Global Connected Tire
Market Report
2024
Delivery Includes:- Market Timeline 2019 till 2031, Market Size, Revenue/Volume Share, Forecast and CAGR, Competitor Analysis, Regional Analysis, Country Analysis, Segment Analysis, Market Trends, Drivers, Opportunities, Restraints, ESG Analysis, Porters Analysis, PESTEL Analysis, Market Attractiveness, Patent Analysis, Technological Trend, SWOT Analysis, COVID-19 Analysis, Consumer Behavior Analysis, etc.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global Connected Tires market size was USD XX million in 2023 and will expand at a compound annual growth rate (CAGR) of 45% from 2024 to 2031.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Market Split by Type |
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Market Split by Rim Size |
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Market Split by Component |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Connected Tire Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Multiple sensors installed in connected tires enable to monitoring of tire condition and instantly send the data obtained to the car. In addition to numerous other sensor-based systems, such as temperature management systems, pressure monitoring systems, enhanced support systems, and others, the tires are outfitted with a variety of Internet of Things devices. It transmits the data collected, including tire pressure, road condition, tread depth, acceleration, and tire temperature. This data aids in forecasting tire performance, maintenance needs, and deviation alerts. It also helps with suspension, traction control, emergency braking, and other adjustments. Future advancements in this technology are primarily supported by the rise in technological innovation in the automobile sector.
The market is expanding due to factors like the rise in demand for road safety and the expansion of the market for passenger cars with cutting-edge safety features. Another significant growth element is the growing integration of connected features into automobiles, which is occurring concurrently with the development and commercialization of autonomous mobility. The fleet operators' increasing requirement for efficient tire management to lower tire replacement and maintenance costs will also fuel the demand for technology. Furthermore, the industry will have lucrative growth potential due to government backing for the development and deployment of smart vehicles in both developed and developing nations.
The adoption of Autonomous Driving and Connected Vehicles will fuel market growth-
The development of connected and self-driving cars has expedited the advancement of the technologies utilized across the entire vehicle. The fifth-generation Waymo Driver was revealed by Waymo in June 2021. It can be used for a variety of vehicle platforms and use cases, such as moving people with Waymo One or hauling cargo with Waymo Via.
Source- https://waymo.com/blog/2020/03/introducing-5th-generation-waymo-driver/
Vehicle makers can boost the efficiency of their linked vehicles by obtaining real-time input from innovative vehicle parts, including connected tires. They offer services like data gathering, processing, and archiving, all of which facilitate decision-making. Rapid development of smart city initiatives and transport infrastructure is ensured by rapid economic expansion. In order to facilitate the connection between autos and infrastructures to obtain vital information, lessen traffic congestion, and improve road safety, numerous nations—including Mexico, Canada, and the United States—are developing digital infrastructure. It's expected that the number of smart cities being built will increase, which will accelerate the use of autonomous vehicles and spur demand for smart tires. To improve the stability and accuracy of self-driving cars, it offers real-time data on pressure and temperature, road conditions, load detection, tread wear and depth, and other characteristics. Therefore, throughout the forecast years, it is anticipated that the market will see lucrative growth possibilities due to the extensive deployment of connected and autonomous vehicles.
The market is anticipated to increase as a result of the increasing integration of sophisticated technologies in automobiles, such as temperature control systems and tire pressure monitoring systems, which help to avoid mechanical failures. Infineon Technologies AG introduced the XENSIV SP49 tire pressure monitoring sensor in September 2023. This sensor combines an exclusive glass-silicon-glass MEMS sensor with automotive experience. With the integration of MEMS sensors and ASIC, the sensor provides tire blowout detection, tire inflation assistance, and on-tire auto-position sensing, among other smart tire functions.
