Automotive Smart Tire Market Size was valued at USD 87.02 billion in 2023 and is expected to reach USD 162.26 billion by 2031 and grow at a CAGR of 8.1% over the forecast period 2024-2031.
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.
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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.
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.
The application of AI in tires has increased, making it easier to monitor tire performance.
RESTRAINTS:
The market would be further hampered if there are not enough policies in place.
A lack of technological norms and regulations.
OPPORTUNITIES:
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.
CHALLENGES:
The inability of smart tires to achieve commercialization and standards.
Tire sensors' battery life is significantly affected by harsh temperatures and battery disposal difficulties.
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.
Market, By Engineering Technology:
The global market has been divided into Pneumatic 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, passenger cars, BEVs, HEVs, and Plug-in Hybrid Vehicles 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 Sales Channel:
OEM
Aftermarket
By Technology:
Pneumatic Tire
Non-Pneumatic Tire
By Vehicle Type:
Commercial vehicles
Passenger cars
BEVs
HEVs
Plug-in Hybrid Vehicles
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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.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
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.
Michelin Group (France)-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 87.02 Billion |
| Market Size by 2031 | US$ 162.26 Billion |
| CAGR | CAGR of 8.1% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Sales Channel (OEM, Aftermarket) • by Technology (Pneumatic Tire, Run-Flat Tire, Non-Pneumatic Tire) • by Vehicle Type (Commercial vehicles, Passenger cars, BEVs, HEVs, Plug-in Hybrid Vehicles) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, 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. |
Ans:- The market size is expected to reach USD 162.26 billion by 2031.
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:- Yes.
Ans:- European region is anticipated to be the primary driver of the market.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Automotive Smart Tire Market Segmentation, By Vehicle Type
9.1 Introduction
9.2 Trend Analysis
9.3 Commercial vehicles
9.4 Passenger cars
9.5 BEVs
9.6 HEVs
9.7 Plug-in Hybrid Vehicles
10. Automotive Smart Tire Market Segmentation, By Technology
10.1 Introduction
10.2 Trend Analysis
10.3 Pneumatic Tire
10.4 Non-Pneumatic Tire
11. Automotive Smart Tire Market Segmentation, By Sales Channel
11.1 Introduction
11.2 Trend Analysis
11.3 OEM
11.4 Aftermarket
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 Trend Analysis
12.2.2 North America Automotive Smart Tire Market by Country
12.2.3 North America Automotive Smart Tire Market By Vehicle Type
12.2.4 North America Automotive Smart Tire Market By Technology
12.2.5 North America Automotive Smart Tire Market By Sales Channel
12.2.6 USA
12.2.6.1 USA Automotive Smart Tire Market By Vehicle Type
12.2.6.2 USA Automotive Smart Tire Market By Technology
12.2.6.3 USA Automotive Smart Tire Market By Sales Channel
12.2.7 Canada
12.2.7.1 Canada Automotive Smart Tire Market By Vehicle Type
12.2.7.2 Canada Automotive Smart Tire Market By Technology
