Unlock stock picks and a broker-level newsfeed that powers Wall Street.
Automatic Tire Inflation System Market Will Expand at a CAGR of 5.6% CAGR through 2033, reaching US$ 3,755.9 Million | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
5 min read
Future Market Insights Global and Consulting Pvt. Ltd.
The automotive industry around the world is growing rapidly owing to the growing technology. Also, R&D-based activities in the automatic tire inflation system market are driving the market. The global automatic tire inflation system market is led by North America in terms of revenue.
NEWARK, Del, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The global automatic tire inflation system market is anticipated to reach a valuation of US$ 2,178.1 million in 2023, driven by the telematics integration. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 5.6% between 2023 and 2033 and reaching a total valuation of approximately US$ 3,755.9 million by 2033.
One of the major factors contributing to the growth of the automatic tire inflation system market is the smart cities and infrastructure. In smart cities, ATIS can be integrated into infrastructure to monitor and manage tire pressure in public transportation and commercial vehicle fleets, improving urban mobility and safety.
ATIS increasingly converges with other vehicle safety and connectivity technologies, such as advanced driver assistance systems (ADAS) and vehicle-to-vehicle (V2V) communication systems. ATIS can help vehicle manufacturers and operators meet emission standards by improving fuel efficiency and reducing greenhouse gas emissions as environmental regulations become stricter.
ATIS manufacturers offer more customizable solutions to cater to various vehicle types and applications, which can expand its adoption in diverse industries. Collaboration between ATIS providers, vehicle manufacturers, and technology companies can drive innovation and the development of integrated solutions that are more accessible to a broader range of customers.
The data collected by ATIS can be monetized by offering insights and analytics services, creating an additional revenue stream for ATIS providers. Innovations in materials and manufacturing techniques can lead to more durable and cost-effective ATIS components, making the technology more accessible.
Key Takeaways from the Market Study:
The market in India is expected to expand at a CAGR of 7.3% through 2033.
By sales channel, the OEM segment to account for a share of 47.5% in 2023.
From 2023 to 2033, the automatic tire inflation system market is expected to flourish at a CAGR of 5.6%.
By 2033, the market value of the automatic tire inflation system is expected to reach US$ 3,755.9 million.
“The Internet of Things is expanding, offering opportunities to create a more connected ecosystem for vehicles, including ATIS, which can communicate with other vehicle systems for improved performance,” - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
In 2022, Goodyear Tire & Rubber Company launched the Goodyear IntelliTire Max, a next-generation ATIS that combines real-time tire pressure monitoring with intelligent inflation capabilities. The system is designed to improve fuel efficiency, extend tire life, and reduce downtime.
In the same year, Michelin introduced the Michelin Zen@Terra, a comprehensive solution that enables users to adjust the air pressure in tractor tires. Michelin also acquired Masternaut (France), a significant European telematics company. Telematics has a significant role in user-friendly and data-driven TPMS, which can be integrated with onboard ATIS/CTIS.
In 2021, Dana Incorporated entered a strategic alliance with Hyliion Inc. to bolster its market position and drive toward sustainability.
In the same year, Transense Technologies plc collaborated with Bridgestone Corporation to develop and market a new generation of ATIS for commercial vehicles.
Segmentation Analysis of the Automatic Tire Inflation System Market
By Vehicle Type:
Tractors
Heavy Commercial Vehicles (HCV)
Utility Vehicles
By Sales Channel:
Original Equipment Manufacturer (OEM)
Aftermarket
By Component:
Hub Caps
Hoses
Axle & Wheel Component
Others
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia & Pacific
East Asia
The Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore FMI’s Extensive Ongoing Coverage in the Automotive Domain:
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
