Report Id: SNS/AUTO/1991 | June 2022 | Region: Global | 125 Pages
Report Scope & Overview:
Automotive Smart Tire Market Size was valued at USD 81 billion in 2021 and is expected to reach USD 138.81 billion by 2028 and grow at a CAGR of 8% over the forecast period 2022-2028.
Automotive smart tires improve the performance of the tires by sensing the road condition and altering tire pressure and terrain adaptability to perform with the least amount of wear and tear possible. This allows the tires to last longer. The majority of the world's largest tire manufacturers are putting money into the research and development of smart tires, but each brand's products come with its own unique set of characteristics. The latest concentration is on automotive tires, which provide real-time data on pressure and temperature, among other things, to satisfy the complexity of vehicle management systems.
Sensor integration aids in tracking tire status and transmitting information about tread depth, temperature, and pressure to the car's ECU, which interacts with the car's onboard computers to improve stability and ABS adjustments. The embedded sensors and conductive rubber layer in the tire aid in assessing various tire functioning criteria as well as the presence of precipitation on the road, allowing it to work as efficiently as possible. It is driven by the rising demand for electric vehicles, the rapid development of autonomous vehicles, as well as the expanding use of AI and 5G networks in the industry.
Increasing the integration of modern features into a vehicle to reduce vehicle breakdown.
Increased sensor system integration in car tires, allowing drivers to access real-time data analysis.
The application of AI in tires has increased, making it easier to monitor tire performance.
The market would be further hampered if there are not enough policies in place.
A lack of technological norms and regulations.
Tire pressure and temperature are being closely monitored by major producers who are making significant investments.
Major tire manufacturers are investing in innovative tire materials and cutting-edge technology.
The inability of smart tires to achieve commercialization and standards.
Tire sensors' battery life is significantly affected by harsh temperatures and battery disposal difficulties.
IMPACT OF COVID-19:
The introduction of Covid-19 had a devastating impact on the automotive and tire industries all over the world. Tire producers worldwide have had to deal with raw material supply chain issues and delivery delays due to government lockdowns and suspensions of all kinds of company operations. This has led to a temporary suspension of R&D activities related to smart tires. As a result, they suffered enormous financial setbacks and the market saw a sharp fall in growth throughout the crisis. Tire manufacturers were able to restart their commercial operations and research projects as a result of the slow drop in Covid-19 instances, which allowed the worldwide market to return to its normal growth speed.
KEY MARKET PLAYERS:
The Goodyear Tire & Rubber Co (USA), NEXEN TIRE Corporation (Korea), Continental AG (Germany), Michelin Group (France), Bridgestone Corporation (Japan), Sumitomo Rubber Industries, Ltd. (Japan), and Pirelli & C. S.p.A. (Italy) are some of the affluent competitors with significant market share in the Ride Sharing Market.
Market, By Product:
The global market has been divided into Connected Tire, and Intelligent Tire/TPMS based on the product segment. It is projected that the segment of tire pressure monitoring systems, which is a favorable development for future smart tires, will lead revenue share throughout the forecast period due to tire pressure safety standards and the electronification trend.
Market, By Engineering Technology:
The global market has been divided into Pneumatic tires, Run-Flat Tires, and Non-Pneumatic Tires based on the engineering technology segment. Non-Pneumatic Tires held the biggest market share in past years. Because they don't lose air or get flat, they're more cost-effective than conventional tires. These tires improve driving efficiency on uneven ground and let large vehicles transport massive loads.
Market, By Vehicle Type:
The global market has been divided into commercial vehicles and passenger cars based on the vehicle type segment. Passenger automobiles are expected to have the biggest market share due to rising disposable income and private vehicle ownership. As the number of these cars rises worldwide, the need for high-quality, durable, and innovative tires rises to improve vehicle safety and track tire condition.
By Engineering Technology:
By Vehicle Type:
North America, Europe, Asia-Pacific, and the Rest of the World make up the four primary regions that make up the Automotive Smart Tire Market on a worldwide scale. Because of the relatively high adoption of sensor-integrated tires and the enormous investments made by software giants to incorporate IoT platforms, it is projected that Europe will account for a significant market share of the automotive smart tire industry. In addition, large sales of commercial vehicles in the United States are anticipated to augment the growth of the global smart tire market in North America throughout the period of the forecast. This increase is expected to occur in North America. The need for smart tires is likely to be propelled in the Asia Pacific area by a number of factors, including stringent emission requirements, government attempts to lower accident rates and considerable automotive manufacturing. These drivers are expected to play a key role in the region.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 81 Billion|
|Market Size by 2028||US$ 138.81 Billion|
|CAGR||CAGR of 8% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Product (Connected Tire, Intelligent Tire/TPMS)
• by Engineering Technology (Pneumatic Tire, Run-Flat Tire, Non-Pneumatic Tire)
• by Vehicle Type (Commercial vehicles, Passenger cars)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||The Goodyear Tire & Rubber Co (USA), NEXEN TIRE Corporation (Korea), Continental AG (Germany), Michelin Group (France), Bridgestone Corporation (Japan), Sumitomo Rubber Industries, Ltd. (Japan), and Pirelli & C. S.p.A. (Italy)|
|Key Drivers||•Increasing the integration of modern features into a vehicle to reduce vehicle breakdown.
•Increased sensor system integration in car tires, allowing drivers to access real-time data analysis.
|RESTRAINTS||•The market would be further hampered if there are not enough policies in place.
•A lack of technological norms and regulations.
Frequently Asked Questions (FAQ) :
Ans:- The market size is expected to reach USD 138.81 billion by 2028.
Ans:- Product, Technology, and Vehicle type are the different segments of the market.
Ans:- There are not enough policies in place & lack of technological norms and regulations are the primary market restraints for the market.
Ans:- European region is anticipated to be the primary driver of the market.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of the Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Automotive Smart Tire Market Segmentation, By Product
8.1 Connected Tire
8.2 Intelligent Tire/TPMS
9. Global Automotive Smart Tire Market Segmentation, By Engineering Technology
9.1 Pneumatic Tire
9.2 Run-Flat Tire
9.3 Non-Pneumatic Tire
10. Global Automotive Smart Tire Market Segmentation, By Vehicle Type
10.1 Commercial Vehicles
10.2 Passenger Cars
11. Regional Analysis
11.2 North America
11.2.1 the USA
11.3.2 the UK
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Continental AG (Germany),
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 The Goodyear Tire & Rubber Co (USA)
12.3 NEXEN TIRE Corporation (Korea)
12.4 Continental AG (Germany)
12.5 Michelin Group (France)
12.6 Bridgestone Corporation (Japan)
12.7 Sumitomo Rubber Industries, Ltd. (Japan)
12.8 Pirelli & C. S.p.A. (Italy)
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
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