Growth Opportunities in the Connected Tire Market-Europe and North America

Growth Opportunities in the Connected Tire Market-Europe and North America

The connected tire market is in the nascent stage but is all set to grow in the upcoming years, powered by the uptake of TPMS, ADAS regulations, and advancing customer demands. Global tire manufacturers are investing in connected tire technologies to develop tire solutions and applications that cater to the future demands of customers in the evolving automobile industry. Increasing focus on connectivity, IoT, AI, and new business models are ushering innovative connected tire use cases and value propositions to customers. Tires play a meaningful part in the commercial vehicle industry because of their substantial contribution to ROI. It is imperative that our tires become smarter along with our vehicles, to draw maximum synergies from the vehicle ecosystem. The study analyzes the connected tire market in North America and Europe from multiple dimensions and aspects, such as the connected tire ecosystem, its value propositions to customers, TCO and cost benefit analyses, and identifies relevant key mandates and regulations. The research also provides exhaustive analysis on potential growth opportunities under multiple parameters, such as opportunities by vehicle type, application type, revenue opportunities by hardware and service types. The research offers detailed profiles of Bridgestone, Continental, Goodyear, Michelin, and Pirelli. Tire companies developing tech platforms, primarily digital platforms, robust security protocols, and extensive reporting features will gain the first-mover advantage with OEMs and autonomous tech companies. Innovative business models and Mega Trends are captured holistically to highlight key topics, such as tire-as-a-service, technology convergence, and tire manufacturer partnerships with service providers. Frost & Sullivan predicts that connected tires will be the norm presently and will find new use cases with the onset of electrification and autonomous driving. Intelligent tires that communicate with the vehicle and infrastructure will soon become a commodity rather than a luxury.