Global Automotive Smart Tire Market Gaining Impetus: Growing at the CAGR of 6.2% in the Forecast Period
Published | 24 August 2021
The smart tire market is gaining a substantial amount of popularity in the automobile industry due to the emergence of autonomous and connected vehicles and the introduction of technology in various automobile components....
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global automotive smart tire market was worth USD 78.3 billion in the year 2020. The market is further estimated to grow at a CAGR of 6.2%, earning revenue of around USD 118.6 billion by the end of 2027. One of the main factors driving the growth of the global automotive smart tire market is the rapid emergence and advancement of autonomous and connected vehicles, as well as the increasing adoption of artificial intelligence (AI) and 5G networks. The lack of strict regulations that negatively impact smart tire and sensor prices may, however, hinder the growth of this market.
Growing Penetration Of 5G And AI Is Driving the Growth of the Global Automotive Smart Tire Market
Automotive smart tires can detect issues automatically and report them to the cloud-based system. The growing penetration of 5G and AI supports quick and real-time issue detection so that timely maintenance and repair can be done to prevent further damage. Therefore, several leading automotive smart tire manufacturers, such as Goodyear and Bridgestone, have teamed up with AI software developers to create self-detecting tires which have the ability to notify when the tires need replacements or maintenance. As a result, the global automotive smart tire market is growing at a high rate.
Favorable Government Policies Is Projected to Favor the Global Automotive Smart Tire Market Growth During the Forecast Period
A majority of the newer automobiles now being launched on the market come equipped with hi-tech technologies like tire-pressure monitoring systems (TPMS). Sensors on TPMS devices alert drivers regarding the air pressure inside the pneumatic tires. Various countries including Russia, Indonesia, the Philippines, Israel, Malaysia, and Turkey have already made it mandatory for cars to have TPMS sensors. Such regulations open up growth opportunities for smart tire technologies such as strain gauges, accelerometers, and radio-frequency identification (RFID), which further contributes to the overall market growth.
Global Automotive Smart Tire Market - By Product
Based on products, the global automotive smart tire market is segmented into tires and sensors. There is a high demand for sensors in the market, which accounts for the largest share of the automotive smart tire market. The sensors inside the tires enable continuous monitoring of driving conditions such as grip on ice and aquaplaning resistance, even without human observation. This ensures higher safety and better management and maintenance of automobiles. Due to these features, the smart tire sensors are gaining significant traction and are also projected to grow at a high CAGR during the forecast period.
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Global Automotive Smart Tire Market - Regional Insights
Geographically, the global automotive smart tire market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, Europe accounts for the largest market share. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period because of the flourishing manufacturing industries in this region. Hyundai, Kia, Suzuki, Toyota, etc. are among the potential manufacturers in South Korea and Japan, who are investing heavily in advanced technologies such as automotive smart tires and sensors. Due to this, the automotive smart tire market in the Asia Pacific is estimated to gain significant traction during the forecast period.
Impact of COVID-19 on Global Automotive Smart Tire Market
The global automotive smart tire market has been severely impacted by the COVID-19 pandemic. The automobile industry was one of the most severely hit industries by the pandemic because of the lockdown. Because of social distancing protocols and a shortage of labor, automobile production and manufacturing were completely restricted. As a result, automotive smart tires and sensors experienced a sharp decline, resulting in significant losses for manufacturers. As a result of the restrictions on imports and exports, the distribution channels have also been affected, further impairing the market for automotive smart tires, even after manufacturing activities resumed after COVID-19.
The leading market players in the global automotive smart tire market are Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber Co., Pirelli & C. S.p.A, The Yokohama Rubber Company, Limited, Hankook Tire & Technology Co., Ltd., Nokian Tyres Plc., Toyo Tire Corporation, Sumitomo Rubber Industries, Ltd., JK Tyres & Industries Ltd., Revvo Technologies, Inc., NXP Semiconductors, Schrader TPMS Solutions, Infineon Technologies AG, Titan International Inc., Maxxis International, and other prominent players.
The leading manufacturers of automotive smart tires often adopt competitive strategies like mergers, partnerships, acquisitions, collaborations, etc., in order to expand their product portfolio so as to gain a competitive edge. The market players are increasingly embracing collaborative strategies to get access to a broad range of resources and expertise that helps them develop new technologies and stay ahead of the competition.
Don’t miss the business opportunity of the global automotive smart tire market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global automotive smart tire market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global automotive smart tire market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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