Source- https://www.infineon.com/cms/en/about-infineon/press/market-news/2023/INFATV202309-149.html
Furthermore, the market is anticipated to develop as a result of the growing installation of various sensors in automobile tires, which offer real-time data analysis to vehicle users. In addition, top tire companies in the industry are spending money on technological innovations like B-Tag Systems, which track and communicate tire temperature and pressure as well as alert drivers to the need for tire maintenance, saving them from having to stop running their businesses. Furthermore, rim management and tread detection systems—two further examples of the growing artificial intelligence and machine learning integration in tires—help monitor tire performance. Thus, it is anticipated that the growing integration of sophisticated features in automobiles will propel the global market.
Commercial vehicle fleet operators are implementing intelligent transportation technologies at a heightened pace to bolster market growth. These smart wheels assist commercial vehicle manufacturers in maintaining and keeping an eye on their fleets of vehicles by giving real-time information regarding tire and vehicle conditions through digital monitoring systems. As the number of commercial vehicles has expanded over time, fleet managers could track a variety of metrics, including fuel efficiency and carbon emissions. As a result, there has been a rise in demand for advanced tires that provide real-time tire condition monitoring. The producers of commercial vehicles are now able to monitor and manage their fleets more effectively owing to digital monitoring systems. It is anticipated that the industry will embrace linked and low-power optical sensor-enabled tires in place of conventional tires as it recognizes the trend of creating these next-generation automobiles. Thus, fleet operators of commercial vehicles are adopting intelligent transportation systems at a higher rate to support market growth.
The overall cost of manufacturing automobiles is greatly increased by the price of all the parts and sensor assembly in these tires. The cost of operating such tires is further increased by additional expenses associated with hardware systems, connectivity solutions, and telecommunications services installed in the vehicle. These factors could limit the market's potential growth. Moreover, a host of problems and complications accompany these incredibly sophisticated tires, such as malfunctions and failures that necessitate routine maintenance. Additionally, there is a significant risk that hackers would obtain system data and unauthorized access to automobile functions, which might impede the adoption of intelligent tires and, consequently, the growth of the market.
A connected tire's main objective is to communicate tire-related data to the vehicle and external infrastructure. People need constant connection to the internet, even when they are on the go. Consumers want their automobiles to execute tasks on par with those carried out by their smartphones or PCs. Since smart tires don't offer constant internet access, intermittent connectivity could be a barrier for the market. The primary cause of this is the inconsistent network that service providers provide, which changes depending on the location. Therefore, it is anticipated that the market's expansion will be hampered by a lack of consistent and seamless internet connectivity.
Tire producers are gravitating towards a variety of telematics solutions for mobility, data sharing, and linked vehicles as a result of increased connectivity in the Internet of Things (loT) age. Prominent tire producers, including Michelin, Bridgestone, Continental, and Goodyear, are experimenting with the Internet of Things-connected sensors to offer fleet owners increased safety, fuel efficiency, and longer tire life. For example, the spherical concept tire Eagle 350 Urban was unveiled by Goodyear Tyre & Rubber Company. It will use the Internet of Things (IoT) and Li-Fi, a mobile wireless technology based on light, to exchange data via vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2) connections.
In addition to tire producers, top technology aggregators like Microsoft are making investments in and concentrating on the integration of several Internet of Things (IoT) systems and sensors to improve overall vehicle safety. For example, in April 2018, the multinational American technology company Microsoft committed USD 5 billion over the course of the following 4 years, or until the end of 2022, to the Internet of Things initiatives.
Source- https://news.microsoft.com/en-in/microsoft-will-invest-5-billion-in-iot-over-the-next-4-years-globally/
Vehicle owners may now take necessary action to save costs and boost profitability by using the new platform to monitor tire performance in real-time. Tyre Express, a startup that is leading the way in fleet operator lifecycle management, created and introduced a "loT-based Tyre Performance Management Solution" that is backed by Microsoft's Azure IoT Hub, thanks to an investment from the company.
