Global automatic tyre inflation system market will be worth US$2.7 billion by 2027
Western Europe to dominate the global automatic tyre inflation system market
Automatic tyre inflation systems is set to become a multi-billion dollar global industry during the course of the next decade. According to a report produced by Future Market Insights, the market is anticipated to reach revenue of over US$1.500 billion in 2017 and grow at a steady compound annual growth rate (CAGR) of 5.6 per cent during the 10 year period between 2017 and 2027. The forecast predicts the market to reach a revenue of over $2.7 billion by the end of the forecast period in 2027.
The report, ‘Automatic Tire Inflation System Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027’, includes the current scenario of the global automatic tyre inflation system market, forecasts for the projected period, drivers impacting the market’s revenue growth, restraints limiting the market and opportunities available to the existing players as well as new entrants in the market.
Automatic tyre inflation is made up of a technology that is installed in the tyres to manage the air pressure in each tyre. It controls and guides the air pressure while the car is moving.
The growth of the global automatic tyre 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 tyre inflation systems. The growth in the global automatic tyre inflation system market is also the result of a growing inclination towards installation of automatic tyre inflation systems in new vehicles.
However, growth is said to be 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.
This comprehensive research report has segmented the global automatic tyre inflation system market into various segments on the basis of vehicle type, sales channel and region.
Take-up strongest in Europe and the utility vehicle segment
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 per cent during the projected period. The tractors segment is expected to reach market revenue of a little under $420 million by the end of 2017 and is anticipated to exceed $720 million by the end of 2027, growing at a CAGR of 5.6 per cent.
Based on sales channel, the OEM systems segment is expected to remain dominant in the global market, with revenue anticipated to cross $750 millio by the end of 2017, growing at a CAGR of 5.5 per cent to reach a market value of around $1,280 million by the end of 2027.
Among the regional markets, Western Europe is projected to show the maximum potential with an expected revenue of over $920 million by the end of 2027. North America is expected to be the second largest market with projected revenue to the tune of about $633 Mn by the end of 2027.
The research report consists of brief profiles of many key players. 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.