CAGR: 7%Current Market Size: USD 1,190 MillionFastest Growing Region: APAC
Largest Market: EuropeProjection Time: 2023-2030Base Year: 2022
The global tyre inflators market is expected to grow from USD 1,190 million in 2022 to USD 2,044 million by 2030, at a CAGR of 7% during the Projection period 2023-2030. The market for type inflators is anticipated to be driven by the rising demand from automotive industry.
The air compressor known as a tyre inflator is used to inflate automobile tyres. There are several different sizes and styles of tyre inflators. Small handheld inflators are highly helpful in an emergency and may easily fit in the car's trunk. Larger tyre inflators might not fit in the car, but they have a reliable pump that can pump the tyres quickly. A tyre inflator is a tiny, portable tool that aids with tyre emergencies like flats and punctures. An alternative to large, heavy compressors is a tyre inflator. Due to a rise in demand from the automobile industry, tyre inflator demand has surged over the past few years. The development of electric vehicles and other technological innovations, like artificial intelligence, data analytics, and robots, are accelerating the expansion of the global automobile industry. Despite a dip in registration towards the middle of 2021, the demand for commercial cars was growing in 2021. There are now improvements and increased investments being made in the car tyre sector. With an emphasis on safety and sustainability, the rubber tyre and tyre business are part of daily life, present at every turn of the road, and have an impact on the entire planet. In order to assemble vehicles, the industry must buy a variety of parts, including complex machinery and sub-assemblies.
Sample Request: - Global Tyre Inflators Market
Market Dynamics:
Drivers:
In the near future, rising auto sales and production are anticipated to have a beneficial impact on the market. Additionally, it is projected that escalating driver safety concerns would motivate tyre producers to enhance tyre traction and wear and tear resistance. Additionally, as consumer demand for personal and other types of vehicles rises, tyre producers should see opportunities to expand as they recognise the production efficiencies of autos. The use of tyre inflators is also increasing as a result of many government restrictions linked to tyres. The tyre inflators market is being driven by a number of government-imposed rules regarding tyres that are increasing inflator usage. To force customers and producers to pay attention to tyre performance factors including traction and inflation, several standards and regulations are being developed.
Restraints:
However, the manual handling of the tyre and wheel, the collapse of an elevated vehicle, being struck by vehicles at the roadside, the explosion of the tyre, or the disintegration of the wheel during inflation, are all risks that can result in injury or even death when performing removal, replacement, and inflation of tyres for motor vehicles.
Opportunities:
The market value has increased as a result of an increase in demand for practical and efficient safety accessories and components. Growing consumer awareness of the availability of portable tyre inflators along with the growth and expansion of the automobile industry, particularly in developing nations, will also generate attractive potential prospects for the market. The government's increased tyre-related rules will also encourage market expansion. The manufacturers' increased emphasis on building new factories and ramping up their R&D efforts will pave the path for the market's further expansion.
Challenges:
The high cost of tyre inflators will be a significant obstacle to the market's growth rate, nevertheless. Additionally, changes in the cost of raw materials will slow the market's expansion. The population's lack of understanding of the importance of the product will further limit the market's potential for expansion.
Segmentation Analysis:
The global tyre inflators market has been segmented based on type, application and region.
By Type
The type segment is divided into 24 V and 12 V. 12 V segment led the largest share of the Tyre inflators market with a market share of around 65% in 2022. The 12V power socket is plugged into the tyre inflator to receive the desired tyre pressure. Some tyre inflators also have additional functions like a flashlight, digital readout, or attachments.
By Application
The application segment is repair store, household, and automotive manufacturers. The automotive manufacturers segment led the largest share of the Tyre inflators market with a market share of around 40% in 2022. Rapid urbanisation, rising consumer spending, and a thriving automotive industry globally have increased demand for automotive manufacturers, which is driving up the need for tyre inflators for such cars.
Global Tyre Inflators Market- Sales Analysis.
The sale of tyre inflators market expanded at a CAGR of 5.5% from 2016 to 2022.
Tyre inflators are designed to inflate the tyre with more unique functions than air compressors and have an accurate and readable pressure gauge. Some inflators offer features like USB ports, lamps, and emergency signals and are smaller than air compressors. The inflator can be used to fill a flat tyre and jumpstart a car battery. By keeping tyres inflated to the recommended pressure, tyre inflators can prolong tyre life, increase fuel efficiency, and avoid tyre blowouts.
As a result of increasingly stringent fuel economy regulations, automakers all over the world are eliminating spare tyres from their vehicles in an effort to save costs and boost efficiency, which is the main factor driving the tyre inflator industry. When a spare tyre is replaced with an inflation kit, the car loses about 25 pounds. Additionally, several nations, such as India, no longer require drivers to carry spare tyres, which is anticipated to support the expansion of the tyre inflator market over the Projection period.
Thus, owing to the aforementioned factors, the global tyre inflators market is expected to grow at a CAGR of 7% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the tyre inflators market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Europe region dominated the Tyre inflators market and held a 40% share of the market revenue in 2022.
Global Tyre Inflators Market- Country Analysis:
Germany's tyre inflators market size was valued at USD 119 million in 2022 and is expected to reach USD 144.9 million by 2030, at a CAGR of 2.5% from 2023 to 2030. The market for tyre inflators is growing owing to the increasing sale of commercial and passenger vehicles.
