Global Connected Tires Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. 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.
Major market player included in this report are:
The Michelin Group (France)
Pirelli & C. S.p.A. (Italy)
Goodyear Tire & Rubber Company (U.S.)
Continental AG (Germany)
Bridgestone Corporation (Japan)
Nokian Tyres plc (Finland)
Trelleborg AB (Sweden)
Sumitomo Rubber Industries, Ltd (Japan)
JK Tyres Ltd (India)
Toyo Tire Corporation (Japan)
Recent Developments in the Market:
Ø In January 2020, Bridgestone Corporation launched a new connected smart tyre with sensors. These are used in commercial fleets to warn about tyre pressure and analyse and change tyre pressure. Bridgestone’s new connected tyre is designed to provide more information to ADAS to improve collision prevention.
Global Connected Tires Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Vehicle Type, Rim Size, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Vehicle Type:
By Rim Size:
12″ – 17″ Inches
18″ – 21″ Inches
More than 22 Inches”
Middle East & Africa
Rest of Middle East & Africa