Automatic Tire Inflation System Market – Global Trends, Industry Size, Growth, Opportunities by 2025
According to the new market research report Automatic Tire Inflation System Market by Type (Central & Continuous), Component (ECU, Compressor, & Pressure Sensor), On-Highway Vehicle (PC & CV), Off-Highway Vehicle (Agriculture & Construction), and Region – Global Forecast to 2025.
The automatic tire inflation system market is estimated to be USD 891.6 million in 2018 and is projected to reach USD 1,606.8 million by 2025, at a CAGR of 8.78%. The automatic tire inflation system efficiently increases tire life, vehicle performance, and safety. This will help grow the automatic tire inflation system market in developed as well as developing regions. Growing focus of governments on safety regulations to reduce road accidents is expected to drive the automatic tire inflation system market.
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Central tire inflation system is the fastest growing segment of the automatic tire inflation system market, by type
Extended tire life, improved productivity, and increased fuel efficiency are the drivers for growing the central tire inflation system market. The system provides smooth driving conditions for the driver. They offer an advantage over continuous tire inflation systems by creating a larger area between the tire and the surface which limits tire damages.
Commercial vehicle segment to acquire the largest share of automatic tire inflation system market, by on-highway vehicle
The commercial vehicle segment is estimated to hold the largest share of the automatic tire inflation system market, by on-highway vehicle type. Growing government focus on installation of automatic tire inflation systems is expected to boost the market for the commercial vehicle segment. The US government was on the verge of mandating automatic tire inflation system in trucks in 2016 to reduce accidents related to tire malfunctioning. This mandate has not been approved until now. The US EPA is also focusing on tire inflation regulations. For instance, since September 1, 2010, the California Environmental Protection Agency mandated automotive service providers to inflate tires at a required air pressure during automotive maintenance or repair services.
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North America: The largest market for the automatic tire inflation system market
The North American region is estimated to hold the largest share, by value, of the automatic tire inflation system market in 2018. The demand for an automatic tire inflation system in this region is triggered by growing vehicle safety concerns. In addition, the North American automotive industry is one of the fastest growing industries in the world and is dominated by domestic OEMs such as Ford Motor Company and General Motors along with established European and Japanese OEMs.
According to NHTSA, in the US, 733 traffic fatalities occurred due to tire malfunctioning in 2016. The NHTSA also estimates that the automatic tire inflation systems can save 260,000 accidents per year. This will help grow the North American automatic tire inflation system market.
The automatic tire inflation system market is dominated by a few globally established players such as WABCO (Belgium), EnPro Industries (US), Michelin (France), Goodyear (US), and Dana Incorporated (US).