Dublin, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The "Global Automotive Smart Tire Market 2022-2030 by Product, Engineering Technology, Vehicle Type, Vehicle Propulsion, Distribution Channel, and Region: Trend Forecast and Growth Opportunity" report has been added to ResearchAndMarkets.com's offering.
The global automotive smart tire market is poised for robust growth, projected to reach $161,616.7 million by 2030, with an annual growth rate of 7.7% during the period from 2022 to 2030. This remarkable growth is fueled by several key factors, including the increasing demand for electric vehicles (EVs) to mitigate greenhouse gas emissions, the rapid rise of autonomous and connected vehicles, and the expanding adoption of artificial intelligence (AI) and 5G networks in the automotive industry.
Market Dynamics
The global automotive smart tire market is undergoing significant transformation due to the following dynamics:
- Environmental Concerns and EV Adoption: The escalating awareness of climate change and environmental issues is driving the adoption of electric vehicles. Smart tires play a crucial role in optimizing EV performance.
- Autonomous and Connected Vehicles: The rapid emergence of autonomous and connected vehicles is boosting the demand for smart tires, which can provide real-time data to enhance vehicle safety and performance.
- AI and 5G Integration: The increasing integration of AI and 5G networks in automobiles is creating opportunities for smart tire technology to improve vehicle control and safety.
- Sales Volume Growth: In addition to revenue growth, the market is experiencing an 8.8% compound annual growth rate (CAGR) in sales volume from 2022 to 2030, indicating a rising consumer preference for smart tires.
Market Segmentation
This 206-page report titled "Global Automotive Smart Tire Market 2022-2030" offers comprehensive insights into the market's segmentation and key aspects. The report includes detailed analysis of the following segments:
- Product Segmentation:
- Connected Tire
- Intelligent Tire/TPMS
- Sensor Type Segmentation:
- TPMS
- Accelerometer Sensor
- Strain Gauge Sensor
- RFID Chip
- Other Sensors
- Engineering Technology Segmentation:
- Pneumatic Tire
- Run-Flat Tire
- Non-Pneumatic Tire
- Vehicle Type Segmentation:
- Commercial Vehicles
- Passenger Cars
- Vehicle Propulsion Segmentation:
- Conventional Vehicles
- Electric Vehicles (EV)
- Distribution Channel Segmentation:
- OEMs
- Aftermarket
Regional Insights
The report thoroughly investigates the global automotive smart tire market across various regions, including:
- North America: Covering the U.S., Canada, and Mexico.
- Europe: Encompassing Germany, UK, France, Spain, Italy, Russia, and others.
- Asia-Pacific (APAC): Including Japan, China, South Korea, India, and more.
- South America: Spanning Brazil, Chile, Argentina, and others.
- MEA (Middle East and Africa): Covering the UAE, Saudi Arabia, South Africa, and more.
Detailed analysis and data for annual revenue ($ million) are provided for the years 2022 to 2030 for each region and country, offering valuable market insights.
Key Companies
The report profiles key vendors in the global automotive smart tire market, including market leaders and emerging players. Some of the prominent companies mentioned include:
- Bridgestone Corporation
- Continental AG
- Hankook Tire & Technology Co., Ltd.
- Infineon Technologies AG
- JK Tyres & Industries Ltd.
- Michelin Group
- Nexen Tire Corporation
- Nokian Tyres Plc.
- NXP Semiconductors
- Pirelli & C. S.p.A
- Revvo Technologies, Inc.
- Schrader TPMS Solutions
- Sumitomo Rubber Industries, Ltd.
- The Goodyear Tire & Rubber Co.
- The Yokohama Rubber Company, Limited
- Toyo Tire Corporation
Conclusion
The global automotive smart tire market is on a trajectory of substantial growth, driven by factors such as EV adoption, autonomous and connected vehicles, and technological advancements. This press release provides an overview of the market's dynamics, segmentation, and key players, offering valuable insights for businesses and investors looking to capitalize on the expanding smart tire industry.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 206 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $89266.2 Million |
| Forecasted Market Value (USD) by 2030 | $161616.7 Million |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/mzl4i
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