The Automotive Smart Tire Market projected to reach $110.39 Billion by 2026, according to CRI’s new report. The study also highlights that the market is set to witness a CAGR of 6.20% during the period 2021-2026.
Smart tires enable vehicle-to-everything communication in such a way that the drivers have all the data at their disposal at all times. Smart tires are enabled with both sensors as well as chips, which are used to read and process tire data. The advanced tires usually have sensors present in the tire tread. The chip allows communication through a Bluetooth device to various devices. The benefit of Bluetooth is that the data can be accessed by the user over a smartphone or tablet. The smart tires have found a use case in selected sports cars, which are currently utilizing these systems. The vehicle can use the received data to ensure optimal performance of the vehicle.
“With the growing connectivity in the IoT era, tire manufacturers are developing diverse and advanced solutions for mobility, data sharing, and connected vehicles to offer tire-as-a-service (TaaS). The services are going to positively impact the growth of the smart tire by developing a platform that integrates smart tires with cloud-based platforms and smartphone applications to deliver tire-related services. The results of these services rely on data-based solutions such as monitoring of tire and vehicle parameters as well as providing insights regarding tire replacement and tire maintenance.”, according to the report
Key companies operating in the market
Some of the key players operating in the market, include Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber, Pirelli & C. S.p.A, The Yokohama Rubber Company, Limited, Hankook Tire & Technology Co., Ltd., Nokian Tyres Plc., Toyo Tire Corporation, Sumitomo Rubber Industries, Ltd., JK Tyres & Industries Ltd., Revo Technologies, Inc., NXP Semiconductors, Schrader TPMS Solutions, and Infineon Technologies AG.
The segment provides details about the competitive strength of the key players operating in the market. Continental AG and Goodyear Tire & Rubber Company account for the largest market share in the ecosystem, owing to their vast market presence and various partnerships with OEM.
How can market intelligence on automotive smart tire market add value to your organization’s decision-making process?
Business and Corporate Strategies: The automotive smart tire market is poised to grow over time, compelling companies to come up with collaborative strategies in order to sustain themselves in the intensely competitive market. Companies with identical product portfolios, with a need for additional resources, often partner and come together for joint venture programs, which helps them gain access to one another’s resources and facilitates them to achieve their objectives faster. Furthermore, such ventures result in companies making use of each other’s expertise. Additionally, tire manufacturers have turned toward collaborating with Internet of Things (IoT) service providers for the rapid development of their automotive smart tires. For instance, in March 2018, Continental and Vodafone partnered to deploy commercial fleets with Conti Connect systems.
Market Segmentation of Automotive Smart Tire Market
Sensor Type : This segment emphasizes the growth of each product (sensors) for smart tires during the forecast period. The study covers various types of traditional and next-generation sensors such as TPMS, RFID Chip, accelerometer sensors, and strain gauge sensors. Among these, TPMS sensors accounted for the largest market share in 2020 and continue to dominate the market in the given forecast period (2021-2026), driven by strong government and regulatory bodies’ support.
Application: The segment gives a brief overview of the market status of different applications of the product and key players offering products in those applications. Passenger vehicles are one of the major application areas for automotive smart tires. The rapid advancements in the development and commercialization of connected and autonomous vehicles have led to the evolution of technology for several automotive components. As the trend to develop these next-generation vehicles is being realized in the industry, the reliance on traditional tires is expected to be replaced by the adoption of connected and TPMS sensor-enabled tires. Commercial vehicles include light commercial vehicles (LCVs) such as pick-up trucks, heavy buses, and heavy trucks. Smart tires are enabling commercial vehicle manufacturers to manage and monitor their fleets through digital monitoring solutions.
Key Questions Answered in the Report
• Why should existing tire and sensor manufacturers consider venturing into the next-generation smart tire market, and what are the future growth opportunities?
• What are the key trends, market drivers, and opportunities in the market pertaining to automotive smart tires?
• What are the major restraints inhibiting the growth of the global automotive smart tire market?
• What kinds of new strategies are being adopted by the existing market players to expand their market position in demand generating developing and developed countries?
• Which are the promising companies that have obtained financial support to develop their products and markets?
• Which are the key companies in the market to source sensors for integrating them into smart tire products?
• How much revenue each of the segments is expected to record during the forecast period along with the growth percentage? Following are the segments:
o Product offerings, including (smart tires and sensors)
o Application, including passenger and commercial vehicles
o Region, including North America, South America, the U.K., Europe, Asia-Pacific and Japan, China, and the Middle East and Africa
• Which type of players and stakeholders are operating in the market ecosystem of the automotive smart tire, and what is their significance in the global market?