Pune, March 30, 2023 (GLOBE NEWSWIRE) -- “The Automotive Smart Tire Market had a valuation of USD 87.48 billion in 2022 and is projected to attain a value of USD 161.91 billion by 2030, with an anticipated compound annual growth rate (CAGR) of 8% from 2023 to 2030.”
The automotive industry is constantly evolving, and one of the latest innovations to hit the market is the smart tire. Smart tires are designed with advanced technology that allows them to communicate important information about the tire and the vehicle to the driver. Smart tires offer a number of benefits over traditional tires. For one, they can help improve fuel efficiency by maintaining proper tire pressure and reducing rolling resistance.
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Automotive Smart Tire Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 87.48 Billion |
| Market Size by 2030 | US$ 161.91 Billion |
| CAGR From 2023 to 2030 | 8% |
| Key Segments | • by Product (Connected Tire, Intelligent Tire/TPMS) • by Engineering Technology (Pneumatic Tire, Run-Flat Tire, Non-Pneumatic Tire) • by Vehicle Type (Commercial vehicles, Passenger cars) |
| Company Profiles | The Goodyear Tire & Rubber Co (USA), NEXEN TIRE Corporation (Korea), Continental AG (Germany), Michelin Group (France), Bridgestone Corporation (Japan), Sumitomo Rubber Industries, Ltd. (Japan), and Pirelli & C. S.p.A. (Italy) |
Market Analysis
The growth drivers for the automotive smart tire market include increasing demand for advanced driver assistance systems (ADAS) and connected cars, rising adoption of electric vehicles, growing emphasis on vehicle safety and fuel efficiency, and technological advancements in the tire industry. Additionally, the integration of sensors and other smart technologies in tires offers benefits such as real-time monitoring of tire pressure and temperature, improved vehicle performance, enhanced driving experience, and reduced maintenance costs, which further drives the growth of the market.
Impact of Recession
The automotive industry is one of the most important sectors of the global economy, with significant contributions to employment and GDP. However, like other industries, it is susceptible to economic downturns, such as recessions. The impact of a recession on the automotive smart tire market can be significant. However, there are also some factors that can mitigate the impact of a recession on the market. For example, the increasing emphasis on fuel efficiency and vehicle safety is expected to remain a key driver of demand for smart tires, even during an economic downturn.
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Key Regional Development
The Asia-Pacific region is expected to be the largest automotive smart tire market, driven by the growing demand for connected and autonomous vehicles in countries such as China and India. These nations have emerged as major players in the automotive industry, with a rapidly growing middle class and increasing disposable income. As a result, there is a higher demand for advanced vehicle technologies, including smart tires. North America is expected to be the second-largest market for automotive smart tires, owing to the rising demand for fuel-efficient and eco-friendly vehicles in the region.
Recent Developments Related to Automotive Smart Tire Market
- Bridgestone, the global tire and Rubber Company, has announced that it will be introducing smart tires for trucks and buses in 2024. This new technology will allow for increased safety, efficiency, and sustainability for commercial vehicles. Bridgestone's smart tire technology will also enable fleet managers to remotely monitor their vehicles' tire performance, allowing them to schedule maintenance and replacements more efficiently.
- Sensata Technologies, a leading supplier of sensors and sensing solutions, has recently unveiled a new smart tire-mounted sensor solution. The company's latest innovation is designed to improve the safety, performance, and efficiency of tires for all types of vehicles, from passenger cars to heavy-duty trucks.
Key Takeaway from Automotive Smart Tire Market Study
- Among the various categories of smart tires, the connected tire segment is expected to dominate the market in the coming years. Connected tires are equipped with sensors that allow them to collect and transmit real-time data to the vehicle's onboard computer, providing valuable information such as tire pressure, temperature, and tread wear.
- The market is projected to experience high growth in the coming years, with the commercial vehicle segment leading the charge. With the rise of the Internet of Things (IoT) and the increasing adoption of advanced technologies, smart tires have become an increasingly popular choice for modern vehicles.
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Table Of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Global Automotive Smart Tire Market Segmentation, By Product
9. Global Automotive Smart Tire Market Segmentation, By Engineering Technology
10. Global Automotive Smart Tire Market Segmentation, By Vehicle Type
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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