With the emergence and long-term Impact of COVID-19, the Global Connected Tires Market is to reach USD XX Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Connected Tires Market is poised to raise up to USD XX Billion by 2030. Connected tires, also known as smart or intelligent tires, refer to a new generation of automotive tires equipped with advanced sensor technology and wireless connectivity. These tires are designed to communicate with the vehicle’s onboard systems and external networks, bringing a multitude of benefits and applications to the automotive industry. The primary application of connected tires lies in enhancing vehicle safety and performance. With integrated sensors, these tires continuously monitor crucial parameters such as tire pressure, temperature, tread wear, and road conditions in real time.
By collecting and analyzing this data, connected tires can provide valuable insights into the vehicle’s electronic control systems, allowing for more precise and adaptive handling, improved traction control, and better stability. The key factor driving the market growth is increasing focus on vehicle safety, growing demand for autonomous and connected vehicles, rising integration of advanced features in vehicles, and growing adoption of the intelligent transportation system by commercial vehicles fleet operators that are anticipated to support the market growth during the forecast period 2023-2030. Moreover, the growing demand for connected vehicles has a significant impact on the Connected Tires Market.
Thus, the growing demand for connected vehicles is anticipated to support the market growth. According to Statista, in 2020, the globally connected car market was valued at USD 55.56 billion; in 2022 the market reached USD 75.74 billion, and it is anticipated to reach USD 120.53 billion by 2025. As a result, the growing connected vehicles market is anticipated to propel the market growth. Additionally, supportive government initiatives and the growing production of electric vehicles are anticipated to create lucrative opportunities for the market during the forecast period 2023-2030. However, the lack of standardization and high cost of connected tire stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Connected Tires Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Europe dominated the market in 2022 owing to the presence of key market players, continuous advancements in automotive technology, increasing focus on vehicle safety, growing demand for fuel efficiency, and a rise in vehicle connectivity and IoT integration. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the increasing demand for smart and connected vehicles, growing focus on vehicle safety, advancements in IoT and automotive technologies, rising consumer awareness and preference, and growing automotive industry in the region.
The global Connected Tires Market is highly competitive owing to the presence of several key manufacturers such as Bridgestone Corporation (Japan), Nokian Tyres plc (Finland), Trelleborg AB (Sweden), Sumitomo Rubber Industries, Ltd (Japan), JK Tyres Ltd (India), Toyo Tire Corporation (Japan), and others.
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Key findings of the study suggest:
- Global Connected Tires Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030.
- In the Vehicle Type segment, passenger cars emerged as the leading market segment in 2022.
- Europe is anticipated to drive regional growth owing to growing demand for fuel efficiency.
- Asia Pacific is expected to grow at a high CAGR followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
By Rim Size:
- 12″ – 17″ Inches
- 18″ – 21″ Inches
- More than 22 Inches”
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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