Global tire sensor market forecast at $11.3 billion by 2027

Dublin, Ireland – The global tire sensor market was valued at USD 6,638.85 Million in 2021, and it is expected to reach a value of USD 11,381.43 Million by 2027, at a CAGR of more than 9.40% over the forecast period (2022 – 2027) according to ResearchAndMarkets.com

TPMS can be divided into two different types – direct (dTPMS) and indirect (iTPMS). TPMS are provided both at an OEM (factory) level as well as an aftermarket solution. The goal of a TPMS is to avoid traffic accidents, poor fuel economy, and increased tire wear due to under-inflated tires through early recognition of the hazardous state of the tires.

With more and more people being able to afford cars all over the world, the safety of cars is a rising concern. Even in markets like India, which used to have some of the lowest safety standards, car manufacturers have started offering Tire Pressure Monitoring System (TPMS) as an optional fitment.

There is a lot of innovation going on in the TPMS space. Like the case of tire maker Sumitomo Rubber, which has begun proof-of-concept testing for a new type of tire pressure management solutions (TPMS) service, it claims to allow for remote monitoring of tire pressure and temperature.

The concept is part of a joint project undertaken with Shin-Idemitsu, and its group subsidiary IDEX Auto Japan, as well as partners at TripodWorks, and one of Sumitomo’s tire sales subsidiaries, Dunlop. Through the testing project, the company hopes to evaluate the overall effectiveness of the service in supporting safer driving, as well as its specific effectiveness in terms of reducing maintenance time and workload, and preventing operator error. This was one of the biggest updates shared in 2020 in the TPMS space.

The report provides market sizing and forecast across five major regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East & Africa (MEA). In this report, the year 2016 to 2020 is considered a historical year, 2021 is the base year, 2022 is the estimated year, and years from 2022 to 2027 are considered the forecast period.