Market Highlights
Market Research Future (MRFR), in its latest report on the Automotive Smart Tire Market 2022, reveals that there are major factors that govern the expansion of the market. Important consequences of COVID 19 on the automotive smart tire market is provided along with the report. The continuous adoption of advanced technology to develop intelligent tires and promote the expansion of the market in the assessment period. The rise in IoT connectivity solution deployment to boost the safety of the automotive smart tire can support the expansion of the market in the review period.
Automotive Smart Tire Market is expected to witness 18.5% CAGR during the forecast period.
The higher durability, improved vehicle performance, and increased fuel efficiency offered by the automotive smart tire market is likely to support the expansion of the market. Moreover, the different governments are taking initiative to promote usage of 12–14 tires on heavy commercial vehicles to prevent severe accidents. The introduction of self-driven cars that can lead to decrease in driver intervention and interaction, along with government initiatives that are supporting solutions to prevent accidents and injuries can also impact the market in the review period. At the same time, terrain adaptability, the low wear tear of the tire, fuel-efficiency enhancement, and high performance can drive the global automotive smart tire market.
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Market Scope
The global automotive smart tire market is estimated to reach USD 2254.49 million by 2025 registering a CAGR of 16.10% during the forecast period. This is influenced by the focus of automotive manufacturers to leverage on data and analytics to improve their tires. Metrics such as load detection, tread wear depth, pressure temperature, and road conditions can be used in gleaning useful insights and start new trends in tire development.
Investments in internet of things (IoT) sensors for extending tire shelf life and fuel efficiency can spur the global automotive smart tire industry. The need to protect fleet drivers and improve logistical inconsistencies can drive the smart tire demand over the forecast period.
Key Players
Michelin Group (France), The Goodyear Tire Rubber Co (USA), Continental AG (Germany), NEXEN TIRE Corporation (Korea), Sumitomo Rubber Industries, Ltd. (Japan), Bridgestone Corporation (Japan), and Pirelli C. S.p.A. (Italy) among others are some reputed names in the Automotive Smart Tire global Market as stated by MRFR.
Drivers: Automotive Smart Tire
Segment Analysis
The segment analysis of the automotive smart tire market is done by Sales Channel, technology, and Vehicle Type.
The technology based segments of the automotive smart tire market are Non-pneumatic Tires and Pneumatic Tires. The high sales of pneumatic tires due to increase in the awareness about their advantages can impel the expansion of the automotive smart tire market in the years ahead.
The Sales Channel based segments of the automotive smart tire market are Aftermarket and Original Equipment Manufacturer. The presence of robust aftermarket solutions across developing economies can support the expansion of the market in the study period.
The Vehicle Type based segments of the automotive smart tire market are Commercial Vehicles, Plug-in Hybrid Vehicle, Passenger Cars, Battery Electric Vehicle, and Hybrid Electric Vehicle. The rise in deployment of Plug-in Hybrid Vehicle and Passenger Cars can boost the growth of the automotive smart tire market in the years ahead.
Regional Study
Global trends of the Automotive Smart Tire market is studied for North America, EU, Asia-Pacific, and the Rest of the World.
The Automotive Smart Tire market in Europe can dominate the global automotive smart tire market across the assessment period as a relatively high rate of adoption of sensor integrated tires by prominent tire manufacturers is observed in the analysis period. The significant increase in the demand for autonomous cars, along with semi-autonomous vehicles in the region is expected to prompt the expansion of the Automotive Smart Tire market in the region. Furthermore, the growing adoption of safety alternatives, strict measures to curb reduce accident rates, fuel efficiency enhancement, and increase in the automotive production in different regions of APAC can drive the expansion of the Automotive Smart Tire market in the region.
In North America, the increase in tire associations and rise of prominent vehicle producers, along with pressing demand for smart tires that offer real time data and information pertaining to prevent accidents can impel the expansion of the market across the review period.
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