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(USGovernment-News.Com, February 26, 2019 ) The automatic tire inflation system market was valued at US$ 988.6 million in the year 2017 and is anticipated to grow at a steady pace. There are a numerous factors that are driving the adoptions of automatic tire inflation systems and especially in the heavy commercial vehicle segment. The production statistics of commercial vehicles in 2016 recorded a total production of 22.87 billion in 2016, which showed a year on year growth of 2.83% from 2015. The demand for robust automotive volume is also increasing CO2 and other greenhouse gas emissions.
Therefore, government of several countries are mandating the deployment of advanced technology in vehicle to track and minimize greenhouse gas emissions. ATIR plays crucial role in increasing the fuel efficiency which leads to reduction in emission of CO2 and other pollutant, thereby continuing a sustainable environment. Several country including US, European Union, China and S. Korea have made deployment of tire pressure monitoring devices mandatory in all commercial vehicles. In October 2017, EPA and NHTSA released a final rule Phase 2 for MCV and HCV in order to control fuel efficiency and cut carbon pollution. As a part of the regulations, it was required that the trailers should be equipped with either ATIS, or Tire Pressure Monitoring Systems (TPMS).
Owing to the implementation of these laws and regulations, and the awareness of clean environment among the mass, the end users are anticipated to procure commercial vehicles line fitted with the advanced technologies. Thus, increasing vehicle production across the globe and strict governmental rules are directly impacting on the growth of automatic tire inflation system market in the current scenario, and the trend is also foreseen to drive the market in the coming year.
The government of the US, Canada and Mexico has taken various measures to promote and attract investments in its automobile component manufacturing industry. For instance, Automobile Innovation Fund Program, introduced in 2008 supports the automotive firms by providing them funds in the field of R&D to build innovative technologies that enhance fuel efficiency of the vehicles. The US Government has implemented the GHG regulations which facilitates in reducing the fuel consumption pattern and CO2 emission, thereby leading to clean environment in the region. In addition, the government has also implemented laws to integrate Tire Pressure Monitoring Systems (TPMS) in all the vehicles. Moreover, GHG regulation is expected to attract automatic tire inflation system among the customers as this system monitors and inflates the tires of the commercial vehicles to desired quantity, thereby increasing the fuel efficiency of the vehicle. Thus, the initiatives undertaken by the governments of the US, Canada and Mexico has a positive impact on the growth of automatic tire inflation system market.
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