Automotive Smart Tire Market Trends Growth rate, Key Players, Forecast Period

Automotive Smart Tire Market Overview:

The factors and challenges that are expected to affect the automotive sector from 2023 to 2030 are detailed in the global automotive smart tire market size study by MRFR. The paper includes the COVID-19 epidemic and its effects on the value chain and manufacturing.

Automotive industry-specific smart tires utilize sensors to measure tire pressure, driving style, and other vehicle parameters. The development of linked automobiles and the shifting tire business may open the door for smart tires.

Automotive Smart Tire Market Scope

The global automotive smart tire market is estimated to reach USD 169.9 billion by 2032 registering a CAGR of 8.3% 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.

Automotive Smart Tire Market Competitive Outlook  

  • 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)

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Automotive Smart Tire market Segmentation

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 battery electric vehicles, hybrid electric vehicles, passenger cars, commercial vehicles, and plug-in hybrid vehicle.

Automotive Smart Tire Market Regional Analysis

Geographically, the global automotive smart tire market has been segmented into four major regions namely North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). Europe is estimated to account for a significant market share in the automotive smart tire market owing to relatively high adoption of sensor integrated tires and substantial investments by software giants to incorporate IoT platforms. Sales of connected and passenger vehicles and presence of ride-sharing platforms to improve security of passengers can bode well for the market.  

Considerable sales of commercial vehicles (light commercial and heavy commercial) in the U.S. is expected to augment the growth of global automotive smart tire market size in North America during the forecast period. Rise of 5G and integration of wireless sensors in fleets can influence the regional automotive smart tire market over the forecast period. Investments by governments and self-driving technology providers can bode well for the market.

Automotive Smart Tire Drivers

Automotive smart tire drivers are devices that mount on the wheels of a vehicle and provide real-time data on the vehicle’s tires. This data can include tire pressure, temperature, tread depth, and load. Smart tire drivers can also detect tire failure and alert the driver.

Smart tire drivers are powered by batteries and communicate with the vehicle’s onboard computer using wireless technology. The onboard computer can then display the tire data to the driver on the dashboard or infotainment system.

Smart tire drivers can provide a number of benefits to drivers and fleet operators. These benefits include:

  • Improved safety: Smart tire drivers can help to prevent tire failure, which can lead to accidents.
  • Increased fuel efficiency: Properly inflated tires have lower rolling resistance, which can improve fuel efficiency.
  • Extended tire life: Properly inflated tires last longer.
  • Reduced maintenance costs: Smart tire drivers can help to identify potential tire problems early on, which can reduce maintenance costs.

Smart tire drivers are becoming increasingly common in new vehicles. They are also available as aftermarket accessories for older vehicles.

Here are some examples of how automotive smart tire drivers are being used today:

  • Commuters: Smart tire drivers can help commuters to improve fuel efficiency and extend the life of their tires.
  • Long-haul truck drivers: Smart tire drivers can help long-haul truck drivers to improve safety and reduce maintenance costs.
  • Construction workers: Smart tire drivers can help construction workers to improve safety on construction sites.
  • Off-road enthusiasts: Smart tire drivers can help off-road enthusiasts to improve safety and performance.

Overall, automotive smart tire drivers are a valuable tool for drivers and fleet operators. They can help to improve safety, fuel efficiency, tire life, and reduce maintenance costs.

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