[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.
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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.
The automatic tire inflation system industry has been exhibiting steady growth since the past decade owing to the rise in requirement in utility vehicles, tractors, and heavy commercial vehicles (HCV). While the outbreak of the COVID-19 pandemic took a toll on the industry output due to the decline in automotive sector, the recovery has started since the last quarter of 2020. With the increase in investment on research & development (R&D) activities by manufacturers, and the key sales channels getting back on track, automatic tire inflation system industry is subject to significant growth in the coming years.
The latest revised edition of the report on ‘automatic tire inflation system’ market study by Future Market Insights (FMI) offers an exhaustive overview of the global industry trends, regional insights, demand-supply trajectories, and crucial factors during the forecast period of 2021 to 2031. According to the report, North America, Europe, and Asia Pacific will remain the leading regions, while high requirement from utility vehicle segment will drive the sales in 20+ countries.
Key Takeaways from Market Study
- The global automatic tire inflation system industry is forecast to expand at over 5% CAGR through 2031
- Increase in application in utility vehicles and heavy commercial vehicles (HCV) is likely to be witnessed
- Original equipment manufacturer (OEM) segment to exhibit hegemony in terms of sales channel
- The United States to hold the major chunk of North America industry
- Germany remains the epicenter of Europe automatic tire inflation system industry
- The United Kingdom, China, Japan, India, Canada, France, and a few other countries to emerge lucrative
- Asia Pacific to register the fastest growth throughout the forecast period
“Advancement in manufacturing sector coupled with the rise in adoption of various automated systems and solutions in automotive sector are fuelling the sales of automatic tire inflation system,” says an FMI analyst.
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How is the Recovery of the Automotive Industry Key to Automatic Tire Inflation System Providers?
Automatic tire inflation systems are highly sought-after in automotive industry owing to its unlimited advantages over the conventional system such aslower maintenance cost, higher safety, extended tire life, highly compatible with satellite communication services and telematics systems, and efficiency in providing proper pressure maintenance over road.
According to a report titled “Automotive Industry Spotlight” published by the SelectUSA, the United Sates has one of the largest automotive industries in the world, while in 2018, the U.S. light vehicle sales reached 17.2 million units. As stated in the report, new R&D initiatives are transforming the global automotive industry including the U.S., while according to Auto Alliance, globally UIS$ 105 Billion is spend on R&D in automotive industry. Though the situation changed temporarily in 2020, the automotive sector is getting back to its feet making the automatic tire inflation system providers optimistic again.
Who is Winning in this Space?
The global automatic tire inflation system industry offers cut-throat competition to its key players. In order to sail through the strictly competitive environment, key industry players are emphasizing on developing more quality products.
For instance,
- Dana Incorporated recently launched its new Spicer® Optimized Tire Pressure Management System
- Meritor, Inc. launched its new Meritor Tire Inflation System (MTIS™) equipped with ThermALERT™ Wheel-end Heat Sensing Technology a couple of years back
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More Valuable Insights
In its latest report, FMI offers an unbiased analysis of the automatic tire inflation system market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of vehicle type (tractors, heavy commercial vehicles (HCV), and utility vehicles), sales channel (original equipment manufacturer (OEM), and aftermarket), and component (hub caps, hoses, axle & wheel component, and others), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).