TPMS Battery Market Report Overview
-
Request a Free Sample to learn more about this report
TPMS Battery Market Size is expected to grow from 228.21 Million in 2022 to USD 341.78 Million by 2031 at a Compound Annual Growth (CAGR) of 4.59% from 2022 to 2031.
TPMS stands for Tire Pressure Monitoring System, which is a technology used in vehicles to monitor the air pressure in the tires. TPMS sensors are typically installed inside the tires and have a built-in battery to power their operation. These batteries have a limited lifespan and will eventually require replacement.
The lifespan of TPMS battery can vary depending on several factors, including the sensor brand, the type of battery used, and the operating conditions. On average, TPMS battery can last anywhere from 5 to 10 years. When the TPMS sensor battery is running low or completely dead, the sensor may stop transmitting tire pressure data to the vehicle's monitoring system, resulting in a TPMS warning light or message on the dashboard.
COVID-19 Impact: Pandemic Decreased the Market Demand
The pandemic has caused disruptions in global supply chains, affecting the production and distribution of various automotive components. If TPMS sensor manufacturers or battery suppliers faced challenges in sourcing materials or components, it could have led to production delays or reduced availability of TPMS sensors and their batteries. During the pandemic, many countries implemented lockdowns and travel restrictions, leading to a significant decline in automotive sales. With fewer vehicles being sold or in use, the demand for TPMS sensors and their batteries may have also decreased. This could have had a negative impact on the TPMS battery market share. Due to economic uncertainties and restrictions, some vehicle owners might have delayed or reduced their maintenance and repair activities. If TPMS sensors with low battery warnings were not promptly addressed, it could have affected the replacement demand for TPMS battery. The pandemic has influenced consumer behaviour and priorities. People may have been more focused on essential needs and health concerns rather than non-essential automotive accessories. As a result, the demand for TPMS sensors and their batteries may have been relatively lower during the pandemic.
Latest Trends
"Integration with connected car systems is expected to fuel the growth in the market"
The integration of TPMS systems with connected car platforms is a significant trend in the automotive industry. This integration allows for seamless communication between TPMS sensors and the vehicle's onboard computer or telematics system. By connecting TPMS systems to a connected car platform, vehicle owners and drivers can receive real-time updates on tire pressure and other relevant information through various channels such as smartphone applications, in-car displays, or even remote notifications. This connectivity enables users to stay informed about their tire health without manually checking the pressure. The benefits of this integration are multifold. First and foremost, it enhances convenience for vehicle owners by providing instant access to critical tire information. It eliminates the need for manual tire pressure checks, which can be time-consuming and cumbersome. Additionally, by receiving timely alerts on tire pressure deviations or abnormalities, drivers can take proactive measures to address potential issues, such as low tire pressure that may lead to decreased fuel efficiency, compromised safety, or premature tire wear. This integration contributes to overall vehicle safety, as it helps drivers maintain optimal tire conditions
TPMS Battery Market Segmentation
-
Request a Free Sample to learn more about this report
- By Type Analysis
According to type, the market can be segmented Up to 350 mA and Above 350 mA.
- By Application Analysis
Based on application, the market can be divided into OEM and Aftermarket.
Driving Factors
"Automotive safety standards to foster the market growth"
Safety is a paramount concern in the automotive industry, and TPMS plays a crucial role in enhancing vehicle safety. Automotive safety standards, set by organizations like Euro NCAP (European New Car Assessment Programme) and NHTSA (National Highway Traffic Safety Administration), have specific requirements for TPMS functionality in vehicles. These standards aim to ensure that vehicles are equipped with systems that can monitor tire pressure accurately and provide timely warnings to drivers in case of low tire pressure or other abnormalities. Compliance with these safety standards is essential for vehicle manufacturers to meet regulatory requirements and earn favorable safety ratings. As a result, the demand for TPMS sensors and their batteries has been driven by the need to adhere to these safety standards and enhance overall vehicle safety.
"Increasing vehicle production to result in the expansion of the market"
The global automotive industry has witnessed a consistent growth in vehicle production over the years. Factors such as population growth, urbanization, and rising disposable incomes have contributed to higher demand for vehicles. As vehicle production increases, so does the requirement for TPMS systems, including their batteries. Each vehicle needs to be equipped with TPMS sensors and their associated batteries to comply with safety regulations and meet consumer expectations. The rise in vehicle production, particularly in emerging markets, has led to a substantial demand for TPMS battery. Vehicle manufacturers and TPMS suppliers need to meet this growing demand, which has contributed to the expansion of the TPMS battery market.
Restraining Factors
"Compatibility and interoperability issues to hamper the market growth"
The TPMS market comprises a variety of manufacturers and suppliers, each offering their own TPMS sensor and battery technologies. This diversity can lead to compatibility and interoperability challenges, particularly when it comes to sensor replacements or battery upgrades. When vehicle owners need to replace a TPMS sensor or battery, they often have to ensure compatibility with their specific vehicle make and model. Different vehicle manufacturers may use different communication protocols or sensor specifications, making it essential for consumers to choose sensors that are compatible with their vehicles. This requirement can create complexities and limit the choices available to consumers in the market.
TPMS Battery Market Regional Insights
-
Request a Free Sample to learn more about this report
"North America to lead the market owing to the strict safety regulations mandating the use of TPMS in vehicles. "
North America has shown significant TPMS battery market growth. The region has implemented strict safety regulations mandating the use of TPMS in vehicles, which has driven market demand. Additionally, the mature automotive market, consumer awareness about safety, and the adoption of advanced technologies in North America have contributed to the growth of the TPMS battery market in the region.
Key Industry Players
"Key players are employing advanced technologies in order to stimulate further growth of the market. "
All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.
List of Market Players Profiled
- Panasonic: Osaka, Japan.
- EVE Energy: Huizhou, Guangdong, China.
- Tadiran Batteries GmbH: Germany (subsidiary of Saft Groupe S.A., headquartered in Paris, France).
- Renata: Itingen, Switzerland.
- Murata Manufacturing: Nagaokakyo, Kyoto, Japan.
- Maxell: Tokyo, Japan.
Report Coverage
This report examines an understanding of the TPMS battery market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.
Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.
This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 228.21 Million in 2022 |
Market Size Value By |
US$ 341.78 Million by 2031 |
Growth Rate |
CAGR of 4.59% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
-
What value is the TPMS battery market expected to touch by 2031?
The TPMS battery market is expected to touch USD 341.78 million by 2031.
-
What CAGR is the TPMS battery market expected to exhibit during 2024-2031?
The TPMS battery market is expected to exhibit a CAGR of 4.59% over 2024-2031.
-
Which are the driving factors of the TPMS battery market?
Automotive safety standards and increasing vehicle production.
-
Which are the top companies operating in the TPMS battery market?
Panasonic, EVE Energy, Tadiran Batteries GmbH, Renata, Murata Manufacturing, Maxell are the top companies operating in the TPMS battery market.