Northbrook, IL -- (SBWIRE) -- 12/07/2018 -- The Automatic Tire Inflation System Market is estimated to be USD 891.6 million in 2018 and is projected to reach USD 1,606.8 million by 2025, at a CAGR of 8.78%. Enhanced fuel efficiency, increased tire life, and decreased downtime are the key factors driving the automatic tire inflation market.
The governments have started focusing on safety regulations to reduce road accidents. For instance, the US government was on the verge of mandating automatic tire inflation system in trucks in 2016 to reduce accidents related to tire malfunctioning. This mandate has not been approved until now. The US EPA is also focusing on tire inflation regulations. For instance, since September 1, 2010, the California Environmental Protection Agency mandated automotive service providers to inflate tires at a required air pressure during automotive maintenance or repair services.
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The central tire inflation system is projected to be the largest and fastest growing market segment, by type. Extended tire life, improved productivity, and increased fuel efficiency are the key drivers for growing this market. Central tire inflation systems provide smooth driving conditions for the driver. They offer an advantage over continuous tire inflation systems by creating a larger area between the tire and the surface that limits tire damages.
A passenger car is a fastest growing segment in the automatic tire inflation system market, by on-highway vehicle type. High demand for personal mobility, increasing per capita income, and improved lifestyle are the key factors driving the sales of passenger cars. Safety concerns are growing among consumers and manufacturers. The number of accidents is increasing every year, particularly the ones caused due to damaged tires. As per a report supported by The Safety Institute and led by Quality Control Systems Corp. (QCS) in Feb 2016, in the US, tire-related fatalities have increased by 10.6% from 2013 to 2014. The report also indicated that the death toll from road accidents has increased from 539 in 2013 to 596 in 2014. Accidents related to tire damage can be prevented through the automatic tire inflation systems as they automatically inflate the tire and prevent damages.
The Rest of the World is estimated to be the fastest growing market for automatic tire inflation systems. The RoW market is growing in terms of automobile production and is expected to flourish in the near future as OEMs are investing in this region. This can be attributed to an increasing demand for automobiles coupled with the availability of cheap labor, lenient environmental regulations, low transportation costs, and flexible export-import policies. The two-key country-level markets for automatic tire inflation system considered in this region are Brazil and Iran.
- Increase in fuel economy
- Increasing tire and drivetrain life
- Growing safety concerns over vehicles
- Increasing demand for tubeless and nitrogen tires
- Favorable government regulations for tire inflation
- Demand for increasing productivity and reducing downtime of vehicles
- High cost of automatic tire inflation system
- Low market awareness and acceptance due to high initial cost
- Automotive automatic tire inflation system manufacturers
- Automotive component manufacturers
- Automobile manufacturers
- Automotive technology providers
- Distributors and suppliers of automotive automatic tire inflation system
- Electric vehicle manufacturers
- Industry associations and automotive experts
- Tier 1, Tier 2, and Tier 3 suppliers
The key players in the automatic tire inflation system market include WABCO (Belgium), EnPro Industries (US), Michelin (France), Goodyear (US), Dana Incorporated (US), SAF-HOLLAND (Luxembourg), IDEX Corporation (US), and The Boler Company (US). These companies have strong distribution networks at the global level. In addition, these companies offer an extensive product range in the OE as well as aftermarket. The key strategies adopted by these companies to sustain their market position are new product developments and acquisitions.
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