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Report
Automotive Tire Inflator Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 70 Pages I Mordor Intelligence
The Automotive Tire Inflator Market is expected to grow registering a CAGR of about 5% in the forecast period (2022-2027).
The new vehicle production and sales decreased in 2020 as the COVID-19 pandemic had a substantial short-term impact on the automotive industry. Additionally, because of the restrictions, car owners drove less, which prolonged trips for maintenance or tire replacement, increasing the risk of punctures and downtime.
Automakers across the globe are removing the spares from their vehicles to save money and reduce weight to increase efficiency in response to increasingly strict fuel economy rules which is the primary driver of the tire inflator market. About 25 pounds are taken out of the car when a spare tire is exchanged with an inflation kit. Additionally, some countries like India, have lifted the mandate of a spare tire which is also expected to aid the tire inflator market growth in the forecast period.
As majority of the vehicles, sold globally are in the Asia-Pacific region, it is the largest as well as the fastest growing market.
Automotive Tire Inflator Market Trends
Growing Sales of Electric Vehicles is Expected to Drive the Market
The automobile sector now cannot exist without electric vehicles. It represents a means to minimise pollution and other greenhouse gas emissions while also attaining energy efficiency. The main causes of this growth are the rising environmental concerns and the beneficial government measures. By the end of 2025, it is anticipated that the number of electric passenger cars sold annually would surpass 10 million units and might make up more than 15% of total vehicle sales.
Despite the global pandemic, the market for electric vehicles has been expanding at a solid rate recently; in 2021, total sales of electric vehicles were at approximately 6.6 million units, up from 3.0 million units as of 2020 and 2.2 million units in 2019. Sales have increased as a result of stricter regulations being implemented by various organisations and governments to reduce emissions and promote zero-emission automobiles.
For instance, In 2021, the Canadian federal government signed the international drive to obtain zero-emission transit by 2025 and make the majority of the vehicles plying on the road electric by 2040.
To save weight and make more room for the battery majority of the carmakers do not include a spare tire with their battery electric or hybrid vehicles. For instance, Tesla doesn't offer a spare wheel for any of its vehicles. Additionally, Volkswagen ID4 also doesn't feature a spare tire as a standard fitment.
Many governments across the countries have also lifted the mandate of adding a spare tire. For instance, in August 2021, Indian government exclaimed of removing the compulsion of spare wheel, viz a viz, a tire repair and inflation kit, or a TPMS is provided with the vehicle.
Owing to the above mentioned instances, and government initiavites, the rise in the demand for electric vehicles, is expected to propel the tire inflator market in the forecast period.
Aftermarket Segment is Expected to Witness Significant Growth
The aftermarket automotive tire inflator market is expected to witness a high CAGR during the forecast period. Countries from several regions, like China, India, the United States, and others are expected to hold a significant share in the global automotive market during the forecast period.
Factors like, the rise in the sales of passenger cars and light commercial vehicles, are expected to drive this segment of the tire inflator market. As many carmakers across the region have started eliminating the addition of spare tire, the demand for tire repair kit, which also includes a tire inflator, is expected to grow.
Additionally, many car manufacturing companies in the countries like India have started providing a tire repair kit, along with a spare tire. For instance, in 2021, Tata launched its entry-level hatchback Tiago which offers a spare tire as well as a puncture repair kit.
With that, as many electric cars do not offer a spare tire including tesla, which also enhances the demand for the tire inflator. Also, in 2021, Tesla stopped offering a tire puncture kit with its Model 3. However, Tesla along with other car makers like Toyota, Suzuki, Hyundai and others doo offer a tire inflator kit as an optional accessory.
As many carmakers are refraining from providing, a spare tire and a tire inflator kit, several vehicle owners are expected to prefer aftermarket inflators through e-commerce websites and brick and mortar structure, which is liekyl to drive teh aftermarket segment growth during the forecats period.
Automotive Tire Inflator Market Competitor Analysis
The Automotive Tire Inflator market is fragmented due to the presence of many big and regional players in the market. Some of the big players in the market include Robert Bosch GmbH, Dana Incorporated, Stanley Black & Decker, Inc, Meritor, Inc and others.
As the market is fragmented, many small regional players are stepping into the market. For instance, in January 2022, Portronics launched a new tire inflator, Vayu, in India. The inflator comes with a battery of 4000mAh and has a power output of 50W.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Vehicle Type
5.1.1 Passenger Cars
5.1.2 Commercial Vehicles
5.2 By Type
5.2.1 Fixed/Central Tire Inflator
5.2.2 Portable
5.3 By Sales Channel
5.3.1 OEM
5.3.2 Aftermarket
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 Uinted Kingdom
5.4.2.3 France
5.4.2.4 Russia
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 India
5.4.3.2 China
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Rest of the World
5.4.4.1 South America
5.4.4.2 Middle-East
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Robert Bosch GmbH
6.2.2 FTL (IDEX Corporation)
6.2.3 Dana Incorporated
6.2.4 Stanley Black & Decker, Inc
6.2.5 Michelin
6.2.6 The Goodyear Tire & Rubber Company.
6.2.7 SAF-HOLLAND Group
6.2.8 Meritor, Inc
6.2.9 ITW Global Tire Repair, INC
6.2.10 Bon-Aire Industries Inc
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