Dublin, April 30, 2024 (GLOBE NEWSWIRE) -- The "Connected Tire Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2024 To 2032" report has been added to ResearchAndMarkets.com's offering.
The connected tire market is experiencing a paradigm shift, which is expected to lead to a very strong CAGR of 45.5% during the forecast period of 2024 to 2032, driven by the integration of advanced technologies into traditional tire systems.
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
This transformative trend is reshaping the automotive industry, enhancing safety, performance, and overall driving experience. The connected tire market is driven by the integration of IoT for real-time monitoring, advancements in tire sensor technologies, and the overarching goal of enhancing vehicle safety and performance. However, the market faces the restraint of cybersecurity concerns and data privacy issues that necessitate comprehensive solutions to ensure the secure and responsible implementation of connected tire technologies.
The market's upward trajectory is expected to continue, driven by global trends in automotive connectivity and a rising awareness of the benefits offered by connected tire solutions. As the automotive industry evolves towards increased connectivity and smart functionalities, the connected tire market is poised for sustained growth, presenting opportunities for both existing and new players to thrive in this dynamic sector.
The competitive landscape of the connected tire market in 2023 is characterized by the presence of established players employing key strategies to maintain and enhance their market positions. Top players include Bridgestone Corporation, Continental AG, Hankook Tire & Technology, Michelin, Nokian Tyres plc., Pirelli & C.S.p.A., Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Co., The Yokohama Rubber Co. Ltd., Trelleborg AB, JK Tyre & Industries, Toyo Tire Corporation, Kumho Tire, and MRF Tyres major tire manufacturers and technology companies collaborating to offer comprehensive connected tire solutions.
Key strategies encompass partnerships, collaborations, technological innovations, and mergers and acquisitions. These players focus on developing advanced sensor technologies, enhancing data analytics capabilities, and expanding their global footprint. Strategic collaborations with automotive manufacturers are pivotal, as they facilitate the integration of connected tire solutions directly into new vehicle models. Additionally, investments in research and development drive continuous innovation, ensuring that market leaders stay at the forefront of technology.
In 2023, North America emerged as the region with the highest revenue percentage, driven by the early adoption of connected vehicle technologies and a mature automotive market. The presence of key players, coupled with favorable regulatory initiatives promoting vehicle safety technologies, contributes to the region's substantial market share.
However, the Asia-Pacific region showcases the highest CAGR, emphasizing the increasing demand for connected tire solutions in emerging economies like China and India. Factors such as rapid urbanization, a growing middle class, and a surge in automotive sales contribute to the robust CAGR in the Asia-Pacific region.
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Connected Tire market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2032.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Connected Tire market?
- Which is the largest regional market for Connected Tire market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Connected Tire market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Connected Tire market worldwide?
Market Drivers
Integration of IoT in Tire Systems: IoT-enabled sensors in tires provide real-time data on parameters like pressure, temperature, and tread wear, enhancing safety and efficiency.
- Example: Adoption by automakers like Tesla and BMW for continuous tire health monitoring.
Advancements in Tire Sensor Technologies: Rapid innovation in sensors, including pressure and temperature sensors, improves monitoring accuracy and analysis capabilities.
- Evidence: Research and development efforts by companies like Bridgestone and Continental for smart tire solutions.
Enhanced Vehicle Safety and Performance: IoT sensors enable dynamic adjustments to road conditions, optimizing tire pressure and providing alerts for potential issues.
- Regulatory Support: Mandates like TPMS inclusion in new vehicles by the European Union drive demand for comprehensive safety solutions.
Market Restraints
Cybersecurity Concerns and Data Privacy: Integration of IoT exposes tires to cyber threats, raising concerns about unauthorized access to vehicle data.
- Evidence: Instances of cybersecurity vulnerabilities in connected vehicles globally highlight the need for robust security measures.
Market Segmentation
By Offering:
- Hardware: Dominates revenue with widespread adoption of advanced tire sensor technologies.
- Software: Exhibits highest CAGR due to increasing demand for data-driven insights and analytics.
By Propulsion:
- Electric: Leads in CAGR driven by rising adoption of electric vehicles.
- Internal Combustion Engine (ICE): Maintains significant revenue share in traditional vehicles.
By Rim Size:
- Larger rim sizes contribute significantly to revenue, driven by premium vehicles.
- Smaller rim sizes exhibit highest CAGR, reflecting broader market penetration in mainstream vehicles.
By Sales Channel:
- OEM: Leads in revenue with integrated solutions during vehicle manufacturing.
- Aftermarket: Demonstrates highest CAGR due to increasing consumer awareness and retrofitting options.
By Component:
- TPMS: Dominates revenue for tire pressure monitoring and safety.
- Accelerometer Sensors: Highest CAGR, indicating importance for advanced driver-assistance systems.
By Vehicle Type:
- Passenger Cars: Leads in CAGR driven by growing consumer demand for safety features.
- Commercial Vehicles: Maintains significant revenue share, especially in fleet-wide adoptions.
Company Profiles
- Bridgestone Corporation
- Continental AG
- Hankook Tire & Technology
- Michelin
- Nokian Tyres plc.
- Pirelli & C.S.p.A.
- Sumitomo Rubber Industries, Ltd.
- The Goodyear Tire & Rubber Co.
- The Yokohama Rubber Co. Ltd.
- Trelleborg AB
- JK Tyre & Industries
- Toyo Tire Corporation
- Kumho Tire
- MRF Tyres
Market Segmentation
Offering
- Hardware
- Software
Propulsion
- Electric
- ICE
Rim Size
- 12-17 Inches
- 18-22 Inches
- More Than 22 Inches
Sales Channel
- OEM
- Aftermarket
Component
- TPMS
- Accelerometer sensors
- Strain gauge sensors
- RFID chips
- Other sensors
Vehicle Type
- Passenger Cars
- Commercial Vehicles
Region Segment (2022 - 2032; US$ Million)
- North America
- U.S.
- Canada
- Rest of North America
- UK and European Union
- UK
- Germany
- Spain
- Italy
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC
- Africa
- Rest of Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/q8q5sj
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