Automotive Smart Tire Market Global Opportunities, Challenges, Drivers, Trends, Key Players, Regional Segmentation, Types, Applications

Automotive Smart Tire Market

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)
  • Others

Technology Outlook (Revenue, USD Billion; 2018–2028)

  • Non-pneumatic Tire
  • Pneumatic Tire

Distribution Channel Outlook (Revenue, USD Billion; 2018–2028)

  • Aftermarket
  • Original Equipment Manufacturer (OEM)

Regional Outlook (Revenue, USD Billion; 2018–2028)

  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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