The Europe Automatic Tire Inflation System Market would witness Market growth of 11.7% CAGR during the forecast period (2022-2028).
The need for automatic tire inflation systems has significantly increased in the automobile industry over the last few years. While increased application in tractors, utility vehicles, and other vehicles aided the industry's expansion, advancements in the original equipment manufacturer (OEM) and afterMarket sectors aided it further. As the automotive sector slowly but surely recovers, demand for automatic tire inflation systems is expected to surge rapidly. Additionally, manufacturers are developing a frenzy of innovative products aimed at a variety of application areas, including HCVs and other vehicles, which is likely to broaden their growth scope even further.
Under-inflated tires cause increased rolling resistance, which can impair not just fuel efficiency but also tire wear and vehicle safety due to poor handling. Maintaining proper tire pressures and keeping an eye on uneven tire wear will help users get the most out of their vehicle. By automatically maintaining tire pressures within a pre-determined range, ATIS/CTIS provides a single solution for managing tire pressure. Off-road vehicles, commercial trucks and trailers, military vehicles, and agricultural tractors all use these systems.
As a result of its dependability and cost-effectiveness, automatic tire inflation systems are widely employed in the automotive industry. According to a European Commission (EC) paper titled "Automotive Industry- Internal Market , Industry, Entrepreneurship, and SMEs," the European Union automotive industry has significant potential, accounting for 8.5 percent of manufacturing jobs in the EU. According to the research, the automotive industry accounts for 6.1 percent of the European Union's Gross Domestic Product (GDP). These data hint at the upcoming potential for manufacturers of automatic tire inflation systems around the world.
Germany is the leading country in the automatic tire inflation system business in Europe, and it is expected to remain so. High demand for utility vehicles and other vehicles, as well as advanced industrial infrastructure, are boosting demand in Germany. According to a survey published by the European Automobile Manufacturers' Association (ACEA), Germany's automotive sector is progressive and poised to accelerate in the years following the pandemic. As the whole European region looks to shift towards environment-friendly alternatives, it is planning to make more public charging points for charging electronic vehicles and thus increase the adoption of electric vehicles. Indirectly, this relates to the new avenues for suppliers of automatic tire inflation systems in Germany.
The Germany Market dominated the Europe Automatic Tire Inflation System Market by Country in 2021, and would continue to be a dominant Market till 2028; thereby, achieving a Market value of $7.8 million by 2028. The UK Market is poised to grow at a CAGR of 10.8% during (2022 - 2028). Additionally, The France Market would display a CAGR of 12.6% during (2022 - 2028).
Based on Sales Channel, the Market is segmented into OEM, and AfterMarket . Based on Vehicle Type, the Market is segmented into On-Highway Vehicle (Light Duty Vehicle, and Heavy-Duty Vehicle), Off-Highway Vehicle (Construction Vehicle, and Agriculture tractors), and Electric Vehicles (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle). Based on Type, the Market is segmented into Central Tire Inflation System, and Continuous Tire Inflation System. Based on Component, the Market is segmented into ECU System, Compressor, Pressure Sensor, Rotary Union, Air Delivery System, Housing, and Others. Based on countries, the Market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Automatic Tire Inflation System Market Size will Hit $123.4 Million by 2028, at a CAGR of 12.4%
The Market research report covers the analysis of key stake holders of the Market . Key companies profiled in the report include 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.
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