LOS ANGELES, Feb. 24, 2020 (GLOBE NEWSWIRE) -- The global connected tire market size is projected to reach US$ 390 million by 2026 with a CAGR of around 74% during the forecast period 2020 to 2026.
The connected tire market growth is driven by growing number of vehicle sales, stringent government regulations regarding safety features in vehicles, consumer preference towards advanced tires, and technological advancements in connected tire. Furthermore, government regulations in automotive industry due to safety boosted the automotive OEMs and aftermarket players to provide safe and economical connected tires and consumer focus towards safe and comfortable driving experience is estimated to boost the market growth.
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Market Insights
- The passenger cars segment accounted for approximately 62% of the share in the global connected tire market in 2018.
- The more than 22” segment accounted for approximately 34% of the share in the global connected tire market in 2018.
- The aftermarket segment accounted for approximately 67% of the share in the global connected tire market in 2018.
- North America accounted for the high market share of the connected tire market and the region is also expected to maintain its dominance over the forecast period.
- Asia-Pacific is expected to hold the highest CAGR in the global market during the forecast period.
North America dominated the global connected tire market in the year 2018. The region has experienced the potential growth owing to the presence of connected tire companies such as The Goodyear Tire & Rubber Co., Michelin, Continental AG, and Pirelli & C. S.p.A. among others. The presence of a large customer base along with growing aftermarket industry is additionally accelerating the regional market growth. Moreover, stringent government regulations regarding vehicle safety and growing vehicle production and sales, increase in spending capacity of consumers are expected to enhance the market growth in the global connected tire market in future. Large aftermarket industry in countries such as US, Canada, and Mexico and rise in consumer spending on vehicle accessories for enhancing the comfort level is further expected to boosts the demand for connected tire in North America. The Europe region is expected to exhibit a second-largest share in the connected tire market. R&D investments in automotive components and parts and growing adoption of luxury and premium vehicles, stringent government regulation to vehicle manufacturers to install safety features in vehicles and increase in research and development activities in countries, such as Germany, the UK, France, Spain, and Italy, are expected to enhance the market growth in the global connected tire market during the forecast.
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Asia-Pacific region is expected to exhibit highest CAGR in the connected tire market. Increase in foreign direct investment, presence of connected tire key players, increase in sales of vehicles, and growing aftermarket industry in India and China are the major driving factor for the region in the global market. Moreover, the National Highway Traffic Safety Administration (NHTSA) states the regulations for durability, performance in various heat environments, tire safety and tire pressure in vehicles tire its dominance in the global connected tire market in future.
Growing demand for safety features in vehicles, increase in demand for fuel efficient vehicles, and increase in application areas of connected tire are the main drivers for the market growth of the global connected tire market over the forecast period. Furthermore, growing demand for IoT in automobiles and growing consumer focus towards aesthetic appeal and comfort level and growing automotive aftermarket industry further grows the demand for connected tire over the forecast the period. Moreover, technological advancement and increase in the number of applications, and growing demand for electric and autonomous vehicles are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, volatile prices of raw material and high initial costs of connected tire and lack of awareness are expected to hamper the growth of the global connected tire market during the forecast period.
More than 22" segment have dominated the rim size segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. The rim size segment further classified into12" – 17", 18" – 21", More than 22". Several guidelines and recommendations issued by regulatory authorities, increase in demand to increase the clearance level in vehicle’s and enhance aesthetic appeal and durability in passenger car further expected to drive the demand for the segment. The manufacturers such as Michelin, Continental AG, Pirelli & C. S.p.A., and The Yokohama Rubber Co., Ltd. are the mainly investing in the development of rim size for connected tire, which expected the lead the market in the coming years.
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Aftermarket segment dominated the connected tire market on the basis of sales channel in the year 2018. The major factors that are driving the growth of this segment are growing demand for customized product with design alterations and growing consumer focus towards vehicle modification, and increase in number of service centers and private label shops drives the consumption of connected tire in aftermarket. This expected to enhance the dominance of the aftermarket in the global market over the forecast period.
Some of the leading competitors are Bridgestone Corporation, Hankook Tire, Sumitomo, Nokian, Toyo Tire & Rubber Co. Ltd., Nokian, The Goodyear Tire & Rubber Co., Michelin, Continental AG, Pirelli & C. S.p.A., and The Yokohama Rubber Co., Ltd.
Some of the key observations regarding connected tire industry include:
- In January 2020, Bridgestone Corporation introduced new sensor-filled connected smart tire. These tires warn about tire pressure and analyze and regulate the tire pressure and life of the tire and used in commercial fleets.
- In December 2019, Pirelli & C. S.p.A. has developed the tire that connects to the internet. This tire gives information about road condition and warns the driver about tread depth, tire pressure, tire temperature, and multi-axis acceleration.
- In December 2019, Pirelli & C. S.p.A. developed its Cyber Tire, connected with sensors that can communicate via 5G networks as part of a larger vehicle-to-infrastructure system to keep other vehicles constantly appraised of road conditions.
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