Pune, India, February 21, 2023/MRFR Press Release/- Market Research Future published a half-cooked research report on Global Automotive Smart Tire Market. The global Automotive Smart Tire Market is expected to witness ~8.3% CAGR during the period, 2023 to 2032.
With technology advancements, the race is on to develop smart or intelligent tires that rely on IoT connectivity to offer and deliver enhanced safety, more durability, increased fuel efficiency, and improved vehicle performance. Furthermore, governments across the globe studied and suggested that one in 12-14 tires on heavy commercial vehicle is dangerously under-inflated which may cause severe accidents.
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Prominent tire manufacturers are experimenting with software platforms and IoT-connected sensors to monitor and measure tire performance. The launch of ContiConnect by Continental AG has offered a new digital tire monitoring platform for fleet owners in Canada, Mexico, Thailand, and U.S. and to introduce to Europe and Asian market by 2019.
The introduction of self-driving vehicles which lead to reduced driver intervention and interaction, government initiatives towards reducing accidents and injuries, rising demand for safety alternatives in vehicle, and autonomous driving are the factors driving the growth of global automotive smart tire market during the forecast period. Moreover, low wear & tear of the tire, terrain adaptability, high performance, fuel-efficiency enhancement are the other factors driving the global automotive smart tire market.
Drivers: Automotive Smart Tire
Market Research Analysis
In terms of region, the global market for the Automotive Smart Tire is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Europe is estimated to dominate the automotive smart tire market owing to relatively high adoption of sensor integrated tires by prominent tire manufacturers and singificant demand for autonomous and self driving cars in the region. Furthemore, demand for safety alternatives, fuel efficiency enhancement, strict measures to reduce accidental rates, and rising automotive production in countries such as India, China, and ASEAN are some of the drivers which are expected to propel the demand of smart tires in Asia Pacific region.
North America tire associations and prominent vehicle manufacturers have shown signfincant interests and demand for smart or intelligent tires which provide real time data and information pertaining to avoid accidents and loss to fleet owners.
Scope of the Report
This study provides an overview of the global Automotive Smart Tire Market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Automotive Smart Tire Market by technology, sales channel, vehicle type, and region.
The prominent players in the global Automotive Smart Tire Market include The Goodyear Tire & Rubber Co (USA), Michelin Group (France), NEXEN TIRE Corporation (Korea), Continental AG (Germany), Bridgestone Corporation (Japan), Sumitomo Rubber Industries, Ltd. (Japan),and Pirelli & C. S.p.A. (Italy) among others.