Automotive Smart Tire Market
By Vehicle Type (Passenger Car, Light Commercial Vehicle (LCV), Heavy Commercial Vehicles (HCV), Bus, and others),
By Technology (Connected Tire, Temperature, and Pressure Integrated),
By Sales Channel (Original Equipment Manufacturer (OEM), Aftermarket),
By Tire Type (Pneumatic Tires, Run Flat Tires (RFT), Non-pneumatic tires),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):
Smart Tire Market - Global Analysis and Forecast 2022-2032.
The global automotive smart tire market is to be worth more than USD 167 billion by 2032
The rise in demand for smart tires is attributable to the help given to fleet managers in preventing expensive and time-consuming tire failures through the use of a display mounted on the self-contained fuel station that transmits and receives data from vehicle tires in the distribution fleet. Additionally, smart tires are resolving several difficulties in platooning vehicles, including the high maintenance and operating expenses of fleets, the problem of tire failures in autonomous trucks and platoons, and the expense and delay related to these failures. Due to its many advantages regarding tire maintenance, which has created new business opportunities for producers of autonomous trucks, the market for smart tires is experiencing tremendous potential in the commercial vehicle industry.
The automotive smart tire industry companies are undergoing mergers, collaboration, acquisition, long-term contracts, and service agreements to increase their global footprint. Comprehensive fleet management solutions collaborating with auto manufacturers and end users support business opportunities. Automotive smart tire manufacturers provide innovative solutions such as cloud maintenance and prediction systems, allowing fleet managers to analyze their vehicles during operations and predict critical fatalities. According to the CXOs and primary research, the research and development conducted by several companies and universities across the globe will play a crucial role in defining the market opportunities of the automotive smart tire market within the forecast period of 2022-2032. IoT-based connectivity solutions are one of the major application areas where major automotive smart tire manufacturers will invest shortly.
The automotive smart tire market is analyzed across North America (NA), Europe (EU), Asia-Pacific (APAC), Latin America (LA), and Middle East & Africa (MEA). In line with the analyzed region, the North American region will witness the highest market share, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2021, North America accounted for the highest proportion of the global market for automotive smart tires due to the region's ability to rapidly accept new technologies backed by major automotive manufacturers present within the region. The strong economic infrastructure of North American countries, followed by the increasing spending trend of people within the automotive segment, supports the market growth in the coming years.
Quick adoption of new technologies, support by the automotive smart tire industry towards integrating sensors and IoT technologies enabling cloud solutions such as fleet assist and management. The major companies operating within the automotive smart tire market are Bridgestone Corporation, Continental AG, Hankook Tire & Technology Co., Ltd., JK Tyres & Industries Ltd., Michelin, Nokian Tires Plc, Pirelli & C. S.p.A, Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Co., Toyo Tire Corporation, Yokohama Rubber Company, Limited.