As per the BIS research analysis, the global automotive smart tire market is expected to reach $110.39 billion by 2026, with a CAGR of 6.20% from 2021 to 2026. The rapid advancements in the development and commercialization of connected and autonomous vehicles have led to the evolution of technology to develop several automotive components. As the trend to develop these next-generation vehicles is being realized in the industry, the reliance on traditional tires is expected to be replaced by the adoption of smart sensor-enabled tires.
Smart tires are new-generation tires equipped with various sensors and chips for transferring actual data about tire and road conditions to the driver via telematics and Bluetooth in different types of vehicle. Smart tires are enabling commercial vehicle manufacturers to manage and monitor their fleets through digital monitoring solutions. The increasing volume of commercial vehicles with time has allowed fleet operators to monitor several parameters such as fuel consumption and carbon emissions, leading to an increased demand for advanced tires that provide real-time monitoring of tire conditions.
The increasing connectivity has led to immense data generation in modern-day vehicles. The TPMS has also reached its limitation in regard to the data required for the proper functioning of the next generation of tires. Under-inflated tires and worn-out tires have led to major fatal road accidents, which has increased the urgency of developing smart tires. Moreover, major tire manufacturers, such as Bridgestone, Goodyear, and Michelin, are developing smart tires relying on the Internet of Things (IoT) connected sensors along with software platforms to monitor tire performance. The automotive industry is witnessing an immense spread of IoT technologies, and the inclusion of 5G communication technology is going to enable robust communication for data transmission between the tire and the vehicle. The incorporation of 5G technology in tires is promoting the integration of smart tires in passenger vehicles due to its ability to propagate efficient vehicle-to-vehicle communication.
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Business Opportunities:
Surging Demand for Autonomous Vehicles and Highly Automated Driving – The introduction of autonomous and connected vehicles is expected to change the paradigm of the automobile and the associated industries. Essential parameters such as steering, accelerating, and braking depend upon tires to exert such forces. Moreover, the tires provide critical information regarding the vehicle, tire, and roadway. The advanced tire technologies that are being developed to benefit autonomous vehicles are classified into two vast categories, namely, active tires and smart tires. The active tires respond with respect to various conditions, including environmental, vehicular, and state of the tire. These tires are able to change the vehicle conditions by remedying the problem or notifying the driver of the problem.
Key Market Players and Competition Synopsis:
Some of the key players operating in the market, include Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber, Pirelli & C. S.p.A, The Yokohama Rubber Company, Limited, Hankook Tire & Technology Co., Ltd., Nokian Tyres Plc., Toyo Tire Corporation, Sumitomo Rubber Industries, Ltd., JK Tyres & Industries Ltd., Revo Technologies, Inc., NXP Semiconductors, Schrader TPMS Solutions, and Infineon Technologies AG.
The segment provides details about the competitive strength of the key players operating in the market. Continental AG and Goodyear Tire & Rubber Company account for the largest market share in the ecosystem, owing to their vast market presence and various partnerships with OEM.
Market Analysis for the North America Region:
North America comprises regional markets such as the U.S., Canada, and Mexico. The market for intelligent and smart tires is comparatively new and evolving at a constant pace. The production and sales of passenger vehicles and light commercial vehicles in the region are growing at a significant pace, which in turn is expected to raise the demand for tires in the coming years. Furthermore, the growth of the replacement tire market is anticipated to positively impact the region’s tire market during the forecast period. Therefore, to attain a firm grip over this region, many of the major automotive tire and sensor manufacturers are developing advanced tires and low-cost tire sensors.
Business Drivers in North America Region:
The growing fleet management technologies, due to a spike in demand for commercial vehicles in the region, especially in countries like the U.S. and Canada, are going to raise the demand for smart tires for enhanced vehicle performance.
The well-developed infrastructure for information and communication technology (ICT) and higher adoption of connected devices is expected to provide a strong platform for the growth of the smart tire market.
Business Challenges in North America Region:
The North America region is becoming a more competitive environment due to foreign tire manufacturers such as Nokian, Hankook, Giti Tire, and Kumho Tire expanding their presence over the region, which would result in increased competition in terms of bidding, fitments, supplying to a retailer, and pricing.
Key questions answered in the Report:
• Why should existing tire and sensor manufacturers consider venturing into the next-generation smart tire market, and what are the future growth opportunities?
• What are the key trends, market drivers, and opportunities in the market pertaining to automotive smart tires?
• What are the major restraints inhibiting the growth of the global automotive smart tire market?
• What kinds of new strategies are being adopted by the existing market players to expand their market position in demand generating developing and developed countries?
• Which are the promising companies that have obtained financial support to develop their products and markets?
• Which are the key companies in the market to source sensors for integrating them into smart tire products?
• How much revenue each of the segments is expected to record during the forecast period along with the growth percentage? Following are the segments:
o Product offerings, including (smart tires and sensors)
o Application, including passenger and commercial vehicles
o Region, including North America, South America, the U.K., Europe, Asia-Pacific and Japan, China, and the Middle East and Africa
• Which type of players and stakeholders are operating in the market ecosystem of the automotive smart tire, and what is their significance in the global market?
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