Global Automotive Tire Pressure Monitoring System market overview 2024, Forecast To 2033

The automotive tire pressure monitoring system market has witnessed rapid growth, increasing from $8.39 billion in 2023 to $9.72 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth in the historic period is attributed to the increase in automotive production and sales, expanding automotive aftermarket, enhanced safety and security requirements, and globalization and international trade. Looking ahead to 2028, the market is expected to reach $17.12 billion at a CAGR of 15.2%. The forecasted growth is driven by electrification of vehicles, autonomous vehicle development, stringent government regulations, expansion of the connected car ecosystem, and rising disposable income. Major trends in the forecast period include advanced sensor technology, connected TPMS, predictive maintenance, smartphone integration, and data analytics and AI.