ESOMAR-certified consulting firm Future Market Insights has published a report on the global automotive tire inflation system market for the forecast period of 2021 and 2031. As per the study, the market posted significant gains during the historical period backed by the increasing application in tractors, utility vehicles and advancement in original equipment manufacturers.
According to FMI’s analysis, the market is set to register growth at a positive pace, registering a CAGR of over 5% through 2031. Surging demand for various components such as hub caps, wheel components, and hoses will fuel the growth prospects. Reliability and cost-effective features of automatic tire inflation systems will provide robust growth opportunities for manufacturers over the coming years. Limited shelf life due to the continuous movement of its rotary joint is likely to act as restraint for the market despite the heavy demand from automotive industry.
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However, increasing research & development activities for developing technologically advanced system and demand from advanced automotive industry will overcome the constraints of the market. Furthermore, extensive usage of automotive tire inflation system in utility vehicles and advanced manufacturing infrastructure across developed nations such as Germany, and United States will augment the sales.
Key Takeaways from FMI’s Automatic Tire Inflation System Market Study
By vehicle type, utility vehicles will emerge as primary automatic tire inflation system end-users
Original equipment manufacturers of automatic tire inflation systems will hold major market share during the forecast period
Sales across the original equipment manufacturers segment are likely to surpass an impressive valuation over the forecast period
US to experience noteworthy expansion amid robust presence of regional level tire manufacturers
Germany will generate lucrative opportunities across Europe backed by surging demand of utility vehicles in the country
Backed by surge in demand from automotive industry & ever expanding manufacturing hub, China will be the hotspot for automation tire inflation system manufacturers
Broadening automotive industry is expected to widen automatic tire inflation systems adoption across India
“Visibly increasing consumer inclination towards utility vehicles and increasing application of tractors in automotive industry are likely to amplify sales of automatic tire inflation systems by prominent automotive manufacturing,” says the FMI analyst.
Dana Incorporated, Meritor Inc., EnPro Industries Inc., Nexter Group, Servitech Industries Inc., Hendrickson USA LLC, Tire Pressure Control International Ltd., PTG Reifendruckregelsysteme GmbH, Aperia Technologies Inc., Systems GmbH, Bigfoot Equipment Ltd., Tibus Offload Ltd. & Co. KG, AIR CTI, FTL Technology Ltd., and Col-Ven S.A. are some prominent players operating in the automatic tire inflation system market.
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Organic and inorganic strategies such as mergers & acquisition among top key players remains key focus area for manufacturers. For instance, in November 2020, Dana Incorporated announced the acquisition of light-vehicle thermal business from Modine Manufacturing Company.
Manufacturers are also focusing on improving their product quality to expand their regional footprints and improve the sales of automatic tire inflation system. Pressure System International, for instance, announced in September 2019, the enhanced partnership with Meritor Tire Inflation System, and incorporated advanced technology that improved the sales to 1.5 million automatic tire inflation system.
Also, recently, SAF Holland announced the launch of automatic tire inflation system in utility and commercial vehicles, designed to maintain consistent air pressure within multiple tires by addressing both over and under inflation, and also incorporated the alarm system to warn the driver when the tire needs immediate attention.
More Insights on the Global Automatic Tire Inflation System Market
In its latest report, FMI offers an unbiased analysis of the global automatic tire inflation system market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of vehicle type (tractors, heavy commercial vehicles (HCV), and utility vehicles), sales channel (original equipment manufacturer (OEM), and aftermarket), component (hub caps, hoses, axle & wheel component, and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa)
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About the Automotive Division of FMI
The automotive division of FMI offers a novel approach and innovative perspective in the analysis of the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery across the manufacturing sector and distinctive analysis about the installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders, and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
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Name: Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 89016740