Farmington, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The Global Connected Tire Market Size Was Valued At USD 0.75 Million In 2021. The Market Is Projected To Grow From USD 1.18 Million In 2022 To USD 45.60 Million By 2030, Exhibiting A CAGR Of 68.5% During The Forecast Period. The effects of the global COVID-19 pandemic have never been seen before. For example, the demand for connected tyres is lower than expected in all regions compared to levels before the pandemic. Our research shows that the global market was 18.0% smaller in 2020 than in 2019.
"Connected" tyres have a number of sensors that track the condition of the tyre and send that information to the car in real time. There are a number of Internet of Things (IoT) devices and sensor-based systems in the tyres, such as a pressure monitoring system, temperature control systems, an advanced assistance system, and others. It sends the information it has gathered to the computer. This includes things like tyre pressure, road condition, tread depth, speed, and tyre temperature. This lets the computer figure out how well the tyres are working, if they need maintenance, and if they are off track. It also lets the computer adjust the suspension, emergency brakes, traction control, and other things. The rise of new technologies in the auto industry is one of the main things that will drive future changes in this technology.
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Recent Developments:
- October 2021 – Brandmotion LLC, an automotive safety technology company, announces a collaboration with DENSO Products and Services Americas to provide a one-stop service for cities looking to equip their cars with advanced V2X technology.
- October 2021 – Infineon Technologies announced the release of the SLS37 V2X Hardware Security Module (HSM) and plug-and-play security solution for V2X communications. The SLS37 V2X HSM is based on a highly secure, tamper-evident microcontroller tailored to the security requirements of V2X applications within telematics control units.
Segment Overview
Vehicle Type Insights
In 2021, passenger cars had the biggest share of the market, and this is likely to stay true for the next few years. This is mostly because of things like the rise in accidents on the roads around the world, which has made it more important to make roads safer.
The increase in sales of passenger cars around the world has also helped the segment grow. For example, the International Organization of Motor Vehicle Manufacturers (OICA) says that in 2020, the world sold 54 million passenger cars and 24 million commercial vehicles. People's ability to spend more money, the availability of services to help them buy cars, and rising living standards are the main things that drive the sales of passenger vehicles around the world.
Rim Size Insights
The 18"-21" segment is expected to grow a lot during the planned time. The segment is growing mostly because more people are buying cars with wheels that are 18" to 21" in diameter. This segment is also growing because more and more people want luxury cars with high-tech features. Often, these wheels are on high-end cars.
The more than 22" segment is expected to grow at the second-fastest rate from 2022 to 2030. Using bigger wheels on cars to improve handling, traction, stopping, and other things is likely to help this segment grow. Also, the industry is expected to grow because cars are getting more and more connected technologies.
Regional Outlook:
In 2021, Europe had the biggest share of the market, and this is likely to stay true for the next few years. The market is expected to grow because of the strong presence of big players like Michelin, Continental AG, and Pirelli & C.S.p.A., as well as technological advances in the area. Also, the fast spread of connected and self-driving vehicles in the region is likely to speed up market growth in the future.
Asia and the Pacific are likely to have the best CAGR from 2022 to 2029. The Asia-Pacific market is expected to grow because more passenger cars are being sold in countries that are still developing, like China, Japan, South Korea, and others. Also, the market in Asia Pacific is expected to grow because there is a growing need for effective fleet management and predictive maintenance in the well-established logistics and ride-hailing industries there. Also, the growth of the market in Asia is helped by the fact that more cars are being sold in countries like China, India, and Japan.
North America is the second-biggest market region. The main thing that is making the area grow is how quickly connected and self-driving cars are being made and sold. The growth of the market in North America will also be helped by the fact that there are a lot of big names in automotive technology and that the infrastructure is getting better.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 68.5% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 1.18 Million |
| By Vehicle Type | Passenger Cars, Commercial Vehicles, Others |
| By Rim Size | More than 22", 12" – 17", 18" – 21", Others |
| By Companies | Toyo Tires (Japan), 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) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Trends:
As the Internet of Things (IoT) makes it easier for things to connect, tyre companies are moving towards telematics solutions for mobility, data sharing, and vehicles that can talk to each other. Michelin, Bridgestone, Continental, and Goodyear, which are all leaders in the tyre industry, are testing IoT-connected sensors to give fleet owners longer tyre life, better gas mileage, and more safety. For example, Goodyear Tire & Rubber Company made the Eagle 350 Urban, which is a round concept tyre. With the help of the Internet of Things (IoT) and Li-Fi, a mobile wireless technology based on light, the data will be sent from one car to another and from one car to the infrastructure.
Driving Factors:
The popularity of self-driving, connected, and smart cars has sped up the development of technology used in all parts of cars. With the help of advanced vehicle parts, like connected tyres, manufacturers can make connected vehicles work better by getting feedback from these parts in real time. These do things like collect, analyse, and store data, which helps with making decisions.
When the economy grows quickly, projects like smart cities and transportation infrastructure will be built well. Many countries, including Mexico, Canada, and the U.S., are building digital infrastructure so that cars and infrastructure can talk to each other.
Restraining Factors:
The cost of all the parts and sensor assembly in these tyres adds a lot to the total cost of making a vehicle. Also, there are extra costs for hardware systems, connectivity solutions, and telecommunications services that must be in the car for this type of tyre to work. This could make the market grow less quickly. Also, these very technologically advanced tyres have a lot of problems that need to be fixed regularly, like malfunctions and breakdowns. Also, hackers could easily get into system data and use car functions without permission. This could slow down the use of smart tyres and stop the market from growing.
Key Segments Covered:
Top Market Players:
Toyo Tires (Japan), 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), and others.
By Connectivity Type
- Passenger Cars
- Commercial Vehicles
- Others
By Rim Size
- More than 22"
- 12" – 17"
- 18" – 21"
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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