A decline in vehicle production affected market growth. The worldwide automobile sector was significantly impacted by the COVID-19 pandemic and the decline in vehicle production. The government-imposed lockdown has caused disruptions in the delivery of auto parts. During the pandemic, production was suspended by several major automakers. During the pandemic, these factors negatively affected the market. Furthermore, because most nations imposed statewide lockdowns, the COVID-19 pandemic caused numerous supply chain issues for OEMs and Tier 1 suppliers worldwide. Production delays resulted from supply chain interruptions that hindered the delivery of raw materials and vehicle components. For example, the International Organisation of Motor Vehicle Manufacturers (OIC) reports that worldwide auto manufacturing fell by 16% in 2020. China, Japan, and India—the three nations with the biggest market shares in the world of passenger car production—saw decreases in 2020 of 15%, 14%, and 17%, respectively, from the year before.
Source- https://www.oica.net/global-auto-production-in-2020-severely-hit-by-covid-19-crisis-with-a-16-drop-in-world-auto-production/
As a result, the global decline in car production as a result of the COVID-19 pandemic-related factory closures and interruptions in the supply chain has impeded the expansion of the market as a whole. But from the third quarter of 2020, lockdown laws were loosened, which led to a steady rebound in car production. Furthermore, the market picture will be strengthened after COVID-19 thanks to the fast development and commercialization of connected and autonomous vehicles by major participants in the industry.
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The majority of the market share is controlled by a small number of major vendors in the highly concentrated worldwide connected tire sector. To increase their market share, big businesses are heavily investing in thorough R&D of connected tires and tire traceability. Vendors frequently employ mergers and acquisitions and product portfolio expansion as marketing techniques.
Recent Developments in the Connected Tires Market
Source- https://news.goodyear.eu/goodyear-sightline-first-intelligent-tire-solution-for-last-mile-delivery/
Source- https://rfid.michelin.com/articles/resource-title-2/
Top Companies Market Share in Connected Tire Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
Global Connected Tire Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Connected Tire Industry growth. Connected Tire market has been segmented with the help of its Type, Rim Size Component, and others. Connected Tire market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Throughout the forecast years, Growing Demand for Passenger Cars Will Fuel Segment Growth. Passenger automobiles accounted for the greatest portion of the market in 2023 and are predicted to maintain this position throughout the forecast period. This is mostly because of things like the growing need for road safety brought on by an increase in traffic accidents worldwide. Additionally, the segmental growth has been positively assisted by rising passenger automobile sales worldwide. For instance, according to the OECD, In Japan, the Slovak Republic, Hungary, Canada, and Spain, automobile exports account for over 20% of manufactured exports and for more than or almost 15% of all exports from these nations.
Source- https://www.oecd.org/economy/outlook/44089863.pdf
Some of the main causes boosting passenger car sales worldwide are rising consumer buying power, the availability of financing for car purchases, and rising living standards.
The market for commercial cars is predicted to increase at the greatest CAGR during the forecast years. The market is predicted to increase as a result of factors like the growing demand from fleet operators of commercial vehicles for predictive maintenance and tire monitoring systems. Furthermore, it is anticipated that the rise in popularity of truck platooning will offer significant prospects for segment expansion.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Connected Tire Industry. Request a Free Sample PDF!
Over the estimated timeframe, the 18–21" category is anticipated to hold a dominant position and experience significant growth. The segment's growth is mostly driven by the rise in sales of automobiles with rim sizes between 18" and 21". Since these wheels are frequently used in luxury automobiles, the growing desire for high-end cars with cutting-edge features also contributes to the segment's rise.
The more than 22" sector is anticipated to increase at the highest CAGR. A rise in the use of large rim sizes in cars to improve braking, cornering, grip, and other factors is probably going to support segment expansion. Additionally, it is anticipated that the industry will grow as a result of the increased development and application of linked technologies in automobiles.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Connected Tire market report 2024 Edition by contacting our team.
