Automatic tire inflation system market size worth $2029.9 million, globally, by 2025 at a CAGR of 9.7%

Automatic Tire Inflation System market size, growth driven by increasing production of commercial vehicles globally, demand for improved fuel efficiency of commercial vehicles. Asia Pacific The region is expected to witness the most lucrative CAGR growth rate of 22.8% during the period 2019-2025. The heavy-duty vehicle segment accounted for the largest market share in 2017, however, commercial vehicles are expected to be the fastest growing segment. OEMs dominated the global market in 2017.

NEW YORK, January 21, 2022 /PRNewswire/ — According to the new market research report “automatic tire inflation system market 2025 – Global Analysis and Forecast 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 systems market was valued at US$988.6 million in 2017 and should reach US$2029.9 million by 2025; it is expected to grow at a CAGR of 9.7% from 2019 to 2025.

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Details

Market size Value in

US$988.6 million in 2017

Market Size Value by

US$2029.9 million by 2025

Rate of growth

CAGR of 9.7% from 2018 to 2025

Forecast period

2018-2025

Year of reference

2018

Number of pages

125

Number of tables

11

Number of graphs and figures

86

Historical data available

Yes

Segments Covered

Vehicle type; & Distribution channel

Regional scope

North America; Europe; Asia Pacific; Latin America; AEM

Country scope

United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

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Revenue Forecast, Business 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 top five market players in the global Automatic Tire Inflation System market ecosystem. The list of key players is based on several parameters such as global revenue, brand image, current portfolio of Automatic Tire Inflation System solutions, technology integration and product enhancements, reach geography, new product/feature launches, market initiatives, mergers and acquisitions, etc. market-related activities. Additionally, pressure monitoring systems; Haltec Corporation; Aperia Technologies, Inc.; tire pressure monitoring; and Michelin are some of the other notable players operating in the Automatic Tire Inflation System market which have been researched and analyzed during this market survey.

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  • In April 2018, Continental AG presented ContiPressureCheck Solo, a new autonomous tire pressure monitoring system designed for trailers at the Truck Trailer Manufacturers Association (TTMA) convention in New Mexico. The solution reports tire pressure issues in real time. ContiPressureCheck Solo is expected to be available end of 2018.

  • In May 2018, Dana tested his tire inflation system and axle concepts during the Easter Jeep Safari in Moab, UT. Engineers field test using the varied terrain to prove the effectiveness and reliability of the product that tackles the toughest conditions.

The growth of the market is mainly attributed to the surge in demand for energy efficiency improvements and favorable government regulations. The demand for commercial vehicles has increased significantly over the years. At the same time, with the increase in vehicle production, the need for technologies that optimize the fuel efficiency of vehicles is also felt by vehicle and component/accessory manufacturers. Fuel efficiency depends on various factors such as engine performance, distance traveled and tire condition. Under-inflated tires create more surface area between the road or ground and the tire, improving smoother handling. However, this results in an increase in rolling tire drag power, which reduces fuel economy and wears tires. Continuous monitoring and correction of tire pressure helps ensure optimum vehicle performance. However, growth is expected to normalize from 2018 and the market is expected to grow at a steady pace.

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North America dominated the automatic tire inflation systems market in 2019. Market growth in this region is primarily attributed to growing retail sales in the United States and Canada. The demand for commercial heavy vehicles and military heavy vehicles is the highest ever in the region due to the increase in logistics and transportation activities in the United States, Canada, and Mexico. The increased demand for logistics and transportation has led the region to witness a significant increase in sales of trucks, trailers and other heavy vehicles in recent years. The increase in the fleet of trucks, trailers and other utility vehicles has also led the region to experience many accidents and collisions. According to the National Highway Traffic Safety Administration (NHTSA), in the United States, these accidents are mainly caused by either under-inflation of the vehicle’s tires or over-pressure of the tires.

Low Initial Cost and Easy ROI to Increase Automatic Tire Inflation System Market:

The automatic tire inflation system is an advanced technology adopted by several commercial vehicle manufacturers around the world to integrate it on vehicles. Due to the tremendous increase in the demand for commercial vehicles, manufacturers are increasing their production line and incorporating various advanced technologies into their trucks. Advanced technologies possess multiple advantages, and as a result, consumers are increasingly incorporating automatic tire inflation system into their existing vehicles. Another major factor driving the growth of the market is the low initial cost with easy return on investment. The easy return on investment allows clients to recover the invested amount within 10-12 months. This factor is also driving commercial vehicle consumers to install tire auto 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 systems market is segmented into commercial vehicles, tractors and heavy-duty vehicles. The heavy-duty vehicle segment includes both the commercial sector and the military sector. The global automotive industry is witnessing a significant demand for heavy vehicles due to the substantial increase in logistics and transportation in the commercial and military sectors. Sales of heavy vehicles in the United States and Canada as well as various European and Asian countries are increasing rapidly in recent years, and the trend is expected to continue in the coming years. Several technological innovations are being brought to market with the help of public and private funding, resulting in increased adoption of robust technologies by OEMs as well as end users.

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The Insight Partners is an industry unique research provider of actionable intelligence. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Health IT, Manufacturing and Construction, Medical Devices , technology, media and telecommunications, chemicals and materials.

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