Pune, India, May 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Automotive Automatic Tire Inflation System Market.
The Global Automotive Automatic Tire Inflation System Market is slated to grow at an expected rate of 12% over the forecast period between 2018 and 2023.
Market Research Future (MRFR) has reported in its in-depth study of the automotive ATIS market that the growth of the market is influenced by a number of key drivers. The strict regulations concerning safety, the booming sales volume of vehicles, and innovation in tire systems like contact area information sensing. In order to overcome the wear and tear in tires of vehicles, various leading players are investing significant chunk of money in research and development activities to enhance its resistance property. This subsequently aids in boosting the growth of the global market as well. Another key driver that is expected to accelerate the global market for automotive automatic tire inflation system is the reduction of maintenance cost of tires owing to growing instances of wear and puncture. However, the high rate of cost of maintenance as well as fitment issues can cause hindrance to the overall growth of the market during the assessment period.
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The automotive automatic tire inflation system market is regionally segmented into the following regions across the globe: North America, Europe, Asia Pacific, and the Rest of the World (RoW).
The automotive automatic tire inflation system requires a huge level of investment at its initial stage. This acts as a major entry barrier for small companies across the globe to enter into the market. However, the availability of a number of distinctive technologies related to ATIS in regions like Asia Pacific, Europe, and North America has boosted the growth and demand for the market.
The booming number of manufacturers across the European region has majorly increased the scope of the market for the better. However, at the same time, this has prompted in the alienation of certain territories, especially the Western Europe. Nonetheless, the European region holds the primal position in the global landscape and is expected to continue its dominance over the forecast period.
The North American regional market stands second in the global automotive automatic tire inflation system market. The region is expected to grow significantly over the forecast period due to booming demand of commercial vehicles in the US. The increasing demand for commercial vehicles will subsequently increase the demand for the automotive ATIS market in this region. The US is anticipated to be the major driver of the North America regional market. The increasing time spent by individuals heightens the need for the adoption of advanced technologies like central tire inflation system and ATIS in order to achieve the desired level of comfort. The increasing awareness concerning the same in the US is projected to act as a major driver behind the growth of the regional market.
Asia Pacific stands in the third position in the global landscape and is expected to grow significantly during the forecast period due to the presence of major manufacturers herein. The growth of the regional market can be primarily attributed to countries like India, China, and Japan.
The global automotive automatic tire inflation system market segmentation is based upon the following key dynamics: sales channel, type, and vehicle type.
By type, the market segments into continuous tire inflation, tire inflation, and others.
By sales channel, the market divides into aftermarket and OEM.
By vehicle type, the market breaks down into commercial vehicles, passenger cars, and electric vehicles.
The global automotive automatic tire inflation system market includes a host of key players, namely CODA Development (US), MICHELIN(France), Aperia Technologies, Inc. (US), Pressure Systems International, Inc. (US), Denso Corporation (Japan), Continental AG(Germany), Goodyear Tire and Rubber Company(US), STEMCO Products Inc. (US), Hankook Tire (South Korea), ti.systems GmbH (Germany) Hendrickson USA, L.L.C. (US), Pirelli and C. S.p.A.(Italy), Bridgestone Corporation(Japan), Meritor, Inc. (US), and Haltec Corporation (US), Michelin North America Inc. (US), PressureGuard (US), and others.