The global automotive smart tiremarket report by (MRFR) comprises driversand challenges for the period of 2022 to 2030 (forecast period) which can shape
the future of the automotive industry. The COVID-19 pandemic and its impact on
the production and value chain are included in the report.
Smart tires made for the automotive industry makethe use of sensors for gauging the tire pressure, driving behavior, and other
vehicle dynamics. The changing tire industry and evolution in connected
vehicles can pave forth the way for smart tires.
Automotive Smart Tire Market Scope
The global automotive smart tire market isestimated to reach USD 2254.49 million by 2025 registering a CAGR of 16.10%
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) sensorsfor 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 CompetitiveOutlook
- 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 Segmentation
On the basis of technology, the market has beensegmented into pneumatic tires and non-pneumatic tires.
On the basis of vehicle type, the market has beensegmented into battery electric vehicles, hybrid electric vehicles, passenger
cars, commercial vehicles, and plug-in hybrid vehicle.
Automotive Smart Tire Market RegionalAnalysis
Geographically, the global automotive smart tiremarket 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 (lightcommercial and heavy commercial) in the U.S. is expected to augment the growth
of global automotive smart tire marketsize in North America during the forecastperiod. 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.
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