According to the latest report published by Credence Research, Inc., the automatic tire inflation system market is projected to reach US$ 2283 million in 2027, increasing to CAGR by 11,54% over the forecast period from 2019 to 2027.
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The global market for automatic tire inflation is projected to reach US$ 2283 million in 2027, increasing to CAGR by 11.54 per cent during the forecast period from 2019 to 2027. Over the last decade, the global automotive industry has focused more on developing technologies that can make travel safer and safer. Automatic tire inflation system (ATIS) is one such technology that can monitor tire pressure at a preset value throughout the vehicle's journey. Technological upgrades to the tire pressure monitoring system and consumer demand for more vehicle safety drive the automatic tire inflation system globally.
Road accidents are one of the world's leading causes of death. According to the World Health Organization's Global Road Safety Status Report 2018, road accidents and injuries were the 8th major cause of death. In 2016 alone, there were approximately 1.35 million fatalities recorded worldwide due to road accidents. As a result, safe travel is a major concern for people around the world. In this respect, the automatic tire inflation system is very helpful in maintaining proper tire pressure. Precisely inflated tires can result in a safe travel experience for truck drivers, tractors, etc. The automatic tire inflation system, based on the type of product, was dominated by the central tire inflation system (CTIS) in 2018. The central tire inflation system provides better control of vehicle pressure than the continuous tire inflation system. In this type of system, the driver has access to reduce or increase the tire pressure depending on the road surface condition. Also, with the central tire inflation system, the driver can adjust the tire pressure as per vehicle load and the speed at which the vehicle is moving. This flexibility offered by CTIS is much preferred by vehicle owners. Due to the above-mentioned benefits, the segment is expected to grow substantially during the forecast period from 2019 to 2027.
Furthermore, based on geography, North America registered the largest market share in the automatic tire inflation system market in 2018. The North American region has a well-established automotive industry and a large number of manufacturers of automotive OEMs, thereby contributing to the growth of the market. For example, Pressure Systems Internationals, Inc., Meritor, Inc., etc. are among the major players of ATIS in the region. In addition, the government's mandatory installation of a vehicle tire pressure monitoring system further drives the automatic tire inflation system market in North America. Regulations such as the "Motor Vehicle Tire Safety Regulations" of Canada have asked tire manufacturers to state the maximum pressure, maximum load and expiry date on the tire so that it can help drivers maintain their tires in a better way.
Some of the major players on the automatic tire inflation system market are 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., and others.
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These players are adopting different strategies, such as new product development, to increase their market share. For example, in March 2019, Pressure Systems International, Inc. launched its new TireView tire pressure monitoring system for trucks, tractors and trailers. This system offers features such as connected vehicle telematics for better fleet management and can also be combined with the latest ATIS trailer.
In addition, players are also acquiring and partnering with other companies to increase their geographical presence. For example, in January 2019, Luxembourg-based commercial vehicle supplier SAF-HOLLAND S.A. Acquired majority stakes in PressureGuard, a tire pressure monitoring system manufacturing company based in Tennessee. This acquisition will further strengthen PressureGuard's market position in the North American region.
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$ Bn)
Asia Pacific (APAC)
Middle East & Africa (MEA)
Medium Blog: https://medium.com/@kumarganesh028/automatic-tire-inflation-system-market-size-share-growth-trends-analysis-and-forecast-2019-to-ac33609d3a1f
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