Vancouver, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The global automotive smart tire market size reached USD 76.78 billion in 2020 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing need for improving fuel efficiency of vehicles using smart tires is among the major factors expected to drive market revenue growth.
Drivers:
Adoption of more fuel-efficient vehicles is increasing rapidly owing to various benefits including Corporate Average Fuel Economy (CAFE), and this trend is expected to continue over the forecast period. Fuel efficiency reduces impact on the environment and use of smart sensor-based tires will enable vehicles to reach compliance with pollution-related government regulations. Besides, rising demand for sensor systems in vehicle tires, which provide real-time data for vehicle users are key factors driving market revenue growth and this is expected to open up further opportunities for automotive smart tire solution providers.
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Restraints:
Lower adoption rate of smart tires due to high cost and product availability for premium vehicle segment are restraining growth of the automotive smart tire market. Also, technology errors or malfunctioning which can occur as a result of incorrect data or information and low-quality tires can hamper growth of the automotive smart tire market.
Growth Projections:
The global automotive smart tire market revenue is expected to register a CAGR of 6.6% over the forecast period and increase from USD 76.78 billion in 2020 to USD 163.88 billion in 2032. Increasing demand for Internet of Things (IoT) for efficient development for smart tires is another factor driving market growth.
COVID-19 Impact Analysis:
The COVID-19 pandemic led to downsizing of various businesses, and also negatively impacted growth of the automotive smart tire market owing to reduced manufacturing, production, and sales of new vehicles in 2020. Due to restrictions and lockdown imposed globally, vehicle usage was reduced drastically and tire wear also reduced in parallel. In addition, the number of vehicles being sent for repair, maintenance, and replacement of vehicle parts declined significantly.
Current Trends and Innovations:
Technological advancements, deployment of Artificial Intelligence (AI), and Tire Pressure Monitoring System (TPMS) in automotive smart tire solutions are key factors boosting adoption of smart sensor tires. Also, rising concerns regarding environment sustainability with vehicle safety is expected to increase the implementation of automotive smart tire solutions.
Geographical Outlook:
The Europe automotive smart tire market is expected to register fastest revenue growth rate during the forecast period. Key factors contributing to fastest revenue growth rate is high demand for premium cars, increasing preference for vehicles with advanced safety features, technological advancements in vehicles, and the region being a hub of production for luxury cars manufacturing companies such as Ferrari, Renault, Volkswagen, and BMW. In addition, government regulations and safety norms are driving deployment of smart tires in countries in the region.
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Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 76.78 Billion |
| CAGR (2023–2032) | 6.6% |
| Revenue forecast to 2032 | USD 163.88 Billion |
| Base year for estimation | 2020 |
| Historical data | 2018–2019 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Vehicle type, features, technology, distribution channel, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Continental AG, Bridgestone Corporation, The Goodyear Tire & Rubber Co., Sumitomo Rubber Industries Ltd., Pirelli & C. S.p.A., Toyo Tire Corporation, Nexen Tire Corporation, JK Tyre & Industries Ltd., Maxxis International, Interco Tire Corporation |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global automotive smart tire market is fairly fragmented, with a number of large and medium-sized market players accounting for majority market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more efficient and better performance automotive smart tires. Companies included in the global automotive smart tire market report are:
- Continental AG
- Bridgestone Corporation
- The Goodyear Tire & Rubber Co.
- Sumitomo Rubber Industries Ltd.
- Pirelli & C. S.p.A
- Toyo Tire Corporation
- Nexen Tire Corporation
- JK Tyre & Industries Ltd.
- Maxxis International
- Interco Tire Corporation
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Strategic Development
- In June 2021, The Goodyear Tire & Rubber company completed acquisition of Cooper Tire & Rubber Company. The combination unites two leading tire companies with product portfolios, services and capabilities to stronger leadership in the global tire industry. Jointly, the company will focus on consumers, innovative technology, and high-quality products and solutions.
- In July 2021, Pirelli & C. S.p.A launched its first high load index tire, which is a new type of tire dedicated primary to catering to electric or hybrid cars and SUVs, and designed to support larger vehicles and also support 20% more weight compared to the standard types of tires.
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Emergen Research has segmented global automotive smart tire on the basis of vehicle type, features, technology, distribution channel, and region:
- Vehicle Type Outlook (Revenue, USD Billion; 2019–2032)
- Heavy Duty Truck
- Passenger Vehicle
- Electric Vehicle
- Commercial Vehicle
- Features Outlook (Revenue, USD Billion; 2019–2032)
- Connected Tire
- Tire Pressure Monitoring System (TPMS)
- Others
- Technology Outlook (Revenue, USD Billion; 2019–2032)
- Non-pneumatic Tire
- Pneumatic Tire
- Distribution Channel Outlook (Revenue, USD Billion; 2019–2032)
- Aftermarket
- Original Equipment Manufacturer (OEM)
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
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