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May 06, 2023

Automatic Tire Inflation System Market worth $138 million by 2028

News provided by 08 Jun, 2023, 04:00 ET Share this article CHICAGO, June 8, 2023

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08 Jun, 2023, 04:00 ET

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CHICAGO, June 8, 2023 /PRNewswire/ -- Automatic Tire Inflation System Market is projected to grow from USD 82 million in 2023 to USD 138 million by 2028, at a CAGR of 10.7% during the forecast period, according to a new report by MarketsandMarkets™. The increasing demand for improved tire life and to prevent accidents due to tire blowouts, the demand for ATIS in heavy-duty vehicles and farm tractors would create growth opportunities.

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Browse in-depth TOC on "Automatic Tire Inflation System Market".297 - Tables56 – Figures316 - Pages

Automatic Tire Inflation System Market Scope:

Report Coverage

Details

Market Size

USD 138 million by 2028

Growth Rate

10.7% of CAGR

Largest Market

North America

Market Dynamics

Drivers, Restraints, Opportunities & Challenges

Forecast Period

2023-2028

Forecast Units

Value (USD Million)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Type (Central, Continuous), On-highway Vehicle (LDV, HDV), Off-highway (Agriculture, Construction), Electric Vehicles (Truck, Bus), Sales Channel (OEM, Aftermarket), Component, Region

Geographies Covered

Asia Pacific, North America, Europe, and the Rest of the World [RoW]

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Rise in the integration of telematics in vehicles

Key Market Drivers

Increase in tire and drivetrain life

ATIS for Farm Tractor is expected to be the largest segment for ATIS system in off-highway ATIS systems during the forecast period.

The farm tractor market is projected to grow from ~USD 54 billion in 2022 to ~USD 69 billion by 2027, at a CAGR of 5.0% over the forecast period. >130-250 HP tractors are expected to be the fastest-growing market during the forecast period globally. Europe is the largest market for these tractors due to the increasing traction of tractors with high-pulling power and the growing demand for commercial agriculture. Most of these >130-250 HP tractors have an automatic tire inflation system (ATIS). Europe is also the largest market for >250 HP farm tractors. The increasing popularity of commercial farming and new product launches by various major players are expected to boost the market in the region. For instance, Michelin EVOBIB is the first agricultural tire in the market designed specifically for use with Central Tire Inflation Systems (CTIS).

Alternatively, the penetration of ATIS is negligible in <130HP tractors as these tractors are mostly suitable for farm sizes of half to two acres. Automatic tire inflation systems offer significant benefits for agriculture tractors, allowing farmers to optimize traction, manage soil compaction, improve efficiency, enhance operator comfort, and protect their equipment. With the increased demand for high HP tractors, ATIS demand will grow in the coming years, especially in Europe and North America.

The OEM Sales channel is expected to hold the largest market share in 2028.

The study scope considers on-highway vehicles (light-duty and heavy-duty vehicles) under the OEM sales channel. The OEM segment holds the largest share of the sales channel in the automatic tire inflation system industry. OEMs are employing the ATIS system in vehicles and designing the chassis per the ATIS system's requirement.

Aftermarket automatic tire inflation systems may vary in quality, compatibility, and support. The major challenges in aftermarket automatic tire inflation systems are complexity, compatibility with existing TPMS, sensor integration with existing systems, and system cost. Some aftermarket systems may require additional installation steps or modifications to the vehicle, potentially voiding warranties. Hence, retrofitting of ATIS is not much preferred presently.

OE-fitted systems are designed to integrate ATIS with the vehicle's existing systems seamlessly. ATIS manufacturers develop these systems in collaboration with the vehicle manufacturer, ensuring compatibility and optimal performance. Since OE-fitted systems are designed with the vehicle's overall design, they are integrated into the vehicle's existing interface, such as the dashboard or infotainment system, making it easier for the driver to monitor and adjust tire pressure as needed. Considering the benefits offered, the demand for ATIS in the OE market is projected to grow.

North America is estimated to be the largest market for Automatic Tire Inflation Systems (ATIS).

North America is the largest ATIS market globally, as the region has large farmlands, generating a need for large farm tractors. Also, the region is one of the largest markets for trucks and trailers, which cover long distances on concrete freeways, causing excess heating of tires and improper variation in tire pressure. This can decrease tire life or cause tire bursting, leading to accidents. Factors such as road safety regulations, emphasis on fuel efficiency, and the presence of major automotive manufacturers contribute to the ATIS market growth in North America.

OEMs are fitting the trailers/trucks with ATIS for better vehicle safety. Additionally, North America has a vast network of highways and extensive transportation infrastructure, which drives the need for reliable tire maintenance systems. Automatic tire inflation systems effectively maintain proper tire pressure, enhance safety, and improve fuel economy. These reasons will generate demand for ATIS in North America.

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Automatic Tire Inflation System Market Dynamics:

Drivers:

Restraints:

Opportunities:

Challenges:

Key Market Players:

Automatic Tire Inflation System Companies are Dana Incorporated (US), MICHELIN (France), IDEX Corporation (US), Enpro Industries (US), MERITOR (US), SAF-HOLLAND (Germany), and CLAAS (Germany). These companies have adopted several strategies to gain traction in the market. They have expanded in various geographical locations through mergers & acquisitions and expansions and entered into joint ventures/collaborations with other industry players to sustain their position in the market.

Recent Developments:

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