Automotive Smart Tire Market Global Opportunities, Challenges, Drivers, Trends, Key Players, Regional Segmentation, Types, Applications
According to the most recent analysis by Emergen Research, the size of the global market for automotive smart tyres was USD 76.78 billion in 2020 and is projected to grow at a rate of 6.6% during the forecast period. Between 2021 and 2028, rising 5G technology adoption is anticipated to drive market revenue growth. Additionally, the market’s revenue growth will be boosted by the growing use of new and more sophisticated tyre materials that can assess real-time monitoring of tyre problems. Currently, there is a considerable surge in demand for 5G automated technologies and tyre pressure monitoring systems for automobile smart tyres.
To survive in the cutthroat market, many businesses are integrating their methods. In addition, tyre producers are using the Internet of Things (IoT) to advance the creation of smart tyres and are expanding the use of 3D printing in the manufacture of vehicle smart tyres. The development of numerous capabilities available in smart tyres as well as the growing use of AI have both been significantly influenced by these cutting-edge technologies currently being used in the automobile sector.
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Some Key Highlights from the Report
Due to growing need for the transportation of huge volumes of goods and vast markets with readily available vehicles and parts, the revenue for the heavy duty truck category is anticipated to increase at a noticeably rapid CAGR throughout the projection period.
Due to the growing adoption of connected and sensor systems that alert drivers in case of pressure deflation or puncture and play a significant role in vehicle and passenger safety, the connected tyre segment is anticipated to experience a significantly robust revenue growth rate over the forecast period.
Due to consistent economic growth, increased connected car demand, rising urbanisation and population expansion, and the introduction of various road safety rules by governments in the region, Asia Pacific is anticipated to have extremely quick revenue growth throughout the forecast period.
The Goodyear Tire & Rubber Co., Pirelli & C. S.p.A., Maxxis International, Bridgestone Corporation, The Goodyear Tire & Rubber Co., Sumitomo Rubber Industries Ltd, Toyo Tire Corporation, Nexen Tire Corporation, JK Tyre Corporation Ltd., and Interco Tire Corporation are significant market participants.
Emergen Research has segmented global automotive smart tire Market on the basis of vehicle type, features, technology, distribution Channel, and region:
Vehicle Type Outlook (Revenue, USD Billion; 2018–2028)
- Heavy Duty Truck
- Passenger Vehicle
- Electric Vehicle
- Commercial Vehicle
Features Outlook (Revenue, USD Billion; 2018–2028)
- Connected Tire
- Tire Pressure Monitoring System (TPMS)
Technology Outlook (Revenue, USD Billion; 2018–2028)
- Non-pneumatic Tire
- Pneumatic Tire
Distribution Channel Outlook (Revenue, USD Billion; 2018–2028)
- Original Equipment Manufacturer (OEM)
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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