Connected Tyre Market by Component (Hardware, Software), Rim Size (12-17 Inches, 18-22 Inches, More Than 22 Inches), Propulsion, Sales Channel - Global Forecast 2024-2030

Connected Tyre Market by Component (Hardware, Software), Rim Size (12-17 Inches, 18-22 Inches, More Than 22 Inches), Propulsion, Sales Channel - Global Forecast 2024-2030

The Connected Tyre Market size was estimated at USD 22.56 million in 2023 and expected to reach USD 30.70 million in 2024, at a CAGR 38.35% to reach USD 219.03 million by 2030.

The connected tyres are smart, technology-driven tyres designed to enhance vehicle safety, efficiency, and performance. These intelligent tyres utilize embedded sensors and communication systems to provide real-time information on various parameters such as air pressure, temperature, load capacity, and wear patterns. The data gathered enables predictive maintenance, proactive alerts for potential issues, and a streamlined driving experience for both personal vehicles and commercial fleet operations. Rapidly growing automotive sectors is offering the untapped potential for connected tyre product penetration, appealing to middle-class consumers prioritizing safety and technology. Increasing collaboration between tyre manufacturers, telematics service providers, and insurance companies that offer value-added services such as usage-based insurance pricing and fleet management tools to customers is driving the market growth. High costs with the integration of advanced sensor technology and communication systems and h increasing concerns surrounding cybersecurity hampers market growth. The rising development of cost-effective connected tyre solutions that cater to diverse customer segments is expected to create opportunities for market growth.

Regional Insights

The APAC region, particularly China and India, is experiencing significant growth in the connected tyre market with the increasing number of vehicles on the road and a growing awareness of environmental concerns. Developing the electric vehicle market in countries like China drives demand for specialized tires designed for EVs. These tires often have unique requirements to maximize the range of electric vehicles. The surge in demand for advanced automotive technology due to increasing safety regulations and rising consumer awareness towards fuel efficiency is expanding the growth of the market in the Americas. The presence of harsh weather conditions in Canada necessitating better road traction control systems creates a platform for connected tyres. Strong automotive industry driving innovation and investment in smart tyre solutions in European Union countries expands market growth in EMEA. In addition, increased focus on vehicle safety standards and environmental concerns, such as CO2 emissions reduction targets set by European governments, have led to accelerated adoption of connected tyre systems.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Connected Tyre Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Rising awareness towards the importance of tyre health, performance, and safety
Continuous advancements in tyre technology globally
Emergence of the Internet of Things and 5G connectivity

Market Restraints

High cost associated with connected tyre technology

Market Opportunities

Ongoing development and deployment of autonomous vehicles
Expanding adoption of electric vehicles across the world

Market Challenges

Lack of supporting infrastructure for implementation of connected tyre systems

Market Segmentation Analysis

Component: Growing advancements of software solutions used in connected tyres
Propulsion: Higher potential for the use of connected tyres in electric vehicle with supportive government policies
Rim Size: Increasing demand for more than 22 inches rim size segment with advancements in heavy-duty vehicles
Sales Channel: Rising availability of connected tyre solutions through the aftermarket sales segment

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Connected Tyre Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Connected Tyre Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Continental Enables Real-Time Digital Tire Monitoring also for Free-Standing Truck Trailers

Continental AG launched a cutting-edge digital solution called ContiConnect Live, offering real-time remote tire monitoring for trailers. This innovative system is compatible with freestanding and coupled trailers, utilizing a telematics unit to receive and transmit tire sensor data to the ContiConnect portal. By connecting to a power unit, customers gain the ability to monitor vital information such as tire inflation status and temperature. This comprehensive solution ensures accurate and efficient tire monitoring, enhancing safety and performance for trailer operations.

Pirelli Launches Investment Of 114 Million Euro In The Plant At Silao, Mexico to Increase Production Capacity Of The Silao Plant By More Than One Million Pieces For A Total Of 8.5 Tires At Completion In 2025 Million

Pirelli & C. S.p.A. announced a significant investment of 114 million Euros to expand the production of High Value tires at its Mexican facility. Expansion aims to increase the plant's production capacity from 7.2 million to 8.5 million pieces by 2025. Moreover, this expansion would help Pirelli to introduce several innovative technologies, including Cyber Tyre, Robotized PNCS, and RFID tracking for tires. Additionally, the company has implemented various environmental initiatives to promote sustainability and environmental care.

Bridgestone Collaborates with Microsoft to Accelerate Advanced Tire Analytics Integration Across Global Portfolio of Connected Tires and Mobility Solutions

Bridgestone Corporation has partnered with Microsoft Corporation to leverage Microsoft Azure in support of its digital transformation and the development of sustainable solutions. This collaboration aims to enhance productivity and efficiency for customers through advanced and predictive maintenance analytics. By integrating tire analytics, Bridgestone Corporation optimizes tire retreading and accurately determine when tire maintenance is required. Both organizations are utilizing the Microsoft Connected Vehicle Platform to capture and analyze real-time tire data, thus creating an integrated vehicle ecosystem.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Connected Tyre Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Connected Tyre Market, highlighting leading vendors and their innovative profiles. These include Bridgestone Corporation, Continental AG, Cooper Tire & Rubber Company Europe Limited, Goodyear Tire & Rubber Company, Hankook Tire & Technology Co., Ltd., Innovative Tyres & Tubes Ltd., JK Tyre & Industries Ltd., Magna Tyres, Michelin, MRF Tyres, NEXEN TIRE Corporation, Nokian Tyres PLC, Pirelli & C. S.p.A., RPG Enterprises, The Yokohama Rubber Co., Ltd., Treel Pvt Ltd., and U.S. Tire Manufacturers Association.

Market Segmentation & Coverage

This research report categorizes the Connected Tyre Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
Hardware
Software
Rim Size
12-17 Inches
18-22 Inches
More Than 22 Inches
Propulsion
Electric
ICE
Sales Channel
Aftermarket
OEM
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year