12.2.7.3 Canada Automotive Smart Tire Market By Sales Channel
12.2.8 Mexico
12.2.8.1 Mexico Automotive Smart Tire Market By Vehicle Type
12.2.8.2 Mexico Automotive Smart Tire Market By Technology
12.2.8.3 Mexico Automotive Smart Tire Market By Sales Channel
12.3 Europe
12.3.1 Trend Analysis
12.3.2 Eastern Europe
12.3.2.1 Eastern Europe Automotive Smart Tire Market by Country
12.3.2.2 Eastern Europe Automotive Smart Tire Market By Vehicle Type
12.3.2.3 Eastern Europe Automotive Smart Tire Market By Technology
12.3.2.4 Eastern Europe Automotive Smart Tire Market By Sales Channel
12.3.2.5 Poland
12.3.2.5.1 Poland Automotive Smart Tire Market By Vehicle Type
12.3.2.5.2 Poland Automotive Smart Tire Market By Technology
12.3.2.5.3 Poland Automotive Smart Tire Market By Sales Channel
12.3.2.6 Romania
12.3.2.6.1 Romania Automotive Smart Tire Market By Vehicle Type
12.3.2.6.2 Romania Automotive Smart Tire Market By Technology
12.3.2.6.4 Romania Automotive Smart Tire Market By Sales Channel
12.3.2.7 Hungary
12.3.2.7.1 Hungary Automotive Smart Tire Market By Vehicle Type
12.3.2.7.2 Hungary Automotive Smart Tire Market By Technology
12.3.2.7.3 Hungary Automotive Smart Tire Market By Sales Channel
12.3.2.8 Turkey
12.3.2.8.1 Turkey Automotive Smart Tire Market By Vehicle Type
12.3.2.8.2 Turkey Automotive Smart Tire Market By Technology
12.3.2.8.3 Turkey Automotive Smart Tire Market By Sales Channel
12.3.2.9 Rest of Eastern Europe
12.3.2.9.1 Rest of Eastern Europe Automotive Smart Tire Market By Vehicle Type
12.3.2.9.2 Rest of Eastern Europe Automotive Smart Tire Market By Technology
12.3.2.9.3 Rest of Eastern Europe Automotive Smart Tire Market By Sales Channel
12.3.3 Western Europe
12.3.3.1 Western Europe Automotive Smart Tire Market by Country
12.3.3.2 Western Europe Automotive Smart Tire Market By Vehicle Type
12.3.3.3 Western Europe Automotive Smart Tire Market By Technology
12.3.3.4 Western Europe Automotive Smart Tire Market By Sales Channel
12.3.3.5 Germany
12.3.3.5.1 Germany Automotive Smart Tire Market By Vehicle Type
12.3.3.5.2 Germany Automotive Smart Tire Market By Technology
12.3.3.5.3 Germany Automotive Smart Tire Market By Sales Channel
12.3.3.6 France
12.3.3.6.1 France Automotive Smart Tire Market By Vehicle Type
12.3.3.6.2 France Automotive Smart Tire Market By Technology
12.3.3.6.3 France Automotive Smart Tire Market By Sales Channel
12.3.3.7 UK
12.3.3.7.1 UK Automotive Smart Tire Market By Vehicle Type
12.3.3.7.2 UK Automotive Smart Tire Market By Technology
12.3.3.7.3 UK Automotive Smart Tire Market By Sales Channel
12.3.3.8 Italy
12.3.3.8.1 Italy Automotive Smart Tire Market By Vehicle Type
12.3.3.8.2 Italy Automotive Smart Tire Market By Technology
12.3.3.8.3 Italy Automotive Smart Tire Market By Sales Channel
12.3.3.9 Spain
12.3.3.9.1 Spain Automotive Smart Tire Market By Vehicle Type
12.3.3.9.2 Spain Automotive Smart Tire Market By Technology
12.3.3.9.3 Spain Automotive Smart Tire Market By Sales Channel
12.3.3.10 Netherlands
12.3.3.10.1 Netherlands Automotive Smart Tire Market By Vehicle Type
12.3.3.10.2 Netherlands Automotive Smart Tire Market By Technology
12.3.3.10.3 Netherlands Automotive Smart Tire Market By Sales Channel
12.3.3.11 Switzerland
12.3.3.11.1 Switzerland Automotive Smart Tire Market By Vehicle Type
12.3.3.11.2 Switzerland Automotive Smart Tire Market By Technology
12.3.3.11.3 Switzerland Automotive Smart Tire Market By Sales Channel
12.3.3.1.12 Austria
