According to the new research report published by The Insight Partners, titled “Automatic Tire Inflation System Market - Global Analysis and Forecast to 2025”, the global automatic tire inflation system market is expected to reach US$ 2029.9 Mn in 2025, registering a CAGR of 9.7% during the forecast period 2018 to 2025.
By 2025, APAC is estimated to be the fastest growing region during the forecast period globally.
Tires are considered to be the second largest investments in the heavy duty trucks and commercial vehicles and hence the maintenance of these components is extremely critical for optimizing the vehicular operations for the fleet owners. It has been observed that, a tire loses 5% of air pressure while on the run for a week and deflated tires has been a major reason causing accidents of commercial trucks and trailers while transportation application. Also, the major advantage of an ATIS is that the ROI period for these systems is very quick and is perceived to be around 10-12 months. Integration of these systems can lead to improved fuel economy of the vehicle apart from the tire maintenance costs. Under-inflated tires increase rolling resistance, which can not only reduce fuel economy, but can also wear out tires and reduce vehicle safety through poor handling. Maintaining correct tire pressures and monitoring for uneven tire wear can help to ensure optimum vehicle performance. ATIS /CTIS offer a single solution to manage tire pressure, by automatically maintaining tire pressures within a pre-determined range. These systems find major applications in off-road vehicles, commercial trucks and trailers, military vehicles, and agricultural tractors. The installations of ATIS majorly reduces the maintenance costs on the tire, reduces downtime of the tires, reduces wear & tear of the tires, and also result in fuel savings for the vehicle owner. Using ATIS to manage tire pressure not only reduces the number of manual tire pressure checks, but also allows tire pressure to efficiently correspond to a variety of road terrains
The global market for automatic tire inflation system is anticipated to exhibit high growth in near future. Some of the major driving factors contributing to the market growth increasing commercial vehicles production globally. The fuel costs are constantly rising and fleet owners demand for fuel efficient technology integrations into their fleets for savings. Demands for enhancing the fuel efficiencies of the commercial vehicles is another major factor boosting the adoption of ATIS technology. However, the lack of awareness about the benefits of these systems and concerns around higher initial investments have proved to be the major hindrances for the growth of this market.
APAC is expected to be the fastest growing region in the deployments of automatic tire inflation systems. The major reason for this is the huge automotive hub in China. Further, the regulations that mandate the integration of ATIS in the heavy commercial vehicles will lead to automotive OEMs vouching and integrating these systems. As China is the largest automotive hub in the world, highest market growth as well as market share is anticipated to be exhibited in this country. The new market initiatives and strategic partnerships are expected to continue during the forecast period, contributing to high growth of automatic tire inflation systems market in the region.
Key findings of the study:
- From a growth perspective India in Asia-Pacific region is anticipated to witness the most lucrative CAGR growth rate of 22.8% during the forecast period
- Heavy duty vehicle segment accounted for the largest market share in 2017, however, utility vehicle is anticipated to be the fastest growing segment in automatic tire inflation system market during the forecast period.
- OEMs dominated the automatic tire inflation system market in 2017, and the same is expected to drive the market growth during the forecast period from 2018 – 2025.
The market for automatic tire inflation system globally has been segmented into two major segments including vehicle type, and distribution channel. Vehicle types segment is further fragmented by utility vehicles, tractors, and heavy duty vehicles. The distribution channel segment is bifurcated into OEM, and aftermarket distribution channel. Geographically the market is presently dominated by developed regions including North America and Europe. Higher sales of heavy duty commercial vehicles as well as owing to a booming construction sector, transportation sector, and the mining sector globally would demand higher integrations of ATIS into these systems. This growth coupled with the imposed regulations by the regulatory authorities across the globe and environmental agencies is anticipated to impact in unison for growing ATIS integrations at the automotive OEM end.
Continental AG, Dana Limited, STEMCO Products, Inc., Meritor, Inc., and Hendriksson. Also, Pressure Guard Systems, Haltec Corporation, Aperia Technologies, Inc., Tire Pressure Control, and Michelin among others.
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