New York, US, Feb. 17, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Smart Tire Market Research Report: Information by Technology, Vehicle Type, Sales Channel and Region - Global Forecast till 2030”, During the forecast period, the automotive Smart Tire market is anticipated to grow at a CAGR of 18.5%.
Automotive Smart Tire Market Overview
The development of the technology spread throughout every component of the car has increased with the rise of autonomous driving and linked vehicles. The complexity of vehicle management systems is the latest area of interest for automotive tyres, which provide real-time data on pressure and temperature, tread wear and depth, road conditions, load detection, and other parameters. The incorporation of sensors makes it possible to monitor tyre health and transfer data about temperature, pressure, and tread depth to the electronic control unit (ECU) of the vehicle, which interacts with the inboard computers of the vehicle to improve stability and ABS adjustments.
The prominent players in the global Automotive Smart Tire Market include
- The Goodyear Tire & Rubber Co (USA)
- Michelin Group (France)
- NEXEN TIRE Corporation (Korea)
- Continental AG (Germany)
- Bridgestone Corporation (Japan)
- Sumitomo Rubber Industries, Ltd. (Japan)
- Pirelli & C. S.p.A. (Italy)
- Among others.
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To ensure optimal efficiency, the embedded sensors and conductive rubber layer in the tyre help measure different tyre functioning criteria and the amount of moisture (snow, ice, or rain) on the road. Leading tyre producers like Continental, Bridgestone, Goodyear, and Michelin are all testing IoT-connected sensors to give fleet owners more fuel efficiency, longer tyre life, and greater safety. Software behemoths like Microsoft have spent USD 5 billion on IoT initiatives in addition to tyre manufacturers. The new IoT platform assists vehicle owners in real-time tyre performance monitoring to increase operational effectiveness and take appropriate action for cost- and profit-saving measures.
With the development of technology, the race is on to create intelligent or Smart Tires that rely on IoT connectivity to provide and deliver greater safety, durability, fuel efficiency, and vehicle performance. Additionally, research by governments around the world revealed that one in 12–14 tyres on big commercial vehicles may be dangerously under-inflated, which could result in serious accidents.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | 2030: Significant Value |
| CAGR during 2022-2030 | 18.5% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Increased fuel efficiency, longer tire life, and greater safety to the fleet owners Providing real time data on pressure & temperature |
| Key Market Drivers | The rise of autonomous driving and connected vehicles The evolution of the technology housed across all the parts of the vehicle |
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To track and measure tyre performance, well-known tyre manufacturers are experimenting with software platforms and IoT-connected sensors. With the introduction of ContiConnect by Continental AG, fleet owners in Canada, Mexico, Thailand, and the United States now have access to a new digital tyre monitoring platform. By 2019, the technology will also be available in Europe and Asia.
The development of autonomous driving, which reduces the need for driver interaction and intervention, government initiatives to prevent accidents and injuries, rising demand for safety alternatives in vehicles, and the introduction of self-driving vehicles will all contribute to the growth of the global automotive Smart Tire market over the coming years. The global automotive Smart Tire market is also being driven by minimal tyre wear and tear, terrain adaptability, high performance, and fuel efficiency improvement.
Automotive Smart Tire Market Segmentation
The global Automotive Smart Tire Market is segmented on the basis of technology, vehicle type, sales channel, and region.
On the basis of technology, the market has been segmented into pneumatic tires and non-pneumatic tires.
On the basis of vehicle type, the market has been segmented into passenger cars, commercial vehicles, battery electric vehicles, hybrid electric vehicles, and plug-in hybrid vehicle.
On the basis of sales channel, the market has been segmented into original equipment manufacturer (OEM) and aftermarket.
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Automotive Smart Tire Market Regional Analysis
Geographically, there are four main regions that make up the worldwide Automotive Smart Tire Market: North America, Europe, Asia-Pacific, and the Rest of the World. Due to relatively high sensor-integrated tyre adoption and large investments made by software companies to embrace IoT platform, Europe is predicted to hold a sizable market position in the automotive Smart Tire industry. Additionally, throughout the forecast period, significant sales of commercial vehicles (light commercial and heavy commercial) in the US are anticipated to boost the growth of the global Smart Tire market in North America. In the Asia Pacific area, the market for Smart Tires is anticipated to be driven by strict pollution regulations, government initiatives to lower accident rates, and significant automobile production.
Due to the significant demand for autonomous and self-driving vehicles in the region and the relatively high adoption of sensor integrated tyres by notable tyre manufacturers, Europe is predicted to lead the automotive Smart Tire market. In addition, the need for safety options, improvements in fuel efficiency, stringent rules to lower accident rates, and expanding vehicle production in nations like India, China, and ASEAN are some of the factors that are anticipated to boost demand for Smart Tires in the Asia Pacific region.
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Tire associations in North America and well-known automakers have expressed a significant interest in and demand for smart or intelligent tyres that offer fleet owners real-time data and information about preventing accidents and losses.
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