Press release
Automatic Tire Inflation System Market Expected to Behold a CAGR of 5.6% through 2017-2027
According to the forecast by Future Market Insights, the global automatic tire inflation system market is anticipated to project a revenue of over US$ 1,500 Mn in 2017 and grow at a steady CAGR of 5.6% during the 10 year period 2017-2027. The forecast predicts the market to reach a revenue of over US$ 2,700 Mn by the end of the forecast period in 2027.
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Global Automatic Tire Inflation System Market: Dynamics
The growth of the global automatic tire inflation system market is contributed the most by an increase in the production and sales of military vehicles. Other major drivers positively impacting market revenue growth include a spur in the use of trucks and trailers that require automatic tire inflation systems. The growth in the global automatic tire inflation system market is also the result of a growing inclination towards installation of automatic tire inflation systems in new vehicles.
However, the growth of the global automatic tire inflation systems market is hindered by a few factors. These restraints include passive or slow adoption of the technology in the global market, drop in military expenditure, and high maintenance costs of the system.
Global Automatic Tire Inflation System Market: Segmental Highlights
This comprehensive research report has segmented the global automatic tire inflation system market into various segments on the basis of vehicle type, sales channel and region.
The research exhibits some key takeaways from the forecast for different segments that are as follows:
In the vehicle type segment, the utility vehicles are expected to stay the dominating type in the global market. The segment is expected to grow at a CAGR of 5.5% during the projected period. The tractors segment is expected to reach a market revenue of a little under US$ 420 Mn by the end of 2017 and is anticipated to exceed US$ 720 Mn by the end of 2027, growing at a CAGR of 5.6%.
Based on sales channel, the OEM systems segment is expected to remain dominant in the global market, with revenue anticipated to cross US$ 750 Mn by the end of 2017, growing at a CAGR of 5.5% to reach a market value of around US$ 1,280 Mn by the end of 2027.
Among the regional markets, Western Europe is projected to show the maximum potential with an expected revenue of over US$ 920 Mn by the end of 2027. North America is expected to be the second largest market with projected revenue to the tune of about US$ 633 Mn by the end of 2027.
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Global Automatic Tire Inflation System Market: Competitive Landscape
The research report consists of brief profiles of many key players in the global automatic tire inflation system market. Some of these major players are EnPro Industries, Inc., Nexter Group, Servitech Industries, Inc., Hendrickson USA, L.L.C., Tire Pressure Control International Ltd., PTG Reifendruckregelsysteme GmbH, Aperia Technologies, Inc., ti.systems GmbH, Bigfoot Equipment Ltd., Tibus Offload Ltd. & Co. KG, AIR CTI, FTL Technology Limited, and Col-Ven S.A.
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