Automotive Smart Tire Market Rising Demand, Trends, Growth, Competitive Analysis and Future Forecast 2030
Market Highlights
Market Research Future (MRFR), in its latest report on
the Automotive
Smart Tire Market 2022, reveals that there are major factors that
govern the expansion of the market. Important consequences of COVID 19 on the
automotive smart tire market is provided along with the report. The continuous
adoption of advanced technology to develop intelligent tires and promote the
expansion of the market in the assessment period. The rise in IoT connectivity
solution deployment to boost the safety of the automotive smart tire can
support the expansion of the market in the review period.
The higher durability, improved vehicle performance, and
increased fuel efficiency offered by the automotive smart tire market is
likely to support the expansion of the market. Moreover, the different
governments are taking initiative to promote usage of 12-14 tires on heavy
commercial vehicles to prevent severe accidents. The introduction of
self-driven cars that can lead to decrease in driver intervention and
interaction, along with government initiatives that are supporting solutions to
prevent accidents and injuries can also impact the market in the review period.
At the same time, terrain adaptability, the low wear & tear of the tire,
fuel-efficiency enhancement, and high performance can drive the global
automotive smart tire market.
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Market Scope
The global automotive smart tire market is estimated to
reach USD 2254.49 million by 2025 registering a CAGR of 16.10% during the
forecast period. This is influenced by the focus of automotive manufacturers to
leverage on data and analytics to improve their tires. Metrics such as load
detection, tread wear & depth, pressure & temperature, and road
conditions can be used in gleaning useful insights and start new trends in tire
development.
Investments in internet of things (IoT) sensors for
extending tire shelf life and fuel efficiency can spur the global automotive
smart tire industry. The need to protect fleet drivers and improve logistical
inconsistencies can drive the smart tire demand over the forecast period.
Key Players
Michelin Group (France), The Goodyear Tire & Rubber Co
(USA), Continental AG (Germany), NEXEN TIRE Corporation (Korea), Sumitomo
Rubber Industries, Ltd. (Japan), Bridgestone Corporation (Japan), and Pirelli
& C. S.p.A. (Italy) among others are some reputed names in the Automotive
Smart Tire global Market as stated by MRFR.
Drivers: Automotive Smart Tire
Segment Analysis
The segment analysis of the automotive smart tire market is
done by Sales Channel, technology, and Vehicle Type.
The technology based segments of the automotive smart tire
market are Non-pneumatic Tires and Pneumatic Tires. The high sales of pneumatic
tires due to increase in the awareness about their advantages can impel the
expansion of the automotive smart tire market in the years ahead.
The Sales Channel based segments of the automotive smart
tire market are Aftermarket and Original Equipment Manufacturer. The presence
of robust aftermarket solutions across developing economies can support the
expansion of the market in the study period.
The Vehicle Type based segments of the automotive smart tire
market are Commercial Vehicles, Plug-in Hybrid Vehicle, Passenger Cars, Battery
Electric Vehicle, and Hybrid Electric Vehicle. The rise in deployment of
Plug-in Hybrid Vehicle and Passenger Cars can boost the growth of the
automotive smart tire market in the years ahead.
Regional Study
Global trends of the Automotive Smart Tire market is studied
for North America, EU, Asia-Pacific, and the Rest of the World.
The Automotive Smart Tire market in Europe can dominate the
global automotive smart tire market across the assessment period as a
relatively high rate of adoption of sensor integrated tires by prominent tire
manufacturers is observed in the analysis period. The significant increase in
the demand for autonomous cars, along with semi-autonomous vehicles in the
region is expected to prompt the expansion of the Automotive Smart Tire market
in the region. Furthermore, the growing adoption of safety alternatives, strict
measures to curb reduce accident rates, fuel efficiency enhancement, and
increase in the automotive production in different regions of APAC can drive
the expansion of the Automotive Smart Tire market in the region.
In North America, the increase in tire associations and rise
of prominent vehicle producers, along with pressing demand for smart tires that
offer real time data and information pertaining to prevent accidents can impel
the expansion of the market across the review period.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/automotive-smart-tire-market-7422
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