Tire Pressure Monitoring System Market Expected to Reach $12.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Tire Pressure Monitoring System Market," The tire pressure monitoring system market was valued at $5.3 billion in 2021, and is estimated to reach $12.3 billion by 2031, growing at a CAGR of 8.6% from 2022 to 2031.

Europe dominated the market, in terms of revenue, followed by North America, Asia-Pacific and LAMEA. Increase in vehicle production and rise in demand for luxury vehicles with Advanced Driver Assistance System (ADAS) application drives growth of the tire pressure monitoring system market.

There are prominent key factors that drive growth of the tire pressure monitoring system market, such as increase in demand for safety features, growth in implementation of electronic systems in vehicles, and technological advancements related to tire pressure management. The market economy is also responsible for growth of the TPMS market. Countries such as China, India, Brazil, and South Africa are growing economies. Thus, the manufacturing sector witnesses prominent growth in these countries, which is expected to provide lucrative opportunities for growth of the automotive industry and is expected fuel the automotive TPMS market.

The tire pressure monitoring system market is segmented on the basis of type, sales channel, vehicle type, propulsion, and region. By type, it is divided into direct tire pressure monitoring system, and indirect tire pressure monitoring system. By sales channel, it is segmented into OEM, and aftermarket. By vehicle type, it is divided into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. By propulsion, it is divided into ICE, electric &hybrid, and alternate fuel vehicle. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA