New York, United States , April 18, 2024 (GLOBE NEWSWIRE) — The Global Connected Tires Market Size is to Grow from USD 7.93 Million in 2023 to USD 311.73 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 44.36% during the projected period.
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Connected tires are those that have sensors integrated into the tire that can monitor tire health and instantly provide data to the car. The tires are equipped with a range of Internet of Things devices in addition to a multitude of other sensor-based technologies, including increased assistance, pressure monitoring, temperature management, and others. The data collected, including tire pressure, tread depth, road condition, and temperature, is sent. This information helps predict tire performance, upkeep requirements, and alarms for deviations. It also aids in other modifications, emergency braking, traction control, and suspension. The automotive sector is a major source of technological innovation for future technical advancements. Moreover, one of the primary drivers of the connected tire industry is the increasing demand for vehicle safety. The number of traffic incidents rising annually has increased awareness of the importance of tire performance, safety, and health. However, it is anticipated that the market’s expansion will be hampered by inadequate infrastructure in several emerging nations worldwide.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the “Global Connected Tires Market Size, Share, and COVID-19 Impact Analysis, By Rim Size (12 – 17 Inches, 18 – 22 Inches, and Others), By Vehicle Type (Passenger Cars, Commercial Vehicle, and Others), By Sales Channel (Aftermarket, OEM, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The 12 – 17 inches segment is anticipated to hold the greatest share of the global connected tires market during the projected timeframe.
Based on the rim size, the global connected tires market is divided into 12 – 17 inches, 18 – 22 inches, and others. Among these, the 12 – 17 inches segment is anticipated to hold the greatest share of the global connected tires market during the projected timeframe. This is mostly because the most common option for manufacturers and consumers, the 12- to 17-inch tire size, covers the standard rim widths that are commonly seen on a range of vehicles, from small automobiles to midsize SUVs.
The commercial vehicles segment is anticipated to grow at the fastest pace in the global connected tires market during the projected timeframe.
Based on the vehicle type, the global connected tires market is divided into passenger cars, commercial vehicles, and others. Among these, the commercial vehicles segment is anticipated to grow at the fastest pace in the global connected tires market during the projected timeframe. This growth is being driven by the need for fleet management, efficiency optimization, and enhanced safety measures in the commercial transportation industry. Due to linked tires, commercial vehicle tiers might be better observed and controlled, with reduced operating costs and improved overall performance.
The aftermarket segment is predicted to grow at the highest pace in the connected tires market during the estimated period.
Based on the sales channel, the global connected tires market is divided into aftermarket, OEM, and others. Among these, the aftermarket segment is predicted to grow at the highest pace in the connected tires market during the estimated period. This increase might be attributed to tire replacements and upgrades as customers want their cars to look better and perform better. By getting into the aftermarket industry, tire shops and service providers can satisfy the growing need for tire replacements and customization.
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Europe is expected to hold the largest share of the global connected tires market over the forecast period.
Europe is expected to hold the largest share of the global connected tires market over the forecast period. Germany and the United Kingdom are two of the market’s primary growth engines in Europe as a result of a surge in demand for car smart tires in these countries. Furthermore, technological advancements and the region’s high concentration of prominent companies, such as Michelin, Pirelli & C.S.p.A., and Continental AG, are expected to drive market expansion. The rapid adoption of connected and autonomous vehicles in the region is anticipated to bolster market expansion in the future. Furthermore, the European tire industry is one of the most technologically advanced in the world, according to ETRMA (European Tire & Rubber Manufacturers’ Association).
Asia Pacific is predicted to grow at the fastest pace in the global connected tires market during the projected timeframe. The fast-rising desire for connected and intelligent cars in nations like China and India, which is propelling growth in the automotive sector, is one of the many reasons for this rise. Automakers and customers are under pressure to utilize linked tire technologies as a result of government regulations promoting vehicle safety and reducing emissions.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Connected Tires Market include Continental AG, Michelin, Pirelli & C. S.p.A., Goodyear Tire & Rubber Company, Hankook Tire & Technology Co. Ltd., Bridgestone Corporation, Yokohama Rubber Co. Ltd., Nexen Tire Corporation, Sumitomo Rubber Industries Ltd., BFGoodrich Tires, Toyo Tire & Rubber Co. Ltd., and Others.
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Recent Developments
- In March 2024, Continental launched ContiConnect Lite, a new software that serves as a portal to professional tire monitoring using sensor technology and data sharing. The technology is intended to integrate tires with the vehicle network, delivering real-time data on tire pressure and temperature.
- In March 2023, Michelin Group announced an investment in TyreConnect, a leading developer of connected tire solutions. The investment will enable Michelin to broaden its portfolio of linked tire solutions and speed up the adoption of connected tire technology.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Connected Tires Market based on the below-mentioned segments:
Global Connected Tires Market, By Rim Size
- 12 – 17 Inches
- 18 – 22 Inches
- Others
Global Connected Tires Market, By Vehicle Type
- Passenger Cars
- Commercial Vehicle
- Others
Global Connected Tires Market, By Sales Channel
- Aftermarket
- OEM
- Others
Global Connected Tires Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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