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Automatic Tire Inflation System Market Report Up to 2031
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The major factor that driven the growth of the market is due to government regulations and support by mandating the usage of driver assistance systems in automobiles. The stats show that there are new demands for new technologies and innovation providing safety features in automobiles.
COVID-19 Impact on Automatic Tire Inflation System Market
As Covid-19 has caused a lot of damage in various industries, it has brought automotive industry to a halt too by causing vehicle production and supply disruptions. Analysis shows that it would be a major concern for Lower vehicle sales for automotive OEMs for next few quarters and there will a thin chance for recovery of the market in the end of 2021.
Market Drivers
Initiatives taken by the companies to develop advanced sensing technology is one of the major drivers. Another one is taken by European Commission for road safety. Automatic Tire Inflation System companies focusing toward technologies and innovation for gaining customer’s attention which in result shows rising demand in Electric vehicle. Thus there is increase in demand for components such as Cameras, radar sensors, ultrasonic sensors, and LiDAR during the forecast period.
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Market Opportunities
The introduction of new technology and autonomous vehicle has transformed to ease the commute. Automatic Tire Inflation System technology in the market has reduced the complexity of driving having features such as Stability control, emergency braking, Lane monitoring and others. Advanced technology such as High definition cameras to collect data, Ultrasonic sensor, Radar, LiDAR, are the technology Autonomous vehicle rely upon to function smoothly. Big market player like Volkwagen, Tesla, General Motors and Ford planning to launch fully smart autonomous vehicle in the coming years. Nissan announced to deploy ProPILOT by 2020 in his 20 models. The increasing efforts on autonomous driving system would enable OEMs to incorporate more advanced safety system and cruise control for autonomous vehicle. Global Automatic Tire Inflation System Market is expected to grow double during the market forecast 2021-2031.
Competitive Landscape
The global Automatic Tire Inflation System market is dominated by big players such as Robert Bosch, ZF Friedrichshafen, Aptiv, Continental AG, Valeo, Denso, Magna International, SAF-HOLLAND, IDEX Corporation and Airgo System. These companies have secure their position in the market to offer wide range of advanced assistance systems.
The key strategies adopted by these companies is to sustain their market position are new technology, new product development, Contract agreement and Collaborations.
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