The accelerometer sensors account for the largest market share in 2023. In the connected tire industry, accelerometer sensors are becoming more and more significant. Tyre performance measures including vibration, shock, and deformation are measured by these sensors. Utilizing the data produced by these sensors, tire design may be optimized to increase vehicle performance, safety, and fuel economy. By detecting and analyzing data like potholes, cracks, and road roughness, the technology enables drivers to modify their driving style and increase vehicle safety. The market for accelerometers is anticipated to develop significantly in the upcoming year because of the growing demand for connected tires with sophisticated sensing capabilities.
Europe held the biggest market share in 2023 and is predicted to maintain its lead throughout the projection period. Technological advancements in the region along with the significant presence of key companies are projected to propel market expansion. Furthermore, it is expected that the region's quick adoption of connected and driverless cars will spur future industry expansion.
Asia Pacific is probably going to have the greatest CAGR. It is anticipated that rising passenger car sales in Asia Pacific's developing nations—China, Japan, South Korea, and others—will accelerate the region's market expansion. Furthermore, it is projected that the well-established logistics and ride-hailing sectors in Asia Pacific will continue to propel market expansion due to growing demands for predictive maintenance and efficient fleet management.
Moreover, rising car sales in Asian nations like China, India, and Japan contribute to the expansion of the market in the area.
The current report Scope analyzes Connected Tire Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
Research Analyst at Cognitive Market Research
I am a research analyst working in the Transport & Logistics domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.
I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.
I am committed to continuous learning and staying abreast of emerging trends in research methodologies. Regular participation in workshops, webinars, and industry conferences ensures that my skills remain sharp and relevant. I spearheaded research initiatives focused on market trends, customer behavior, and competitive landscapes. I have a demonstrated ability to transform complex data sets into clear and concise narratives that inform key business strategies. Collaborating with cross-functional teams, I played a pivotal role in shaping successful projects that hinged on robust research and analysis.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Connected Tire Market is witnessing significant growth in the near future.
In 2023, the Passenger Cars segment accounted for noticeable share of global Connected Tire Market and is projected to experience significant growth in the near future.
The 12"-17" segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Michelin , Goodyear Tire & Rubber Company and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Table of Content differs accordign to the user License selction. Current Displayed TOC is for the Corporate User License Report Edition. TOC Customization options: Add or Remove section's Or chapter's from the report. Specific section's of report can be ordered at a discounted price. If applicable; On Request Volume Data will also be provided (at an Additional Cost).
Type | Passenger Cars, Commercial Cars |
Rim Size | 12"-17", 18"- 21", More than 22" |
Component | TPMS, Accelerometer sensors, Strain gauge sensors, RFID chips, Other sensors |
List of Competitors | Michelin, Pirelli & C. S.p.A., Goodyear Tire & Rubber Company, Continental AG, Bridgestone Corporation, Nokian Tyres plc, Trelleborg AB, Sumitomo Rubber Industries, Ltd, JK Tyres, Toyo Tires |
This chapter will help you gain GLOBAL Market Analysis of Connected Tire. Further deep in this chapter, you will be able to review Global Connected Tire Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Chapter 2 North America Market Analysis
Executive Summary North America Market (2019 vs 2024 vs 2031)
Purchase Add-Ons to Customize the Report Edition and get further granular data level data about the North America market. Add-On Cost: Request before placing the order, Respective Pricing will be informed after sending the inquiry
Qualitative Analysis for the North America Market: North America Connected Tire Market Trends North America Connected Tire Technological Road Map North America Connected Tire Market Drivers North America Connected Tire Market Restraints North America Connected Tire Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia-Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Rim Size Analysis 2019 -2031
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Chapter 12 Market Split by Component Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Connected Tire market
Chapter 13 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Passenger Cars have a significant impact on Connected Tire market? |
What are the key factors affecting the Passenger Cars and Commercial Cars of Connected Tire Market? |
What is the CAGR/Growth Rate of 12"-17" during the forecast period? |
By type, which segment accounted for largest share of the global Connected Tire Market? |
Which region is expected to dominate the global Connected Tire Market within the forecast period? |
Segmentation Level Customization |
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