Global Automatic Tire Inflation System Market 2018 Research Strategies and Forecasts, to 2025
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 from 2018-2025. The Asia Pacific market is expected to witness substantial growth over the next decade due to the rising demand for vehicle safety and increased span of tire life.
Global Automatic Tire Inflation System Market by Type (Central & Continuous), Component, On-Highway Vehicle, Off-Highway Vehicle, Electric Vehicle, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
Prominent companies in the industry include FTL Technology Limited, Dana Incorporated, PTG Reifendruckregelsysteme GmbH, Bigfoot Equipment Ltd., Nexter Group among others. Developing and developed (U.S, Germany, U.K, China and Japan) are offering greater opportunities and major players are continuously focused on new product developments and venture capital investments 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.
The type segment is classified into central tire inflation system and continuous tire inflation system. The central tire inflation system segment is growing at a fast pace with the highest CAGR 11.2% in 2017 because of rise in productivity level, increased span of life of vehicle and effective fuel consumption. Component segment includes ECU, compressor, air delivery system, buffer tank, housing, rotary union & pressure sensor. ECU segment is estimated to be the largest market, in terms of value with USD 150.60 Million in 2017. ECU is basically used to check and control the amount of air required by the tires by checking the pressure sensors in automatic tire inflation system. On-Highway Vehicle segment is divided into segments passenger car & commercial vehicle. Commercial vehicle segment is dominating the market with the highest share in 2017. The Off-Highway Vehicle segment includes agriculture & construction. Agriculture is dominating the automated test equipment market 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) is dominating in terms of market share of 27.80%.
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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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