Automatic Tire Inflation System Market Will Generate Booming Growth
As the market share of automatic tire inflation system market grows from US$ 2.2 Billion in 2023 to over US$ 3.6 Billion in 2033, its net worth is forecast to reach over US$ 3.6 billion by 2033. The global market for automatic tire inflation systems is expected to register a CAGR of 5.2% between 2023 and 2033 due to increased fuel demand and the need to increase tire life expectancy.
A rise in the demand for all-terrain and military vehicles, an increase in safety features in vehicles, and a need for increased passenger comfort all contribute to the growth of the global automotive automatic tire inflation system market.
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Due to its several advantages, including improved fuel efficiency and extended tire life, automatic tire inflation systems are becoming increasingly popular in emerging economies, particularly in developing countries. The majority of the market for automatic tire inflation systems is driven by the increase in vehicle automation, as well as the increase in vehicle automation.
In the global automotive automatic tire inflation system market, technological advancements and integration with telematics are expected to boost revenues.
Key Takeaways from the Automatic Tire Inflation System Market Study
The automatic tire inflation system is expected to increase at a notable CAGR of 5.2%.
North America dominates the market for automatic tire inflation systems.
Asia Pacific region is expected to grow at the fastest rate with an increased revenue share.
Backed by the steadily expanding manufacturing hubs and growing demand from the automotive sector, China is the hotspot for stakeholders in the global automatic tire inflation system industry.
Germany is the dominating country in Europe’s automatic tire inflation system industry and is set to remain in that position through 2033.
Competitive Landscape for the Automatic Tire Inflation System Market
There are several manufacturers who have introduced multi-performance variants of their products in an attempt to expand their product portfolios and attract consumers from a variety of industry verticals. An imperative part of a company's marketing strategy is to increase its market position by executing strategies such as mergers and acquisitions. In order to improve its position in the market, the company has implemented these strategies in order to remain competitive and gain a competitive advantage. Automatic tire inflation system manufacturers have invested heavily in R&D, resulting in several novel products that can be used across the previously niche market.
Some major companies in the automatic tire inflation system market include
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.
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Recent Developments in the Automatic Tire Inflation System Market
Michelin has introduced Zen@Terra, an all-around solution that allows tractor tire air pressure to be adjusted. In partnership with Masternaut (France), Michelin acquired one of the major European telematics companies. Masternaut Telematics provides TPMS which can be interfaced with onboard ATIS/CTIS systems for a user-friendly experience.
As an option on their 8R series tractor, John Deere (US) will offer a home-built ATIS system in 2021.
AIR CTI launched its new AIR Central Tire Inflation System, LMTV Tire Inflation System, and others a couple of years back.
In February 2022, Tesla patented the first ever on-the-go tire inflation system catering to both passenger cars and commercial vehicles. The upcoming semi-truck is also expected to be compatible with this system.
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