According to a new market report published by Credence Research, Inc., “Automatic Tire Inflation System Market (By Product Type (Central and Continuous), By Vehicle Type (Passenger Cars and Commercial Vehicles), By Sales Channel (OEMs and Aftermarket) – Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the automatic tire inflation system market is projected to reach at US$ 2283 Mn in 2027, expanding at a CAGR of 11.54% across the forecast period of 2019 to 2027.
The global automatic tire inflation system market is projected to reach at US$ 2283 Mn in 2027, expanding at a CAGR of 11.54% during the forecast period of 2019 to 2027. In the last decade, the global automotive industry has focused more on developing technologies which can make traveling safer and more secure. Automatic tire inflation system (ATIS) is one such technology which can monitor the tire pressure at a preset value throughout the journey of vehicle. Technological upgradation in tire pressure monitoring system and consumers demand for more safety in vehicle is driving the market of automatic tire inflation system globally.
Road accidents is one of the major cause of deaths across the world. As per the report Global Status Report on Road Safety 2018, by World Health Organization, accidents and injuries on roads accounted as 8th major cause of death. In the year 2016 alone, there were approximately 1.35 million deaths recorded across the world which were due to road accidents. As a result, safe travel is major concern of people across the world. In this regard, automatic tire inflation system is very helpful in maintaining proper tire pressure. Accurately inflated tire can result in having a safe travelling experience for drivers of trucks, tractors, etc. Automatic tire inflation system, based on product type was dominated by central tire inflation system (CTIS) in 2018. Central tire inflation system offers better control of vehicle pressure than continuous tire inflation system. In this type of system, driver has an access to reduce or increase tire pressure depending upon the road surface condition. Also, with central tire inflation system driver can adjust tire pressure as per load on vehicle and speed with which vehicle is moving. Such flexibility offered by CTIS is highly preferred by vehicle owners. Owing to the aforementioned benefits, the segment is expected to grow substantially during the forecast period from 2019 to 2027.
Further, based on geography, North America registered the largest market share in automatic tire inflation system market in 2018. North American region has well-established automotive industry and has large number of automotive OEMs manufacturers which is thereby aiding the market growth. For instance, Pressure Systems Internationals, Inc., Meritor, Inc., etc., among others are some of the major players of ATIS in the region. Moreover, government regulations for mandatory installation of tire pressure monitoring system on vehicle further drives the market of automatic tire inflation system in North America. Regulations such as “Motor vehicle Tire Safety Regulations” of Canada have asked tire manufacturers to state the maximum pressure, maximum load and expiry date on tire so that this can help drivers to maintain their tires in a better way.
Some of the major players profiled in the automatic tire inflation system market include Stemco Products Inc., Pressure Systems International, Inc., Dana Limited, Haltec Corporation, ti.systems GmbH, PressureGuard, Precision Inflation LLC, Hendrickson USA, L.L.C, Meritor, Inc., Aperia Technologies, Inc., Michelin North America Inc., etc., among others.
These players are adopting different strategies like new product development for increasing their market share. For instance, in March 2019, Pressure Systems International, Inc. had launched their new tire pressure monitoring system TireView for trucks, tractors and trailers. This system offers features like connected vehicle telematics for better fleet management and can also combine with latest ATIS for trailer.
Additionally, players are also acquiring and partnering with other companies for increasing their geographical presence. For instance, January 2019, Luxembourg based commercial vehicle supplier SAF-HOLLAND S.A. acquired majority stakes in PressureGuard, a manufacturing firm of tire pressure monitoring system, based in Tennessee. This acquisition will further strengthen market position of PressureGuard in North American region.
Browse the full report at https://www.credenceresearch.com/report/automatic-tire-inflation-system-market
The Global Automatic Tire Inflation System Market is Segmented into:
|Segmentation||By Product Type Segment (2017-2027; US$ Mn)|
|By Vehicle Type Segment (2017-2027; US$ Mn)|
|By Sales Channel Segment (2017-2027; US$ Mn)|
|By Geography Segment (2017-2027; US$ Mn)|
*Complete segmentation list is on report page