Selbyville, Delaware, Aug. 29, 2023 (GLOBE NEWSWIRE) --
The connected tire market is estimated to be worth USD 400 million by 2032, as reported in a research study by Global Market Insights Inc.
The surging adoption of autonomous and electric vehicles along with the dire need for sophisticated tire technologies to ensure safety and efficiency will support the market growth. For instance, in June 2023, new EV registrations in the EU surged by 66.2%, reaching 158,252 units. Connected tires, equipped with sensors and communication modules, have grown largely popular as they enhance vehicle performance by providing real-time data on tire pressure, temperature, and tread wear. Thus, the rising preference for this data-driven approach to optimize driving experiences, extend the tire lifespan, and aid in preventing accidents will boost the product adoption.
Connected tire market from the 18 - 22 inches rim size segment generated more than USD 2 million in 2022, driven by the rising demand for large vehicles, such as SUVs, trucks, and high-performance cars. These vehicles often come equipped with 18-22-inch tire sizes to provide better stability, enhanced traction, and improved aesthetics. The surging focus of manufacturers on launching new connected tire technologies to enhance driving safety and performance will also propel the industry growth. For instance, in February 2023, JK Tyre & Industries, a leading tire producer, launched a wide range of smart tires for trucks to reduce costs for boosting the tire life by at least 10%.
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The connected tire market from the tire pressure monitoring system (TPMS) segment is anticipated to record more than 46% CAGR from 2023 to 2032. Lately, numerous countries and regions have implemented regulations for mandating the adoption of TPMS in vehicles for improving road safety and reducing accidents caused by improper tire pressure. With vehicle owners prioritizing safety and eco-friendliness, the demand for TPMS-equipped connected tires is gaining tremendous traction. The surging deployment of TPMS technology for ensuring optimal tire pressure, enhancing safety, fuel efficiency, and tire lifespan will also add to the market expansion.
Europe connected tires market is set to witness over 47.5% CAGR between 2023 and 2032. The growth can be attributed to stringent safety regulations, technological innovations and the presence of environmentally conscious consumer demands. Several governments across the region are subsidizing the transition from traditional-fueled automobiles to electric alternatives to accelerate the progress towards net-zero carbon emissions over the next decade. Additionally, the surging efforts led by industry participants to address the rising end-user needs will influence the industry revenue. For instance, in June 2023, Continental introduced the UltraContact NXT, a connected tire with high proportion of sustainable components and maximum EU tire-label performance in volume manufacturing.
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Key players operating in the connected tire market include Continental AG, Sumitomo Rubber Industries Ltd., Nokian Tyres plc., Michelin, Bridgestone Corporation, The Goodyear Tire & Rubber Company, Pirelli & C. S.p.A. These companies are actively embracing innovations by launching new connected tire technologies for widening their customer base. To cite an instance, in January 2022, Michelin unveiled its Connected Tyres solution for monitoring the tire performance and notifying drivers of possible concerns.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Connected tire market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Rim size trends
2.5 Component trends
2.6 Vehicle type trends
2.7 Propulsion trends
2.8 Sales channel trends
Chapter 3 Connected Tire Market Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.8.1 Partnership/Collaboration
3.8.2 Merger/Acquisition
3.8.3 Investment
3.8.4 Product launch & innovation
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 The rising adoption of connected vehicles
3.10.1.2 Emphasis on vehicle safety
3.10.1.3 Improved fuel efficiency
3.10.1.4 Enhanced driver experience and convenience
3.10.1.5 Rise of autonomous and electric vehicles
3.10.2 Industry pitfalls & challenges
3.10.2.1 High initial investments
3.10.2.2 Data security and privacy concerns
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
