Connected Tire Market: Current Analysis and Forecast (2022-2030)

Connected Tire Market: Current Analysis and Forecast (2022-2030)

Connected tires are a new type of tire that is equipped with sensors, RFID, GPS, or other technologies that allow it to communicate with other devices and systems. These tires are designed to provide real-time data on tire pressure, temperature, and tread depth, which can help drivers optimize their driving experience and avoid accidents.

‘The Connected Tire Market is expected to grow at a strong CAGR of 40% during the forecast period owing to the increasing demand for safety features in vehicles. Connected tires provide real-time data on tire pressure, temperature, and tread depth, which can help drivers optimize their driving experience and avoid accidents. This information can also be transmitted to other systems in the vehicle, such as the ABS and ESC, to enhance their performance and improve safety. For instance, Murata Manufacturing Co., Ltd. (“Murata”) has developed a tough and small radio frequency identification (RFID) module that can be embedded into tires in collaboration with world-leading French tire manufacturer Michelin. This module is an extremely small part with a size of 6 mm × 1 mm × 1 mm. Nevertheless, it is a product that will bring about innovation in the tire business.

• Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. Amongst these, the passenger cars segment with hold a higher CAGR during the forecast period owing to the rising demand for road safety measures as a result of an increase in global road accidents. Additionally, the segment's expansion has been helped along by an increase in passenger car sales around the world. For instance, in 2020, the International Organization of Motor Vehicle Manufacturers (OICA) estimates that 54 million passenger cars and 24 million commercial vehicles will be sold worldwide. The availability of financial services to purchase vehicles, rising living standards, and consumer spending power are some of the main factors supporting passenger vehicle sales worldwide.
• By rim size, the market is bifurcated into 12" – 17", 18" – 21", and more than 22". Among these, 18”-21” captured the majority share of the connected tire market in 2021. The increase in sales of vehicles with rim sizes ranging from 18" to 21" is largely responsible for the segment's expansion. Moreover, expanding interest in extravagance vehicles furnished with cutting edge includes further backings the segmental development as these wheels are much of the time utilized in extravagance vehicles.
• For a better understanding of the market adoption of the connected tire industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Korea, and Rest of Asia-Pacific), Rest of World. Asia-pacific is anticipated to hold a higher CAGR during the forecast period. It is anticipated that the expansion of the market in the Asia-Pacific region will be aided by rising passenger vehicle sales in the developing nations of the region, such as China, Japan, South Korea, and others. In addition, the well-established logistics and ride-hailing industries in Asia Pacific are anticipated to drive the market's expansion. These industries have a growing need for efficient fleet management and predictive maintenance. The market's expansion in Asia is also fueled by rising vehicle sales in Asian nations like China, India, and Japan.
• Some of the major players operating in the market include Bridgestone Corporation; Continental AG.; Hankook Tire & Technology; Michelin; Nokian Tyres plc.; MRF Tyres.; Pirelli & C. S.p.A; KumhoIndia; The Goodyear Tire & Rubber Company; THE YOKOHAMA RUBBER CO., LTD.