The latest market report published by Credence Research, Inc. “Global Automotive Automatic Tire Inflation System Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global automotive automatic tire inflation system market is anticipated to grow at a substantial CAGR of 13.1% in the upcoming years. The global Automotive Automatic Tire Inflation System industry was estimated to be worth USD 684.6 million in 2021 and was expected to be worth USD 1432.88 million by 2028.
Automotive Automatic Tire Inflation System Market Key Growth Trends are highly promising for the automotive industry. This system is rapidly gaining popularity due to its ability to enhance tire performance and reduce fuel consumption. The market growth trends indicate that this technology will become a standard in commercial vehicles, military vehicles, and off-road machines by 2025. The demand for this system has increased significantly over the years as it improves safety on the roads by maintaining optimal tire pressure at all times. Moreover, this system minimizes maintenance costs associated with flat tires and damaged wheels while preventing downtime for commercial operations engaged in logistics or transportation services.
In 2021, the central tire inflation system type segment held the largest market share and is projected to continue its dominance throughout the forecast period. Improved driving conditions, increased fuel efficiency, and enhanced safety are driving the adoption of this system.
The compressor component segment accounted for the largest revenue share in 2021. It plays a vital role in instructing the pressure sensor on the amount of air required for tire inflation.
The heavy-duty on-highway vehicle segment dominated the market in 2021 due to the specific requirements and working conditions of heavy-duty vehicles. Logistics, import-export activities, and agricultural and construction tasks contribute to the demand for automatic tire inflation systems in this segment.
The construction off-highway vehicles segment led the market in 2021. The ability to adjust tire inflation pressure while driving on various terrains using a single button inside the cab is a key factor driving the adoption of automatic tire inflation systems in this segment.
The battery electric vehicles segment held the largest market share in 2021. Manufacturers are focusing on research and development in the electric heavy-duty vehicle segment to improve tire products’ frictional resistance.
North America dominated the global automotive automatic tire inflation system market in 2021. The region has a strong automotive industry and numerous original equipment manufacturers, driving market expansion. The United States, in particular, is the leading producer of light commercial vehicles and has a well-developed highway system, contributing to the increased adoption of automatic tire inflation systems.
US Market Performance:
The United States has been at the forefront of the North American automotive automatic tire inflation system industry. The country’s advanced automotive sector and significant investments by key manufacturers are driving demand growth. In 2019, the US produced and sold approximately 12,404,698 commercial vehicle units, further increasing the demand for automatic tire inflation systems.
Major players in the automotive automatic tire inflation system market are heavily investing in manufacturing facilities, research and development, and infrastructure development to stay competitive. These strategies enable them to meet growing demand, enhance product technologies, reduce production costs, and expand their customer base.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Automotive Automatic Tire Inflation System Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the Component and Deployment
- Major nations in each region with their import/export statistics
- The global Automotive Automatic Tire Inflation System Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
Related Report: https://www.credenceresearch.com/report/automotive-hud-market