Pune, India, March 23, 2022 (GLOBE NEWSWIRE) -- The global Connected Tire Market is expected to rise during the projected period, owing to increasing technological advancements in the automotive industry. Fortune Business Insights™ publishes this information in a report titled, "Connected Tire Market, 2022-2029". As per the report, the Connected Tire Market size was USD 0.75 million in 2021. The market size is expected to rise from USD 1.18 million in 2022 to USD 45.60 million by 2029 at a CAGR of 68.5% during the forecast period.
Connected tire have an advanced facility to monitor the tire condition and transfer the collected information to the vehicle in real-time. This is enabled by using various sensors to ensure accuracy in monitoring and collecting the actual data. Increasing digitalization and utilization of IoT in the automotive sector are expected to drive the market.
Industry Developments:
June 2021: Goodyear Tire & Rubber Company introduced Sightline connected tires for commercial and autonomous vehicles fleets. This launch enables providing feedback on the tire and road conditions and connected and autonomous mobility.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2021 to 2028 CAGR | 68.5% |
| 2028 Value Projection | USD 45.60 Million |
| Base Year | 2021 |
| Market Size in 2022 | USD 1.18 Million |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 200 |
| Segments covered | Passenger Cars and Commercial Vehicles |
| Growth Drivers | The global market is expected to witness significant growth during the forecast period. |
| Increasing integration of advanced features in vehicles is anticipated to drive the market. | |
| Rapid economic growth and developing transportation infrastructure are likely to propel growth. |
Segments:
Rising Demand for Large Rim Size in Vehicles to Drive the More than 22” Segment
By vehicle type, the market is bifurcated into passenger cars and commercial vehicles.
Based on rim size, the market is trifurcated into 12”-17”, 18”-21”, and more than 22”.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
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Report Coverage:
The report provides insightful information researched from factual and statistical data regarding market development and advancements in the industry. Also, the impact of COVID-19 pandemic on the global market is highlighted further in this report. Furthermore, the report sheds light on drivers and restraints affecting the market growth rate and globalization of major companies operating in the industry. The report provides key market players and the latest industry developments implemented by the competitors.
Drivers & Restraints:
Increasing Adoption of Intelligent Transportation to Propel Growth
The global market is expected to witness significant growth during the forecast period. Increasing integration of advanced features in vehicles is anticipated to drive the market. Also, rising autonomous driving and connected vehicles bolster market growth by adopting technological advancements. Furthermore, increasing investment in digitalization is a contributing factor to expanding the automobile industry and increasing its revenue generation rate. Rapid economic growth and developing transportation infrastructure are likely to propel growth.
However, the high cost of connected tire and risk associated with data theft may hinder the market growth.
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Regional Insights:
Europe Dominates Global Market Due to Developing Technological Infrastructure
Europe holds the highest global Connected Tire Market share in 2021 due to the presence of prominent key players such as Michelin, Continental AG, and C.S.p.A. Also, rising technological advancements in this region are expected to continue dominance over the coming years.
Asia Pacific is expected to exhibit a higher growth rate during 2022-2029. Increasing demand for passenger vehicles and developing countries is anticipated to witness growth. Furthermore, increasing demand for predictive maintenance and effective fleet management is expected to boost the regional sales rate.
COVID-19 Impact:
Disruptions in Supply Chain Amid COVID-19 Affected Production Rate of Vehicles
The production and manufacturing units in the automobile sector were halted due to stringent restrictions imposed by the governments. Also, revised regulations on import/export policies affected the supply chain and declined the production rate of the companies. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2020, auto production has reduced by 16% globally. This directly impacted the Connected Tire Market growth during the pandemic.
Competitive Landscape:
Collaboration Allows Key Players to Enhance their Global Reach
Key players in the market focus on forming strategic alliances and collaborating with supporting companies to acquire a larger customer base and expand their business globally. Also, the companies consider implementing innovative product development strategies to enhance their product portfolio. The key market players focus on differentiating their products from competitors to gain a competitive advantage in the global market.
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List of Key Players Profiled:
- Michelin (France)
- Pirelli & C. S.p.A. (Italy)
- Goodyear Tire & Rubber Company (U.S.)
- Continental AG (Germany)
- Bridgestone Corporation (Japan)
- Nokian Tyres plc (Finland)
- Trelleborg AB (Sweden)
- Sumitomo Rubber Industries, Ltd (Japan)
- JK Tyres (India)
- Toyo Tires (Japan)
Major Table of Contents:
- Introduction
- Executive Summary
- Market Dynamics
- Key Insights
- Global Connected Tire Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Market Analysis, Insights and Forecast – By Rim Size
- Market Analysis, Insights and Forecast – By Region
- North America Connected Tire Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Country
- United States
- By Vehicle Type
- Canada
- By Vehicle Type
- Mexico
- By Vehicle Type
TOC Continued…!
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