Global Automotive Tire Pressure Monitoring System Market projected to grow to $27.01 billion by 2033 with 12.67% CAGR.

From GlobeNewswire: 2024-08-27 20:00:00

The Global Automotive Tire Pressure Monitoring System Market is projected to grow from $8.19 billion in 2023 to $27.01 billion by 2033, with a CAGR of 12.67%. TPMS alerts drivers when tire pressure drops, improving safety, fuel efficiency, and tire longevity. The passenger vehicles segment dominates the market, with direct TPMS being the most popular type. The OEM segment is expected to grow the fastest, with North America leading the market due to strict safety regulations. Asia Pacific is anticipated to grow rapidly, driven by expanding automotive industry and technological advancements.

Major vendors in the market include Delphi Automotive, DENSO Corporation, and Continental AG. Bridgestone recently introduced an EV-ready tire with Run-Flat Technology. The market is segmented by vehicle type, type of TPMS, sales channel, region, with North America expected to hold the largest share. Europe’s market growth is driven by strict regulations on vehicle safety and environmental standards, while Asia Pacific is growing due to increasing demand and technological advances.



Read more at GlobeNewswire: Global Automotive Tire Pressure Monitoring System Market