monitoring systems.
Texas Instruments Incorporated, Intel Corporation, NVIDIA Corporation, Continental AG, and others are among the industry’s key market participants.