Newark, NJ, Feb. 03, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global automatic tire inflation system market is expected to grow from USD 903.4 Million in 2017 to USD 1,780.7 Million by 2025 at a CAGR of 8.9% during the forecast period 2018-2025.
Focus on safety of vehicles, rise in demand of fuels, increase in the life span of tires by reducing tire wear, high demand for automatic tire inflation systems in growing economies, time and cost saving in repairing the tire are the factors that is driving automatic tire Inflation systems market. Improving socio-economic conditions leading to increasing income levels would also fuel automatic tire inflation market.
Automatic tire inflation system is a type of system which automatically inflates the wheels of a vehicle when the vehicle is in motion. It employs the use of mechanical energy for rotating wheel to drive the pump upon contact with the solenoid device.
This system was introduced so that there would be less consumption of fuel and vehicular safety and comfort could also be maintained. It increases fuel efficiency and reduces tire wear thus increasing their life. It lowers down the tire replacement time and cost. Another objective of this system is to maintain ideal pressure in tires so that if it goes below ideal vale pressure, the gauge monitors it and inflates it again.
Increase in demand for automatic tire inflation systems in growing economies is a major factor driving the growth of the market. Moreover, there is increase in demand of fuels which influences the growth of the market. In addition, it is economical in terms of cost and time as well as the tire wear is reduced to a great extent. Preference of consumers on tubeless and nitrogen tires over automatic one may hamper the growth of market. However, government rules and regulations might increase the inflation rate of tire market in near future.
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Key players operating in the global automatic tire inflation system market include FTL Technology Limited, Dana Incorporated, PTG Reifendruckregelsysteme GmbH, Bigfoot Equipment Ltd., Nexter Group, AIR CTI, Meritor Inc., Hendrickson USA LLC, Col-Ven S.A., Tire Pressure Control International Ltd., EnPro Industries Inc., Aperia Technologies, Inc., Tibus Offroad Ltd. & Co. KG, ti.systems GmbH, and Servitech Industries Inc among others.
- Extensive product portfolio and expansion strategies by major players are contributing for the growth of the sector. In May 2017, Dana Inc. expanded its manufacturing capabilities in Chongqing, China so that it can produce drive units integrated with all-wheel drive technology.
- Various countries (U.S, Germany, U.K, China and Japan) are playing important role in shaping the market structure by continuously focusing on R & D activities and new developments to obtain market share. In March 2018, SAF-HOLLAND S.A. announced the introduction of “Tire Pilot Plus System” which measure over and under inflation of tires continuously and warn the driver.
Central tire inflation system segment held largest market share of 58.90% in 2017
The type segment is classified into central tire inflation system and continuous tire inflation system. The central tire inflation system segment has dominated the market in 2017 due to improved productivity, increased life span of vehicle and efficiency in fuel consumption.
ECU segment is dominating the market with the largest market share of 21.80% in 2017
Component segment includes ECU, compressor, air delivery system, buffer tank, housing, rotary union & pressure sensor. ECU segment is estimated to have the largest market share. It helps in controlling the pressure sensors in automatic tire inflation system by guiding and gauging the amount of air required.
Commercial Vehicle segment is growing with the highest CAGR of 9.81% in the forecast period
On-Highway Vehicle segment is divided into segments passenger car & commercial vehicle. Commercial Vehicle segment is anticipated to grow with the highest CAGR in 2017. Favourable government policies on installation of automatic tire inflation systems is expected to boost the market for the commercial vehicle segment
Agriculture segment is dominating the market with USD 620.64 Million in 2017
The Off-Highway Vehicle segment includes agriculture & construction. Agriculture segment is dominating the automated test equipment market in 2017 as agricultural vehicles such as tractors and harvesters need low tire pressure for efficient functioning and effective fuel consumption.
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Hybrid Electric Vehicle (HEV) segment is dominating the market with USD 251.15 Million in 2017
The Electric Vehicle segment includes Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV). Hybrid Electric Vehicle (HEV) has dominated the market in 2017 as such type of vehicles ensure better performance and economical usage of fuel compared to a conventional one.
Regional Segment Analysis of the Automatic Tire Inflation System Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global automatic tire inflation system market with market size of USD 310.77 Million in 2017 where as the Asia Pacific region held the second dominant position in the market. The North America region is a major manufacturing hub as manufacturers are more concerned about the installation of automatic tire inflation systems in vehicles which will boost the market in North America. Asia Pacific is the second fastest growing region due to the rising demand for vehicle safety and increased span of tire life.
About the report:
The global automatic tire inflation systems market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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