12.3.3.12.1 Austria Automotive Smart Tire Market By Vehicle Type
12.3.3.12.2 Austria Automotive Smart Tire Market By Technology
12.3.3.12.3 Austria Automotive Smart Tire Market By Sales Channel
12.3.3.13 Rest of Western Europe
12.3.3.13.1 Rest of Western Europe Automotive Smart Tire Market By Vehicle Type
12.3.3.13.2 Rest of Western Europe Automotive Smart Tire Market By Technology
12.3.3.13.3 Rest of Western Europe Automotive Smart Tire Market By Sales Channel
12.4 Asia-Pacific
12.4.1 Trend Analysis
12.4.2 Asia-Pacific Automotive Smart Tire Market by Country
12.4.3 Asia-Pacific Automotive Smart Tire Market By Vehicle Type
12.4.4 Asia-Pacific Automotive Smart Tire Market By Technology
12.4.5 Asia-Pacific Automotive Smart Tire Market By Sales Channel
12.4.6 China
12.4.6.1 China Automotive Smart Tire Market By Vehicle Type
12.4.6.2 China Automotive Smart Tire Market By Technology
12.4.6.3 China Automotive Smart Tire Market By Sales Channel
12.4.7 India
12.4.7.1 India Automotive Smart Tire Market By Vehicle Type
12.4.7.2 India Automotive Smart Tire Market By Technology
12.4.7.3 India Automotive Smart Tire Market By Sales Channel
12.4.8 Japan
12.4.8.1 Japan Automotive Smart Tire Market By Vehicle Type
12.4.8.2 Japan Automotive Smart Tire Market By Technology
12.4.8.3 Japan Automotive Smart Tire Market By Sales Channel
12.4.9 South Korea
12.4.9.1 South Korea Automotive Smart Tire Market By Vehicle Type
12.4.9.2 South Korea Automotive Smart Tire Market By Technology
12.4.9.3 South Korea Automotive Smart Tire Market By Sales Channel
12.4.10 Vietnam
12.4.10.1 Vietnam Automotive Smart Tire Market By Vehicle Type
12.4.10.2 Vietnam Automotive Smart Tire Market By Technology
12.4.10.3 Vietnam Automotive Smart Tire Market By Sales Channel
12.4.11 Singapore
12.4.11.1 Singapore Automotive Smart Tire Market By Vehicle Type
12.4.11.2 Singapore Automotive Smart Tire Market By Technology
12.4.11.3 Singapore Automotive Smart Tire Market By Sales Channel
12.4.12 Australia
12.4.12.1 Australia Automotive Smart Tire Market By Vehicle Type
12.4.12.2 Australia Automotive Smart Tire Market By Technology
12.4.12.3 Australia Automotive Smart Tire Market By Sales Channel
12.4.13 Rest of Asia-Pacific
12.4.13.1 Rest of Asia-Pacific Automotive Smart Tire Market By Vehicle Type
12.4.13.2 Rest of Asia-Pacific Automotive Smart Tire Market By Technology
12.4.13.3 Rest of Asia-Pacific Automotive Smart Tire Market By Sales Channel
12.5 Middle East & Africa
12.5.1 Trend Analysis
12.5.2 Middle East
12.5.2.1 Middle East Automotive Smart Tire Market by Country
12.5.2.2 Middle East Automotive Smart Tire Market By Vehicle Type
12.5.2.3 Middle East Automotive Smart Tire Market By Technology
12.5.2.4 Middle East Automotive Smart Tire Market By Sales Channel
12.5.2.5 UAE
12.5.2.5.1 UAE Automotive Smart Tire Market By Vehicle Type
12.5.2.5.2 UAE Automotive Smart Tire Market By Technology
12.5.2.5.3 UAE Automotive Smart Tire Market By Sales Channel
12.5.2.6 Egypt
12.5.2.6.1 Egypt Automotive Smart Tire Market By Vehicle Type
12.5.2.6.2 Egypt Automotive Smart Tire Market By Technology
12.5.2.6.3 Egypt Automotive Smart Tire Market By Sales Channel
12.5.2.7 Saudi Arabia
12.5.2.7.1 Saudi Arabia Automotive Smart Tire Market By Vehicle Type
12.5.2.7.2 Saudi Arabia Automotive Smart Tire Market By Technology
12.5.2.7.3 Saudi Arabia Automotive Smart Tire Market By Sales Channel
12.5.2.8 Qatar
12.5.2.8.1 Qatar Automotive Smart Tire Market By Vehicle Type
12.5.2.8.2 Qatar Automotive Smart Tire Market By Technology
