Automatic Tire Inflation System Market By Vehicle Type (Tractors, Heavy Commercial Vehicles (HCV), Utility Vehicles), Sales Channel (Original Equipment Manufacturer, Aftermarket), Component (Hub Caps, Hoses, Axle & Wheel Component) & Region - Forecast to 2021 - 2031
Automatic Tire Inflation System Market - Analysis, Outlook, Growth, Trends, Forecasts
- April 2021
- 174 pages
Automatic Tire Inflation System Market - About the Report
[174 Pages Report] Automatic tire inflation system market is on the path of recovery following a brief spell of subdued growth amid pandemic crisis. Rising sales registered in the automotive industry will enable growth in the market. According to a study by Future Market Insights (FMI), the automatic tire inflation system market is set to expand at over 5% CAGR through 2031. With the demand for various components such as hub caps, hoses, and wheel components rising again, market players are looking ahead to a tenure of positive growth over the forecast period.
The latest report on the ‘automatic tire inflation system’ market study by Future Market Insights (FMI) depicts a detailed analysis of the global industry while focusing on the new trend and demand-supply patterns across 20+ countries during the forecast period of 2021 to 2031. According to the report North America and Europe will take the limelight for the key players, while Asia Pacific will register the fastest growth through 2031.
How the Historical Trends Exhibited by Automatic Tire Inflation System Market Compare with Future Outlook?
The demand for automatic tire inflation system grew steadily over the past years in the automotive sector. While the increase in application in tractors, utility vehicles, and others propelled the industry growth, advancement in original equipment manufacturer (OEM) and aftermarket sectors further catered to it. According to FMI, the overall industry outlook for automatic tire inflation system remained positive during the last 5 years from 2016 to 2020, apart from the temporary decline in 2020.
As the automotive industry is recovering slowly and steadily, requirement for automatic tire inflation system is likely to rise again. Furthermore, manufacturers are developing a flurry of new products targeting the diverse application sectors such as HCVs and other vehicles, which in turn is expected to widen their growth scope further through 2031.
How is the High Requirement in Automotive Sector Affecting Sales?
Automatic tire inflation systems are widely used in automotive sector owing to their reliability and cost-effectiveness. According to a report titled “Automotive Industry- Internal Market, Industry, Entrepreneurship and SMEs” published by European Commission (EC), the European Union automotive industry has high potential while representing 8.5% of European Union (EU) employment in manufacturing.
As per the report, the turnover generated by the automotive industry represents 7% of the European Union’s Gross Domestic Product (GDP), while 80% of the growth in this sector is expected to occur outside the European Union (EU). These figures give a glimpse of the upcoming opportunities awaiting for automatic tire inflation system manufacturers around the globe.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
What are the Key Challenges Faced by Automatic Tire Inflation System Providers?
Despite witnessing high demand, there are a few drawbacks of automatic tire inflation system which are acting as restraints to growth. Due to the continuous movement of its rotary joint, it has a limited lifetime. Besides this, these systems are more expensive than the conventional system and require additional maintenance and replacement costs.
Also, the outbreak of the pandemic has taken a toll on the market due to various factors earlier in 2020 such as non-operational manufacturing hubs during the lock downs, scarcity of raw materials and unavailability of labors among others. These factors are creating challenges to growth.
However, the recovery has started and the players in the market are set to come across lucrative opportunities, overcoming aforementioned restraints in the near future.
Why Has United States Taken Centre Stage among Automatic Tire Inflation System Suppliers?
The United States has been leading in North America automatic tire inflation system industry since the past decade and predicted to maintain its lead throughout the forecast period. Highly advanced automotive sector and increase in investment by key manufactures are boosting the demand growth in the U.S.
According to a report published by the SelectUSA, since Honda opened its first U.S. plant in 1982, almost every major European, Japanese, and Korean automaker has produced vehicles and invested more than US$ 75 Billion in the United States. According to the report, in 2018, the U.S. exported 1.8 million new light vehicles and 131,200 medium and heavy trucks valued at over US$ 60 Billion to more than 200 markets around the world. No doubt that automatic tire inflation system manufacturers are eyeing the U.S. in order to increase their profit margins.
How Lucrative is Germany for Automatic Tire Inflation System Providers?
Germany is the dominating country in Europe automatic tire inflation system industry and set to remain in the position through 2031. High requirement in utility vehicles and others and advanced manufacturing infrastructure are augmenting the demand growth in Germany.
