NOIDA, India, Oct. 12, 2022 /PRNewswire/ — According to a new report published by UnivDatos Markets Insights, the Automatic Tire Inflation System Market was valued at USD 52 million in 2020 and is expected to grow at a CAGR of around 13% from 2022-2028. The analysis has been segmented into Product Type (Central Tire Inflation and Continuous Tire Inflation); Application (Light-Duty Vehicle and Heavy-Duty Vehicles); Sales Channel (OEM and Aftermarket); and Region/Country.
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The Automatic Tire Inflation System Market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Automatic Tire Inflation System Market. The Automatic Tire Inflation System Market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Automatic Tire Inflation System Market at the global and regional levels.
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Market Overview
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.
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.
COVID-19 Impact
Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has hurt the automatic tire inflation system industry. Supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for All-Terrain Vehicle manufacturers. Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations. In terms of demand and supply, China, as an automobile manufacturing powerhouse, is controlling the global automotive industry. China’s supply shortages have triggered a chain reaction throughout the world.
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The global automatic tire inflation system market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- On the basis of application, the market is categorized into the light-duty vehicle 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.
- Based on sales channel, the automatic tire inflation system market has been classified into OEM and aftermarket. The aftermarket category is to witness higher adoption during the forecast period. As they provide the auto components and parts installed after the automobile left the factory. The factors like replacement tires, equipment, service repair, collision repair, and accessories are the factors driving the growth of the market.
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Automatic Tire Inflation System Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
- Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
- Rest of the World
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.
The major players targeting 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.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Automatic Tire Inflation System Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the automatic tire inflation system market?
- Which factors are influencing the automatic tire inflation system market over the forecast period?
- What are the global challenges, threats, and risks in the automatic tire inflation system market?
- Which factors are propelling and restraining the automatic tire inflation system market?
- What are the demanding global regions of the automatic tire inflation system market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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Automatic Tire Inflation System Market Report Coverage
|
Report Attribute |
Details |
|
Base year |
2021 |
|
Forecast period |
2022-2028 |
|
Growth momentum |
Accelerate at a CAGR of over 13% |
|
Market size 2020 |
USD 52 billion |
|
Regional analysis |
North America, Europe, APAC, Rest of World |
|
Major contributing region |
North America to Dominate the Global Automatic Tire Inflation System Market |
|
Key countries covered |
United States, Canada, Germany, United Kingdom, Spain, Italy, France, China, Japan, and India |
|
Companies profiled |
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. |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
|
Segments Covered |
By Product Type; By Application; By Sales Cannel; By Region/Country |
About UnivDatos Market Insights (UMI)
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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