Automatic Tire Inflation System Market Worth US$ 3.6 Billion by 2033 | CAGR 5.2% - By Future Market Insights, Inc.

The Automatic Tire Inflation System Market is expected to increase in value from US$ 2.2 billion in 2023 to US$ 3.6 billion by 2033. The market for automatic tyre inflation systems is expected to grow at a CAGR of 5.2% from 2023 to 2033 as a result of rising fuel demand and the desire to extend tyre life.

The automatic tire inflation system industry has been exhibiting steady growth since the past decade owing to the rise in requirement in utility vehicles, tractors, and heavy commercial vehicles (HCV).

With the increase in investment on research & development (R&D) activities by manufacturers, and the key sales channels getting back on track, automatic tire inflation system industry is subject to significant growth in the coming years.

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According to the report, North America, Europe, and Asia Pacific will remain the leading regions, while high requirement from utility vehicle segment will drive the sales in 20+ countries.

Key Takeaways from Market Study

The global automatic tire inflation system industry is forecast to expand at over 5% CAGR through 2031
Increase in application in utility vehicles and heavy commercial vehicles (HCV) is likely to be witnessed
Original equipment manufacturer (OEM) segment to exhibit hegemony in terms of sales channel
The United States to hold the major chunk of North America industry
Germany remains the epicenter of Europe automatic tire inflation system industry
The United Kingdom, China, Japan, India, Canada, France, and a few other countries to emerge lucrative
Asia Pacific to register the fastest growth throughout the forecast period
"Advancement in manufacturing sector coupled with the rise in adoption of various automated systems and solutions in automotive sector are fuelling the sales of automatic tire inflation system," says an FMI analyst.

How is the Recovery of the Automotive Industry Key to Automatic Tire Inflation System Providers?

Automatic tire inflation systems are highly sought-after in automotive industry owing to its unlimited advantages over the conventional system such aslower maintenance cost, higher safety, extended tire life, highly compatible with satellite communication services and telematics systems, and efficiency in providing proper pressure maintenance over road.

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According to a report titled "Automotive Industry Spotlight" published by the SelectUSA, the United Sates has one of the largest automotive industries in the world, while in 2018, the U.S. light vehicle sales reached 17.2 million units. As stated in the report, new R&D initiatives are transforming the global automotive industry including the U.S., while according to Auto Alliance, globally UIS$ 105 Billion is spend on R&D in automotive industry. Though the situation changed temporarily in 2020, the automotive sector is getting back to its feet making the automatic tire inflation system providers optimistic again.

Market Segmentation by Category

Vehicle Type

Tractors
Heavy Commercial Vehicles (HCV)
Utility Vehicles
Sales Channel

Original Equipment Manufacturer (OEM)
Aftermarket

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Component

Hub Caps
Hoses
Axle & Wheel Component
Others
Region

North America
Latin America
Europe
Middle East and Africa (MEA)
East Asia
South Asia
Oceania

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.