As stated in a report published by the European Automobile Manufacturers’ Association (ACEA), Germany automotive industry is progressive and set to pace up in the post pandemic years. According to the report, at least 3 million public charging points for cars will be needed to meet the 2030 CO2 target of -37.5% agreed in 2019 in European Union (EU) with a significant contribution of Germany. This indirectly refers to the new paths for automatic tire inflation system suppliers in Germany.
Why are Stakeholders Eyeing China Automatic Tire Inflation System Market?
China is the main country of the world’s fastest-growing automatic tire inflation systems industry Asia Pacific. Backed by the steadily expanding manufacturing hubs and growing demand from automotive sector, China is the hotspot for stakeholders in the global automatic tire inflation system industry.
According to a report published by the China Privacy Shield Framework, China continues to be the world’s largest vehicle industry with the Chinese government expecting that automotive output will reach 35 million units by 2025. As stated by the China Association of Automobile Manufacturers, over 27 million vehicles were sold in China in 2018, including 23.79 million passenger vehicles and 4.38 million commercial vehicles. This gives an estimation of how big is the growth scope in China for automatic tire inflation system manufacturers.
What’s Driving the Sales in India Automatic Tire Inflation System Market?
India has emerged as a highly lucrative industry for automatic tire inflation system in Asia Pacific and anticipated to sustain its position through 2031. Abundance of raw materials, and high demand in automotive sector is spurring the growth in India.
According to a report published by the Invest India, the National Investment Promotion & Facilitation Agency of India, India is set to be the world’s third-largest automotive industry in terms of volume by 2026. As stated in the report, the India automotive industry currently manufactures 26 Million vehicles including passenger vehicles, commercial vehicles, and others, while India’s passenger vehicles industry is expected to post a growth of 22%-25% in FY22. These explain well why manufacturers of automatic tire inflation system are targeting India in order to increase their sales footprint.
Automatic Tire Inflation System Market Category-Wise Insights
Which Vehicle Type Accounts for High Requirement for Automatic Tire Inflation System?
Presently, utility vehicles segment is the leading in terms of vehicle type and is set to exhibit impressive growth during the forecast period. Owing to its various advantages utility vehicles account for the high sales of automatic tire inflation system. Some of these advantages include greater fuel efficiency, high performance, improved vehicle safety, and impressive hauling capacity.
Which Sales Channel is Leading in the Automatic Tire Inflation System Industry?
Currently, original equipment manufacturer (OEM) is the dominant segment in the global industry in terms of sales channel and tends to drive the industry growth further due to its various advantages such as higher reliability, ease to purchase, and assurance regarding quality
Aftermarket is the other key segment in the industry and predicted to spearhead the growth further during the forecast period.
Automatic Tire Inflation System Market Competitive Landscape
The global automatic tire inflation system market is growing at a steady pace. In order to capitalize on existing opportunities, key players are focusing on launching quality of products.
- AIR CTI launched its new AIR Central Tire Inflation System, LMTV Tire Inflation System, and others a couple of years back
- Nexter Group recently launched its new SYEGON™, Automatic Central Tire Inflation System (CTIS), and others
Some of the key players supplying automatic tire inflation system are-
- Dana Incorporated
- Meritor, Inc.
- EnPro Industries, Inc.
- Nexter Group
- Servitech Industries, Inc.
- Hendrickson USA, L.L.C.
- Tire Pressure Control International Ltd.
- PTG Reifendruckregelsysteme GmbH
- Aperia Technologies, Inc.
- Systems GmbH
- Bigfoot Equipment Ltd.
- Tibus Offload Ltd. & Co. KG
- AIR CTI
- FTL Technology Limited
- Col-Ven S.A.
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report
Historical Data Available for
USD Million for Value
Key Regions Covered
North America, Latin America, Europe, South Asia, East Asia, the Middle East & Africa, and Oceania
Key Countries Covered
US, Canada, Germany, U.K., France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa
Key Segments Covered
Vehicle Type, Sales Channel, Component, and Region
Key Companies Profiled
Market Forecasts, Brand Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
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Market Segmentation by Category
- Heavy Commercial Vehicles (HCV)
- Utility Vehicles
- Original Equipment Manufacturer (OEM)
- Hub Caps
- Axle & Wheel Component
- North America
- Latin America
- Middle East and Africa (MEA)
- East Asia
- South Asia