iCrowdNewswire Jan 22, 2021 5:00 AM ET
The Global Automatic tire inflation system is anticipated to grow at a CAGR of 8.9% and is estimated to reach USD 1.90 billion by 2027 from USD 1.01 billion in 2019.
Increased fuel economy, better tire lifespan, and growing safety concerns regarding vehicles and drivers are the primary factors boosting the automatic tire inflation system market. The demand for greater yield and low downtime of automotive is bound to open new market opportunities.
The automatic tire inflation system is expected to grow due to some significant factors like its ability to maintain the necessary air pressure in the tire, increase fuel effectiveness, lessen the replacement interval and cost, reduce the tire’s damage, and improve the overall life of the vehicles.
Based on type, the system is divided into central and continuous. The central segment is predicted to hold a significant share in the market. This system is preferred over the continuous segment for making the tires offer a smooth driving experience to the commuter and gives a desirable space in-between the tire and surface, thus, lessening the damage chances.
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Key players of the Automatic Tire Inflation System:
• EnPro Industries (U.S.)
• Michelin (France)
• WABCO (Belgium)
• SAF-HOLLAND (Luxembourg)
• IDEX Corporation (U.S.).
• The Boler Company (U.S.)
• Dana Incorporated (U.S.)
• Goodyear (U.S.)
The rising road accidents caused by tire destruction can be prevented using the automatic tire inflation system as through indications, the tire can be inflated automatically. This is another significant factor for the system to proliferate.
The North American region dominated the automatic tire inflation market in 2019. Zeal Motor Inc, a manufacturer of off-road utility automotive, launched Fat Truck 2.8 C that allows the driver to regulate the tire pressure inside the vehicle and modify it as needed. In 2020, Michelin proposed the latest agriculture-based tire technology in the European region market. They developed high-powered tractors that give the farmers privilege to adjust the pressure according to the heavy field range and trail work.
The lack of proper awareness and acceptance of high costs of the automatic tire inflation system and the rising demand for usage of alternatives like tubeless tires and nitrogen tires are the significant factors that can affect the market’s growth.
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For the purpose of this study, Reports and Data has segmented the market on the basis of type, component, on-highway vehicle, off-highway vehicle, electric vehicle, and region:
Type Outlook (Revenue in USD Million, 2017-2027)
• Continuous Tire Inflation System
• Central Tire Inflation System
Component Outlook (Revenue in USD Million, 2017-2027)
• Rotary Union
• Pressure Sensor
• Buffer Tank
• Electronic Control Unit (ECU)
On-Highway Vehicle Outlook (Revenue in USD Million, 2017-2027)
• Passenger Car
• Commercial Vehicle
Off-Highway Vehicle Outlook (Revenue in USD Million, 2017-2027)
• Agricultural Vehicle
• Construction Vehicle
Electric Vehicle Outlook (Revenue in USD Million, 2017-2027)
• Fuel Cell Electric Vehicle
• Plug-In Hybrid Electric Vehicle
• Hybrid Electric Vehicle
• Battery Electric Vehicle
Regional Outlook (Revenue in USD Million, 2017-2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Summary of the Report:
• The report offers a growth estimate for 8 years along with a forecast for market valuation
• A thorough qualitative and quantitative analysis of the Global Automatic tire inflation system Market
• Advanced analytical tools such as SWOT analysis and Porter’s Five Forces analysis along with feasibility analysis and investment return analysis
• Comprehensive study of the prominent players engaged in the market along with their product portfolio and business expansion strategies
• Strategic recommendations for new entrants and established players
• Extensive analysis of drivers, restraints, limitations, growth prospects and opportunities, and threats
• In-depth regional analysis to offer a panoramic view of the Automatic tire inflation system Market along with a better understanding of the market’s competitive scenario
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