automatic tire inflation system market is expected to witness a CAGR of around 13%
The automatic tire inflation system market is expected to witness a CAGR of around 13% during the forecast period. The automatic tire inflation system can maintain the necessary air pressure in the tire of a vehicle, increase fuel efficiency, reduce the time and cost required for replacement, and decrease wear, improving the life of the vehicle. Moreover, the factors like the increasing safety concerns regarding vehicles and the improved life span of the tire are driving the growth of the market. Moreover, proper inflation of a tire plays a crucial role while driving a vehicle safely and this modern tire inflation system assists in maintaining the right tire pressure that depends upon the surface, load, size of the vehicle, etc. For instance, according to the World Health Organization, approximately 1.3 million people die each year because of road traffic crashes.
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Based on product type, the market is segmented into central tire inflation and continuous tire inflation. Central tire inflation category to witness higher CAGR during the forecast period. A central tire inflation system is a system to provide control over the air pressure in each of a vehicle's tires as a way to improve the performance of the tires. Moreover, factors like improving mobility, productivity, and efficiency for vehicles operating on various surfaces are driving the growth of the market.
On the basis of application, the market is categorized into light-duty vehicles and heavy-duty vehicles. Among these, the heavy-duty vehicle to hold a significant share in the market in 2020. This is mainly due to the working condition of the heavy-duty vehicles as they require enough care. In addition, heavy-duty vehicles are used for logistics, import and export of goods, and agricultural and construction activities. Hence, these are the factors driving the growth of the market.
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For a better understanding of the market adoption of the Automatic Tire Inflation System industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period primarily because this area has a remarkably robust automotive industry and serves as a hub for many automotive industry enterprises. Automatic tire inflation systems are increasingly being used in automobiles as a result of rising consumer demand for fuel efficiency, longer tire life, and customer comfort. Additionally, North America's demand for commercial and off-road vehicles is rising dramatically as a result of the region's significant mining and growing construction sectors. The demand for automatic tire inflation systems in the area is thus increasing. Some of the market key players are working towards the advancement of the market. For instance, in 2021, John Deere (US) launched its 8R series tractor with home-built ATIS system integrated into them as an option.
Some of the major players operating in the market include Dana Incorporated, Meritor Inc., Nexter Group, Hendrickson USA L.L.C., Tire Pressure Control, international Ltd., Aperia Technologies Inc., Systems GmbH, Tibus Offload Ltd. & Co. KG, FTL Technology Limited, Col-Ven S.A.
Global Automatic Tire Inflation System Market Segmentation
Market Insight, by Product Type
· Central Tire Inflation
· Continuous Tire Inflation
Market Insight, by Application
· Light-Duty Vehicle
· Heavy-Duty Vehicles
Market Insight, by Sales Channel
· OEM
· Aftermarket
Market Insight, by Region
· North America
o US
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· Dana Incorporated
· Meritor Inc.
· Nexter Group
· Hendrickson USA L.L.C.
· Tire Pressure Control International Ltd.
· Aperia Technologies Inc.
· Systems GmbH
· Tibus Offload Ltd. & Co. KG
· FTL Technology Limited
· Col-Ven S.A.
