Rising vehicle safety and environment concern among the people has driven the demand for smart tire in the market across the globe.
According to the TechSci Research report, “Global Smart Tire Market – Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2030F”, Global Smart Tire Marketis anticipated to grow at a decent rate in the forecast year 2023-2030. The demand for the smart tires is generally limited to the passenger cars, many tire manufacturers companies like Bridgestone Corporation, Continental AG, The Goodyear Tire & Rubber Co, etc. have been working actively on the passenger car tires in order to integrate them with temperature and pressure sensors. As more and more cars are outfitted with automated information systems, tire manufacturers see several prospects in connected fleet systems. As they would be connected to the Vehicle Information System, the tire would entirely contribute to the overall vehicle. Manufacturers and fleet managers of commercial vehicles are increasingly using Radio Frequency Identification (RFID) to track the life cycle of their tires by collecting data on tread depth, tire pressure, temperature, and tire condition.
The global smart tire market is segmented into seven segments based on vehicle type, product type, sensor type, technology type, vehicle propulsion type, and the distribution channel.
According to the government data globally, the total number of tire sales was around 2073.95 million units in the year 2021, and the sales of total tires in the Asia Pacific region was around 1029.44 million units in the year 2021. Globally Asia Pacific accounts for the highest market share in the Global Tire Market, as in this region many tire companies opened there manufacturing plants and the sales of all vehicle types in this region went high compared to the world.
Globally total number of tire sale in 2021 was around 2073.95 million units. The sales of all types of tires from North America region in which country including United States, Canada, and Mexico account for around 406.05 million units in the year 2021. The demand of sales for tire in North America region comes from the distributer end and from the OEMs (Original Equipment Manufacturers).
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The development of technology found in all kinds of auto parts has increased with the growth of linked and autonomous driving. Automotive OEMs have recently turned their attention to tires as they struggle to keep up with the new technology that is now present in both autonomous and conventional vehicles. Smart tires, which have sensors implanted in the tire’s inner lining and offer consumers a wealth of data beyond what the Tire Pressure Monitoring System (TPMS) can deliver, are an inevitable evolution. These sensors can indicate when a tire needs to be replaced and provide information about harsh and hazardous tire conditions.
In today’s vehicles, the growing interconnection has resulted in massive data creation. In terms of the information necessary for the next generation of tires to operate properly, the TPMS has likewise reached its limit. The necessity of creating smart tires has increased because of deadly traffic accidents caused by under-inflated or worn-out tires. Major tire producers are also developing smart tires that use software platforms and Internet of Things (IoT) connected sensors to track tire performance, including Bridgestone, Goodyear, and Michelin. IoT technologies are rapidly spreading throughout the automotive industry, and the addition of 5G communication technology will make it possible for reliable data transmission between the tire and the car.
Advanced pressure and temperature sensors are integrated into tires with temperature and pressure sensors, which provide the temperature and pressure of the tire. The tire’s heat and cold energy production are measured by the temperature sensor. The need for tires with temperature and pressure sensors is a result of the expanding usage of sophisticated technology and sensors in vehicles, as well as the growing importance of vehicle safety. Vehicle tires have benefited greatly from technological developments, which has contribute to the market’s expansion. Several automakers have recently begun equipping their high-end automobiles’ tires with built-in sensors. Infineon Technologies AG, NXP Semiconductors, and Schrader TPMS Solutions are a few of the leading manufacturers of TPMS sensor systems.
Some of the major players operating in the Global Smart Tire Market include:
- Continental AG
- Bridgestone Corporation
- The Michelin Group
- The Goodyear Tire & Rubber Co
- Pirelli & C. S.p.A
- The Yokohama Rubber Company, Limited
- Hankook Tire & Technology Co., Ltd
- Nokian Tyres Plc
- Toyo Tire Corporation
- JK Tyres & Industries Ltd
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“Many companies are investing in the research and development department, for the innovation and improvement of smart tire. The investment will help in research and development of the smart tire for the better driving experience and for the vehicle’s safety. The investment by the major tire manufacturing companies will help to make smart tire easily available for the buyers in the market which will further help in driving the Global Smart Tire Market in the coming year. “said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“Smart Tire Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2030F Segmented by Sensor Type (TPMS, Accelerometer Sensor, Strain Gauge Sensor, RFID Chip, Other Sensors), By Engineering Technology (Pneumatic Tire, Run-Flat Tire, Non-Pneumatic Tire), By Vehicle Type (Commercial Vehicles, Passenger Cars), By Vehicle Propulsion (Conventional Vehicles, Electric Vehicles), By Distribution Channel (OEM, Aftermarket), By Product Type (Connected Tire, Intelligent Tire/TPMS) and By Region has evaluated the future growth potential of Global Smart Tire Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Smart Tire Market.
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