Market Trends of Automotive TPMS Industry
This section covers the major market trends shaping the Automotive TPMS Market according to our research experts:
Increasing Adoption of TPMS in Vehicles to Enhance Growth of Market
TPMS is most commonly used in passenger vehicles, where tire pressure management is regarded as a critical safety system. The automotive industry is stepping up its efforts to introduce features that reduce the collision's impact, reduce fatalities, and improve overall vehicle safety. It will fuel the growth of the automotive TPMS market during the forecast period.
Dill Air Control, for example, is now producing TPMS systems for high-end models from Toyota, Lexus, BMW, Volkswagen, Hyundai, Chrysler, Jeep, and Rolls Royce. Significant automakers' sports, premium, and luxury segment passenger cars now include TPMS as standard equipment, with tire pressure displayed in the instrument panel display. With increasing consumer demand for vehicles with advanced safety features, TPMS is expected to become standard in C-segment hatchbacks, Sedans, and SUVs.
Furthermore, due to this system's numerous benefits, several automakers in the passenger car segment are offering the installed TPMS in their proposed fleet. For instance:
- May 2022: the newly released Audi A6 2022 model includes a sophisticated tire pressure monitoring system. This feature was introduced in the 2022 model A6 but was unavailable in the 2021 models.
- May 2022: Compared to the older model, the newly launched 2022 hybrid premium midsize sedan Honda City includes a tire pressure monitoring system (TMPS).
Due to these additions to automakers' newly launched fleets, demand for passenger vehicles in the market is expected to remain positive throughout 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 grow and hold a significant share of the global automotive TPMS market during the forecast period.
China and India are expected to be the region's market leaders. Factors such as rising premium car market penetration and increased safety installations per vehicle (due to the safety regulations adopted by governments/agencies) drive up demand for TPMS and other ADAS. Safety systems, such as automotive TPMS, found in compact and mid-sized vehicles in advanced Asian economies such as Japan, South Korea, and Singapore, are progressive and typically on par with those found in Europe and North America.
Growth in premium and mid-segment car sales in Asia-Pacific is a critical growth factor for TMPS adoption. Several automakers are pushing the pace of passenger vehicle sales even faster and launching new products. For instance:
- August 2022: The iMAX8 EV, a mid-sized electric MPV from SAIC Roewe, was unveiled. It is available in five variants, with prices ranging from CNY 259,800 (USD 37316.32) to CNY 359,800 (USD 51679.80) after subsidies. Tire Pressure Monitoring System is one of the vehicle's features.
- 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 includes active safety features, a tire pressure monitoring system, and Level 2 ADAS functions.
Furthermore, critical regional automotive OEMs such as Hyundai and Nissan intend to increase revenue by strategically manufacturing and integrating advanced automotive TPMS technology with safety systems. Although the regional market for TPMS is currently quite limited, it is expected to increase over the next five years.
