Electronic-Tire Information Systems Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
Increase in demand for fuel efficiency, rise in concerns about vehicle safety, and high rate of adoption of latest technology in developed regions are likely to boost the electronic tire information system market during the forecast period. The system also helps prevent downtime and reduces repair cost. However, low penetration of the electronic tire information system in developing countries and other parts of world is likely to hamper the electronic tire information system market during the forecast period.
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The global electronic tire information system market can be segmented based on vehicle type, sales channel, and region. Based on vehicle type, the electronic tire information system market can be segregated into passenger vehicle and commercial vehicle. The passenger vehicle segment is expected to hold a major share of the electronic tire information system market owing to the rise in demand from consumers and increase in production of passenger vehicles across the globe, especially in developing regions owing to rapid urbanization, increase in per capita income, and lower bank interest rates.
The commercial vehicle segment is expected to expand rapidly owing to the high rate of adoption of advanced technology from fleet owners in order to maintain their fleet’s performance and to enhance fleet service. This, in turn, is likely to boost the market during the forecast period.
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Based on sales channel, the electronic tire information system market can be split into, OEMs and aftermarket. The OEM segment is likely to hold a major share of the market during the forecast period owing to the presence of brand companies such Continental AG and WABCO in the electronic tire information system market. Therefore, the aftermarket segment is likely expand at a rapid pace during the forecast period.
Based on region, the electronic-tire information system (eTIS) market can be segmented into North America, Europe, Asia Pacific, and Middle East & Africa. North America dominates the global electronic tire information system market, and it is estimated to maintain its dominant position in the market during the forecast period.
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Expansion of the luxury vehicle market, stringent safety norms, high rate of adoption of latest technology, and the presence of major manufactures are likely to drive the electronic-tire information system (eTIS) market during the forecast period. Similarly, Europe and Asia Pacific accounted for a major share of the global electronic tire information system owing to government initiatives, awareness among consumers, and increasing of sales of premium vehicles across the region are major factors responsible for growth during forecast period.
Key players operating in the global electronic-tire information system (eTIS) market include WABCO and Continental AG.
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