Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Automatic Tire Inflation System Market size is expected to reach $123.4 million by 2028, rising at a market growth of 12.4% CAGR during the forecast period.
The OEM segment acquired maximum revenue share in the Global Automatic Tire Inflation System Market by Sales Channel in 2021, thereby, achieving a market value of $85.9 million by 2028. OEMs are using the ATIS system in automobiles and they are building the chassis in a manner to meets the ATIS system's requirements. Increased tire blowouts, greater tire life, and higher fuel efficiency are driving up demand for ATIS in the OEM market.
The Off-Highway Vehicle segment is showcasing a CAGR of 12.6% during (2022 - 2028). The off-highway segment consists of construction vehicles and agriculture tractors. Owners of these vehicles deploy ATIS in these vehicles to not only decrease the fuel consumption of these vehicles but also to ensure greater driver safety.
The Central Tire Inflation System segment is leading the Global Automatic Tire Inflation System Market by Type in 2021; thereby, achieving a market value of $82.0 million by 2028. Central tire inflation is an important technology for deflating and inflating tires in a moving vehicle. The air pressure inside the tire is controlled by this mechanism, which takes into account the road surface, vehicle weight, and tire size and type. It improves the performance of the vehicle and lowers tire maintenance costs by decreasing underinflation and overinflation tire wear.
The Pressure Sensor segment has shown growth rate of 12.8% during (2022 - 2028). A tire-pressure sensor is a small programmable electronic instrument that constantly quantifies the air pressure within the tire. It is situated in the pressurized pocket formed by the wheel and tire. The sensor sends the data to the vehicle's onboard computer and, if it has one, to a connected display in the instrument cluster via low-frequency radio. It displays the pressure in pounds per square inch (psi) and glows an amber warning light if one or more tires are deflated.
North America is the fastest growing region in the Global Automatic Tire Inflation System Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $43.6 million by 2028, growing at a CAGR of 11.1% during the forecast period. The Europe market is expected to witness a CAGR of 11.7% during (2022 - 2028). Additionally, The Asia Pacific market is expected to witness a CAGR of 13.4% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of The Goodyear Tire & Rubber Company, Meritor, Inc., SAF-Holland SE, Michelin, Dana Incorporated, EnPro Industries, Inc., IDEX Corporation, Hendrickson USA, LLC (The Boler Company), Haltec Corporation, and ti.systems GmbH.
By Sales Channel
By Vehicle Type
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