Portland, OR, June 09, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive automatic tire inflation system market generated $658.10 million in 2020, and is estimated to reach $2.26 billion by 2030, witnessing a CAGR of 13.3% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Rise in demand for all-terrain & military vehicles, increase in demand for incorporation of safety features in vehicles, and surge in demand for comfort while driving are the factors that propel the growth of the global automotive automatic tire inflation system market. However, high implementation cost & configuration complexity restrain the market growth. On the other hand, technological advancements and integration of automatic tire inflation system with telematics create new opportunities in the coming years.
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Covid-19 Scenario:
- Manufacturing operations of automotive automatic tire inflation system were halted partially or completely due to lockdown restrictions taken place across many countries. Moreover, disruptions in supply chain and shortage of raw materials presented various challenges in carrying out manufacturing with full capacity.
- The ban on import-export activities led to disruption in supply chain and created a supply-demand gap. As the restrictions are lifted off, the supply chain restored, and is on the path of steady recovery.
The report offers detailed segmentation of the global automotive automatic tire inflation system market based on product type, application, sales channel, and region.
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Based on product type, the central tire inflation segment contributed to the highest share in 2020, accounting for nearly four-fourths of the total market share, and is estimated to maintain its dominant share by 2030. However, the continuous tire inflation segment is projected to manifest the highest CAGR of 14.9% from 2021 to 2030.
Based on application, the heavy duty vehicles segment held the largest share in 2020, accounting for more than two-thirds of the global automotive automatic tire inflation system market, and is estimated to continue its lead position during the forecast period. However, the light duty vehicle segment is estimated to witness the fastest CAGR of 14.2% during the forecast period.
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Based on region, North America accounted for the highest share in 2020, contributing to nearly two-fifths of the total market share, and is projected to continue its leadership status by 2030. However, Asia-Pacific is projected to portray the fastest CAGR of 14.5% during the forecast period.
Leading players of the global automotive automatic tire inflation system market analyzed in the research include Aperia Technology Inc., Dana Limited, Bigfoot Equipment LTD, Hendrickson USA, LLC, FTL/IDEX (subsidiary of IDEX Corporation), Parker Hannifin Corp., Meritor, Inc., the Goodyear Tire & Rubber Company, SAF-HOLLAND SE, and ti.systems GmbH.
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