Wilmington, Delaware, United States, April 12, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global connected tire market is estimated to reach US$ 420.8 Mn by 2031. Rise in adoption of advanced technology, such as telematics and ADAS, in the automotive industry to increase on-road safety of vehicles is bolstering the market.
Connected tires are next-gen components which are integrated with Internet of Things (IoT) and sensors to assist safe driving. Surge in demand for Connected, Autonomous, Shared & Electric (CASE) mobility is fueling the connected tire market value.
Connected tire is a new technology that has multiple sensors which monitor vehicles based on various parameters. It is widely used in autonomous and connected vehicles. Sensors in connected tires provide information to the vehicle microcontrollers (MCUs) in real time to check the condition of tires.
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Key Findings of Study
Rise in Adoption of CASE – Rapid technological advancements in the automobile sector are resulting in reshaping of every component of a vehicle. Surge in usage of CASE and mobility-as-a-service demonstrates integration of cutting-edge functionalities and features in advanced vehicles.
The functional and operational performance of vehicles and related components has improved with automation in transportation, thereby fueling market demand. Integration of data analytics and IoT is reckoned to be the future of tires due to their advantages of reduced maintenance efforts and costs.
Increased Road Safety – Connected tires are equipped with tire-pressure monitoring systems, temperature control systems, and predictive analytics. Predictive analytics can prevent unplanned repair costs, extend service life, and increase safety.
Connected tires are equipped with IoT sensors that offer real-time insights on various tire parameters, which helps improve vehicle and personal safety.
Surge in Incorporation of Higher Rim Size Wheels – Based on rim size, the connected tire market has been classified into 2” – 17”, 18”-21”, and more than 22”. The more than 22” segment is anticipated to expand at a significant growth rate during the forecast period.
Rise in demand for predictive maintenance among transport fleet owners to reduce operating costs is fueling the segment. Rise in installation of high rim size wheels in passenger cars and surge in sales of vehicles with high clearance are also driving the segment. The 18”- 21” segment is likely to account for leading share of the market in the next few years.
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Growth in Shared Mobility and Ride-hailing Services – Based on vehicle type, the market has been divided into light commercial vehicles, passenger vehicles, trucks, and buses & coaches. The passenger vehicles segment is anticipated to account for major market share during the forecast period. Growth of ride-hailing services and shared mobility and increase in incorporation of connected tires in luxury and high-end cars are driving the segment.
Rise in Demand for Connected Tires – Based on sales channel, the connected tire market has been bifurcated into OEMs and aftermarket. The aftermarket segment is anticipated to account for leading market share by 2031.
Increase in adoption of diverse telematics solutions for data sharing, mobility, and connected vehicles is fueling the OEMs segment. Furthermore, integration of sensors powered by IoT in tires to examine tire life, safety quotient, and fuel efficiency boosts the segment.
Besides OEMs, significant investment by tech companies to provide IoT-based systems is likely to trigger market development. The OEMs segment is anticipated to witness steady growth in the next few years, with increase in adoption of connected tires by auto manufacturers.
Growth Drivers
- Surge in usage of CASE is driving the connected tire market
- Recognition as advanced component drives the adoption of connected tires, which ensures safety while driving
Regional Landscape
North America is expected to account for leading global market share during the forecast period. Surge in demand for improved road safety and rise in sale of luxury and high-end vehicles in the U.S. are anticipated to augment the market in the region. Furthermore, consistent modernization of transportation infrastructure, rise in investment for advancements in digital infrastructure are propelling the connected tire market in North America.
Europe dominated the global market in 2021. The market in the region is anticipated to grow at a steady pace during the forecast period. The U.K. and Germany are the key markets in the region due to rapid technological advancements in transportation in these countries.
Demand for connected tires in Asia Pacific is anticipated to rise significantly during the forecast period. Japan, China, South Korea, and India are expected to account for significant market share in the next few years.
Competitive Insights
Competition landscape of the connected tire industry is consolidated, with significant presence of key vendors who hold majority market share. Key companies are investing significantly in R&D of connected tires to increase market share.
Prominent companies operating in the connected tire market are Bridgestone Corporation, Hankook Tire & Technology, Pirelli & C.S.p.A., The Goodyear Tire & Rubber Co., Trelleborg AB, Toyo Tire Corporation, and Continental AG.
TOC Continued……
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Key Points from TOC:
1. Executive Summary
1.1. Global Market Outlook
1.1.1. Market Value US$ Mn, 2017-2031
1.2. Competitive Dashboard Analysis
2. Market Overview
2.1. TMR Analysis and Recommendations
2.2. Market Coverage/Taxonomy
2.3. Market Dynamics
2.3.1. Drivers
2.3.2. Restraints
2.3.3. Opportunity
2.4. Market Factor Analysis
2.4.1. Porter’s Five Force Analysis
2.4.2. SWOT Analysis
2.5. Regulatory Scenario
2.6. Key Trend Analysis
3. Industry Ecosystem Analysis
3.1. Value Chain Analysis
3.1.1. Raw Material Supplier
3.1.2. Component Manufacturer
3.1.3. Sales Channel
3.1.4. End Use
3.2. Vendor Matrix
3.3. Gross Margin Analysis
4. Pricing Analysis
4.1. Cost Structure Analysis
4.2. Profit Margin Analysis
5. COVID-19 Impact Analysis – Connected Tire Market
6. Global Connected Tire Market, by Rim Size
6.1. Market Snapshot
6.1.1. Introduction, Definition, and Key Findings
6.1.2. Market Growth & Y-o-Y Projections
6.1.3. Base Point Share Analysis
6.2. Global Connected Tire Market Size Analysis & Forecast, 2017-2031, by Rim Size
6.2.1. 12” – 17”
6.2.2. 18” – 21”
6.2.3. More than 22”
The global connected tire market has been segmented as follows:
Global Connected Tire Market, by Rim Size
- 12” - 17”
- 18”- 21”
- More than 22”
Global Connected Tire Market, by Vehicle Type
- Passenger Vehicles
- Hatchbacks
- Sedans
- Utility Vehicles
- Light Commercial Vehicles
- Trucks
- Buses & Coaches
Global Connected Tire Market, by Sales Channel
- OEMs
- Aftermarket
Global Connected Tire Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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