12.5.2.8.3 Qatar Automotive Smart Tire Market By Sales Channel
12.5.2.9 Rest of Middle East
12.5.2.9.1 Rest of Middle East Automotive Smart Tire Market By Vehicle Type
12.5.2.9.2 Rest of Middle East Automotive Smart Tire Market By Technology
12.5.2.9.3 Rest of Middle East Automotive Smart Tire Market By Sales Channel
12.5.3 Africa
12.5.3.1 Africa Automotive Smart Tire Market by Country
12.5.3.2 Africa Automotive Smart Tire Market By Vehicle Type
12.5.3.3 Africa Automotive Smart Tire Market By Technology
12.5.3.4 Africa Automotive Smart Tire Market By Sales Channel
12.5.3.5 Nigeria
12.5.3.5.1 Nigeria Automotive Smart Tire Market By Vehicle Type
12.5.3.5.2 Nigeria Automotive Smart Tire Market By Technology
12.5.3.5.3 Nigeria Automotive Smart Tire Market By Sales Channel
12.5.3.6 South Africa
12.5.3.6.1 South Africa Automotive Smart Tire Market By Vehicle Type
12.5.3.6.2 South Africa Automotive Smart Tire Market By Technology
12.5.3.6.3 South Africa Automotive Smart Tire Market By Sales Channel
12.5.3.7 Rest of Africa
12.5.3.7.1 Rest of Africa Automotive Smart Tire Market By Vehicle Type
12.5.3.7.2 Rest of Africa Automotive Smart Tire Market By Technology
12.5.3.7.3 Rest of Africa Automotive Smart Tire Market By Sales Channel
12.6 Latin America
12.6.1 Trend Analysis
12.6.2 Latin America Automotive Smart Tire Market by country
12.6.3 Latin America Automotive Smart Tire Market By Vehicle Type
12.6.4 Latin America Automotive Smart Tire Market By Technology
12.6.5 Latin America Automotive Smart Tire Market By Sales Channel
12.6.6 Brazil
12.6.6.1 Brazil Automotive Smart Tire Market By Vehicle Type
12.6.6.2 Brazil Automotive Smart Tire Market By Technology
12.6.6.3 Brazil Automotive Smart Tire Market By Sales Channel
12.6.7 Argentina
12.6.7.1 Argentina Automotive Smart Tire Market By Vehicle Type
12.6.7.2 Argentina Automotive Smart Tire Market By Technology
12.6.7.3 Argentina Automotive Smart Tire Market By Sales Channel
12.6.8 Colombia
12.6.8.1 Colombia Automotive Smart Tire Market By Vehicle Type
12.6.8.2 Colombia Automotive Smart Tire Market By Technology
12.6.8.3 Colombia Automotive Smart Tire Market By Sales Channel
12.6.9 Rest of Latin America
12.6.9.1 Rest of Latin America Automotive Smart Tire Market By Vehicle Type
12.6.9.2 Rest of Latin America Automotive Smart Tire Market By Technology
12.6.9.3 Rest of Latin America Automotive Smart Tire Market By Sales Channel
13. Company Profiles
13.1 Goodyear Tire & Rubber Co
13.1.1 Company Overview
13.1.2 Financial
13.1.3 Products/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 NEXEN TIRE Corporation
13.2.1 Company Overview
13.2.2 Financial
13.2.3 Products/ Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Continental AG
13.3.1 Company Overview
13.3.2 Financial
13.3.3 Products/ Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Michelin Group
13.4.1 Company Overview
13.4.2 Financial
13.4.3 Products/ Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Bridgestone Corporation
13.5.1 Company Overview
13.5.2 Financial
13.5.3 Products/ Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Sumitomo Rubber Industries, Ltd
13.6.1 Company Overview
13.6.2 Financial
13.6.3 Products/ Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Pirelli & C. S.p.A
13.7.1 Company Overview
13.7.2 Financial
13.7.3 Products/ Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. Use Case and Best Practices
16. Conclusion
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