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.
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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.
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Market Segmentation by Category
Vehicle Type
- Tractors
- Heavy Commercial Vehicles (HCV)
- Utility Vehicles
Sales Channel
- Original Equipment Manufacturer (OEM)
- Aftermarket
Component
- Hub Caps
- Hoses
- Axle & Wheel Component
- Others
Region
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
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About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Report: https://www.futuremarketinsights.com/reports/Automatic-Tire-Inflation-System-Market
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