As per Market Research Future Analysis, the Automotive Smart Tire Market was valued at USD 80.48 billion in 2022 and is projected to reach USD 169.9 billion by 2032, growing at a CAGR of 8.3% from 2023 to 2032. The market is segmented by technology into pneumatic and non-pneumatic tires, by vehicle type into passenger cars, commercial vehicles, battery electric vehicles, hybrid electric vehicles, and plug-in hybrid vehicles, and by sales channel into OEM and aftermarket. Europe is expected to hold a significant market share due to high adoption of sensor-integrated tires and investments in IoT platforms. North America is anticipated to see growth driven by commercial vehicle sales and stringent emission norms in the Asia Pacific region, which will also boost demand for smart tires.
Key trends driving the Automotive Smart Tire Market include technological advancements and increased investments in IoT.
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)
Automotive Smart Tire Market Size was valued at USD 80.48 billion in 2022 and is expected to reach USD 169.9 billion by 2032 and grow at a CAGR of 8.3% over the forecast period 2023-2032.
The global Automotive Smart Tire Market is segmented on the basis of technology, vehicle type, sales channel, and region. 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 passenger cars, commercial vehicles, battery electric vehicles, hybrid electric vehicles, and plug-in hybrid vehicle. On the basis of sales channel, the market has been segmented into original equipment manufacturer (OEM) and aftermarket.
Geographically, the global Automotive Smart Tire Market has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. 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 platform. Besides, considerable sales of commercial vehicles (light commercial and heavy commercial) in the US are expected to augment the growth of global smart tire market in North America during the forecast period. Stringent emission norms, government measures to reduce accidental rates, and significant automotive production are some of the drivers which are expected to propel the demand for smart tires in the Asia Pacific 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)
The rise of autonomous driving and connected vehicles has accelerated the evolution of the technology housed across all the parts of the vehicle. Automotive tires are the latest focus, providing real time data on pressure & temperature, tread wear & depth, road conditions, load detection, among other factors to meet complexity of vehicle management systems. Integration of sensors helps to track the status of the tire and transmit information related to tread depth, temperature, and pressure to car’s electronic control unit (ECU) which works with car’s inboard computers to enhance stability and ABS adjustments.
The embedded sensors and conductive rubber layer in the tire help in measuring various tire working criteria and the presence of moisture (snow, ice, or rain) on the road to make it work on maximum efficiency. Prominent tire manufacturers such as Continental, Bridgestone, Goodyear, and Michelin are all experimenting with IoT-connected sensors to deliver increased fuel efficiency, longer tire life, and greater safety to the fleet owners. Other than tire manufacturers, software giants such as Microsoft have invested USD 5 billion on IoT programs. The new IoT platform helps vehicle owners to monitor tire performance in real time to improve operational efficiency and take suitable action for reducing costs and improving profitability.
The report for global Automotive Smart Tire Market of market research future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
| Report Attribute/Metric | Details |
| Â Â Market Size | Â Â 2032: USD 169.9 billion |
| Â Â CAGR | Â Â 2032: 8.3% CAGR |
| Â Â Base Year | Â Â 2019 |
| Â Â Forecast Period | Â Â 2023 to 2032 |
| Â Â Historical Data | Â Â 2019Â &Â 2020 |
| Â Â Forecast Units | Â Â Value (USD Million) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Technology, Vehicle Type and Sales Channel |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â 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) |
|   Key Market Opportunities | · Increased fuel efficiency, longer tire life, and greater safety to the fleet owners · Providing real time data on pressure & temperature |
|   Key Market Drivers | · The rise of autonomous driving and connected vehicles · The evolution of the technology housed across all the parts of the vehicle |
Automotive Smart Tire Market Highlights:
Frequently Asked Questions (FAQ):
The technology, vehicle type, sales channel are the segments of the market.
The three major regions namely North America, Europe, Asia-Pacific, and the Rest of the World.
Europe will be accounting a significant market share in the automotive smart tire market.
Michelin Group (France), The Goodyear Tire & Rubber Co (USA), NEXEN TIRE Corporation (Korea) are the key players of the market.
The rise of autonomous driving and connected vehicles has led the evolution of the technology housed across all the parts of the vehicle.
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Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
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