The Automatic Tire Inflation System Market Size, Growth driven by increasing commercial vehicles production globally, demand for enhancing the fuel efficiencies of the commercial vehicles. Asia-Pacific region is anticipated to witness the most lucrative CAGR growth rate of 22.8% during 2019-2025. Heavy duty vehicle segment accounted for the largest market share in 2017, however, utility vehicle is anticipated to be the fastest growing segment. OEMs dominated the global market in 2017.
NEW YORK, Jan. 21, 2022 /PRNewswire/ -- According to the new market research report "Automatic Tire Inflation System Market 2025 - Global Analysis and Forecasts by Vehicle Type (Utility Vehicles, Tractors, and Heavy Duty Vehicles); & Distribution Channel (OEM, and Aftermarket)", published by The Insight Partners, the global automatic tire inflation system market was valued at US$ 988.6 Mn in 2017 and is projected to reach US$ 2029.9 Mn by 2025; it is expected to grow at a CAGR of 9.7% from 2019 to 2025.
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Report Coverage | Details |
Market Size Value in | US$ 988.6 Million in 2017 |
Market Size Value by | US$ 2029.9 Million by 2025 |
Growth rate | CAGR of 9.7% from 2018-2025 |
Forecast Period | 2018-2025 |
Base Year | 2018 |
No. of Pages | 125 |
No. Tables | 11 |
No. of Charts & Figures | 86 |
Historical data available | Yes |
Segments covered | Vehicle Type; & Distribution Channel |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Automatic Tire Inflation System Market: Competition Landscape and Key Developments
Continental AG; Dana Limited; Meritor, Inc.; STEMCO Products, Inc.; and Hendriksson are the five key market players in the global automatic tire inflation system market ecosystem. The listing of key players is based on multiple parameters such as overall revenue, brand image, current automatic tire inflation system solutions portfolio, technology integration and product enhancements, geographic reach, new product/feature launches, market initiatives, mergers and acquisitions, and other market-related activities. Also, Pressure Guard Systems; Haltec Corporation; Aperia Technologies, Inc.; Tire Pressure Control; and Michelin are among the other notable players operating in the automatic tire inflation system market, which were studied and analyzed during this the market study.
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- In April 2018, Continental AG showcased ContiPressureCheck Solo, a new stand-alone tire pressure monitoring system designed for trailers at the Truck Trailer Manufacturers Association (TTMA) Convention held in New Mexico. The solution notifies about the issues in tire pressure in real-time. ContiPressureCheck Solo is expected to be available by end of 2018.
- In May 2018, Dana tested its tire inflation system and axle product concepts during Easter Jeep Safari in Moab, Utah. The engineers testing in the field by using the varied terrain for proving the efficiency and reliability of the product which tackles the toughest conditions.
The market growth is mainly attributed to surge in the demand for enhancing fuel efficiency and favorable government regulation. The demand for commercial vehicles has significantly increased over the years. Simultaneously, with the increase in vehicle production, the requirement for technologies that optimize the fuel efficiency of vehicles is also experienced by the vehicle and component/accessories manufacturers. The fuel efficiency depends on various factors such as engine performance, distance traveled, and tire condition. Underinflated tires create a larger surface area between the road or ground and tire, thereby enhancing the smoother maneuverability. However, this results in an increase in resistance power of rolling tires, which reduces fuel economy and wears out the tires. Continuous monitoring and correcting the tire pressure helps in ensuring optimum vehicle performance. However, the growth is expected to normalize from 2018 onwards and the market is projected to grow at a steady pace.
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North America led the automatic tire inflation system market in 2019. The market growth in this region is mainly attributed to the growing retail sales in the US and Canada. The demand for commercial heavy-duty vehicles and military heavy-duty vehicles is the all-time high in the region owing to the increased logistics and transportation activities in the US, Canada, and Mexico. The increased demand for logistics and transportation has led the region to witness the significant rise in the sales of trucks, trailers, and other heavy-duty vehicles in the recent years. The increased fleet of trucks, trailers, and other commercial vehicles has also led the region to experience numerous crashes and accidents. According to National Highway Traffic Safety Administration (NHTSA), the US, these accidents are mainly caused by either under inflation of vehicle tires or over pressurization of the tires.
Low Initial Cost and Easy Return on Investment to Augment Automatic Tire Inflation System Market:
The automatic tire inflation system is an advanced technology that is adopted by several commercial vehicle manufacturers across the globe to integrate the same on the vehicles. Owing to the considerable increase in demand for commercial vehicles, the manufacturers are increasing their production line and integrating their trucks with various advanced technologies. The advanced technologies possess multiple advantages, and therefore, the consumers are increasingly integrating the automatic tire inflation system on their existing vehicles. Another major factor boosting the market growth is the low initial cost with easy return on investments. The easy return on investment facilitates the customers to gain back the invested amount within a span of 10-12 months. This factor is also influencing the consumers of commercial vehicles to install tire self-inflators on their new and existing vehicles, which is fueling the growth of the market.
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Automatic Tire Inflation System Market: Segmental Overview
Based on vehicle type, the global automatic tire inflation system market is segmented into utility vehicles, tractors, and heavy-duty vehicles. The heavy-duty vehicle segment comprises both commercial sector and military sector. The global automotive industry is experiencing significant demand for heavy duty vehicles due to substantial rise in logistics and transportation in commercial and military sectors. The sales of heavy-duty vehicles in the US and Canada as well as various European and Asian countries are increasing rapidly in the recent years, and the trend is anticipated to continue in the coming years. Several technological innovations are being carried out in the market with the help of government and private funding, resulting in increased adoption of robust technologies among the OEMs as well as end users.
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