China’s tyre inflators market size was valued at USD 112.8 million in 2022 and is expected to reach USD 152.0 million by 2030, at a CAGR of 3.8% from 2022 to 2030. Significant investments are being made in the worldwide tyre inflators market in china by well-known manufacturers that are continuously concentrating on growing their manufacturing facilities, increasing research and development, and doing so.
India's tyre inflators market size was valued at USD 92.07 million in 2022 and is expected to reach USD 117.5 million by 2030, at a CAGR of 3.1% from 2022 to 2030. Numerous minor regional firms are entering the market as a result of the market's fragmentation. For instance, Portronics introduced Vayu, a revolutionary tyre inflator, in India in January 2022. The inflator features a 4000mAh battery and a 50W power output out of the box.
Key Industry Players Analysis:
To increase their market position in the global tyre inflators market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
7% |
Market Size |
1,190 million in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Type, By Application, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Instrument Research Associates (IRA), Eastwood Digital, Airtec Corporation, Pressure Systems International, Inc., Craftsman, Coido Corporation, Hendrickson USA, L.L.C., Aperia Technologies, Inc., Pressure Guard, STEMCO, Nexter Group, PTG, MasterFlow, Campbell Hausfeld, VIAIR Corporation, Wagan Corporation, and Nova Gas Techniques Ltd. |
By Type |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global Tyre Inflators Market By Type:
Global Tyre Inflators Market By Application:
Global Tyre Inflators Market By Region:
Global tyre inflators market is expected to grow from USD 1,190 million in 2022
The tyre inflators market is projected to have a CAGR of 7%.
The market value has increased as a result of an increase in demand for practical and efficient safety accessories and components. Growing consumer awareness of the availability of portable tyre inflators along with the growth and expansion of the automobile industry, particularly in developing nations, will also generate attractive potential prospects for the market. The government's increased tyre-related rules will also encourage market expansion. The manufacturers' increased emphasis on building new factories and ramping up their R&D efforts will pave the path for the market's further expansion.
Based on the type, the tyre inflators market is segmented into 24 V and 12 V.
Leading market players active in the global Tyre inflators market are Instrument Research Associates (IRA), Eastwood Digital, Airtec Corporation, Pressure Systems International, Inc., Craftsman, Coido Corporation, Hendrickson USA, L.L.C., Aperia Technologies, Inc., Pressure Guard, STEMCO, Nexter Group, PTG, MasterFlow, Campbell Hausfeld, VIAIR Corporation, Wagan Corporation, Nova Gas Techniques Ltd., and some others.
Political Factors- Favorable tax laws make it simple for tyre inflators market to grow. Additionally, tyre inflators market will be able to maintain its competitiveness by reducing its cost of doing business thanks to government assistance and advantageous tax rates. Additionally, corporate expenses won't be passed on to customers, giving them access to attractive and competitive prices. Businesses like tyre inflators market will be able to flourish as a result of favourable tax laws that support business growth and development, which will also contribute to the creation of economic value for the nation. Monitoring industrial competition is crucial for governmental and political institutions and entities.
Economic Factors- Businesses like tyre inflators market will find it easier to obtain bank loans if the interest rate is low. The goal of this market financing is expansion and development. Business loans would also play a significant role in the growth and construction of the sector's infrastructure. The ability to take out personal loans would also be made possible by moderate interest rates. Personal loans will result in increased consumer spending and consumption when interest rates are low to moderate. This would increase consumer spending, sales, and market penetration for market like tyre inflators market.
Social Factors- For tyre inflators market, having a larger proportion of young people is advantageous because it will give the company a broader customer base. Additionally, a younger population will provide tyre inflators market with access to human resources and personnel who are more talented and educated, expanding the talent pool. For tyre inflators market, the moderate to upper middle-class matters as its existing customers and supporters. This group promotes the tyre inflators market and inspires the younger generation to become devoted customers. Numerous factors will help tyre inflators market make it attractive for the population to have greater levels of education. Higher education increases the number of talented, informed, and competent individuals available to tyre inflators market.
Technological Factors- The proportion of young people and people in their middle years is higher than average. These demographic groups frequently utilise social media for connectedness. Businesses like tyre inflators market are increasingly using social media to obtain consumer data and information. tyre inflators market also engages with customers on its official social media channels to solicit comments and announce discounts. Markets like tyre inflators market have begun utilising social media for recruiting purposes, highlighting the shifting social media trends in the corporate world. High levels of both domestic and foreign investment are made in the nation's technological R&D.
Environmental Factors- A rise in the green lifestyle has coincided with an increase in environmental sustainability consciousness. Consumers in the nation and in all markets are gravitating toward goods and services that are "green," or created and promoted in ways that are sustainable and kind to the environment. To appeal to consumers, businesses are also jumping on the green product bandwagon and releasing them. Environmentally friendly CSR activities are regularly conducted by tyre inflators market. A green product line, which is a variant of its current items, has also been introduced by tyre inflators market. To boost its contribution to environmental sustainability, the company intends to expand the weight of its green product range steadily.
Legal Factors- The population of the nation and the market is diverse. There are many immigrants, and enterprises from the nation also have operations in many other countries. As a result, tyre inflators market has always felt at ease with a diverse staff and has developed internal business practices that foster diversity. The business adheres to anti-discrimination laws in all of its operations, from hiring to promoting. Every employee participates in diversity training and workshops on a regular basis to learn how to avoid discriminatory and biassed acts, which could have serious consequences. Like other companies in the sector, the tyre inflators market is an equal opportunity employer. Additionally, tyre inflators market makes sure that there is no discrimination inside the organisation and that the work environment is always positive.
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