Tire Pressure Monitoring System Market Size, Share, Growth Analysis, By Type(Direct TPMS, and Indirect TPMS), By Technology (Wheel-Based TPMS, Valve-Based TPMS, and Band-Based TPMS), By Vehicle Type(Passenger Vehicles, and Commercial Vehicles), By Region - Industry Forecast 2024-2031

Tire Pressure Monitoring System Market size was valued at USD 6.2 billion in 2022 and is poised to grow from USD 6.83 billion in 2023 to USD 14.86 billion by 2031, growing at a CAGR of 5.52% in the forecast period (2024-2031).

The global OTR tire marketplace is witnessing regular growth, driven with the aid of accelerated demand from numerous sectors, which includes creation, agriculture, and mining. The strong enlargement of production and infrastructure projects, in particular in emerging economies, contributes extensively to the demand for OTR tires. Moreover, the rural region's mechanization and modernization efforts, coupled with the growing global populace's meals necessities, are fueling the want for OTR tires in agricultural equipment. The mining industry's persisted exploration and extraction activities similarly make a contribution to the market's increase.

Technological improvements in tire production, together with the development of durable and puncture-resistant materials, are improving the performance and lifespan of OTR tires. Additionally, the adoption of superior tire tracking systems is becoming a everyday trend, permitting users to optimize tire usage, lessen downtime, and beautify general operational efficiency.