The global automotive smart tires market size reached USD 76.78 billion in 2020 and is expected to register a revenue CAGR of 6.6% during the forecast period, according to latest analysis by Emergen Research. Increasing usage of 5G technology in smart tires is expected to support market revenue growth between 2021 and 2028. Besides, increasing usage of new and more advanced tire materials that can evaluate real-time monitoring of tire conditions will boost revenue growth of the market. Currently, demand for 5G automated technology and tire pressuring monitoring systems for automotive smart tires has increased significantly. Many companies are combining strategies to sustain in the competitive market. Additionally, tire manufacturers are deploying Internet of Things (IoT) to enhance development of smart tires and increasing implementation of 3D printing for production of automotive smart tires. These advanced technologies being deployed in the automotive industry have been playing a significant role for rising use of AI and research and development of various features offered in smart tires.
However, decreased adoption rate of automotive smart tires due to its high cost and safety issues related to smart tires are expected to hamper market revenue growth during the forecast period.
To help gain the business owner further gain business intelligence the study on the Automotive Smart Tire market for the forecast period 2021 – 2028 brings to light data on production capability, consumption capacity, spending power, investment feasibility, and technology innovation. A thorough assessment of market performance across different regions is presented through self-explanatory graphic images, charts, and tables that add weight to corporate presentations and marketing materials. The study offers regional profiles of major vendors and extensive country-level break down to empower companies to make a wise investment decision when exploring new regions.
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The report on the Automotive Smart Tire market employs both primary and secondary research to examine its import and export, demand and supply, consumption power, spending capacity and distribution channel worldwide. The report evaluates the market standing of key manufacturers and sheds light on the strategies they have adopted to stay competitive. The study also applies qualitative and quantitative methods to assess the annual and financial performance of the top vendors and insights from market leaders. Extensive coverage of the recent trends and developments including joint ventures, collaborations, investments, product launches and acquisitions and mergers constitute a substantial part of the research on the Automotive Smart Tire market
Leading players of Automotive Smart Tire including:
Continental AG, Bridgestone Corporation, The Goodyear Tire & Rubber Co., Sumitomo Rubber Industries Ltd, Pirelli & C. S.p.A., Toyo Tire Corporation, Nexen Tire Corporation, JK Tyre Corporation Ltd., Maxxis International, and Interco Tire Corporation.
Some Key Highlights From the Report
Heavy duty truck segment revenue is expected to expand at a substantially rapid CAGR during the forecast period due to rising need for transportation of large volumes of products and large markets with widely available vehicles and parts.
Connected tire segment is expected to register a significantly robust revenue growth rate over the forecast period due to increasing deployment of connected and sensor systems which alert driver in case of pressure deflation or puncture and plays a significant role in vehicle and passenger safety.
Asia Pacific is expected to register a significantly rapid revenue growth rate over the forecast period due to steady economic growth, increasing demand for connected cars, rising urbanization and population growth, and introduction of various road safety regulations by governments in countries in the region.
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Furthermore, the report divides the Automotive Smart Tire market into key segments and sub-segments to offer an analysis of the product type and application spectrum of the industry. It also offers predictions about the segments expected to show significant growth during the projected timeline.
Emergen Research has segmented global automotive smart tire Market on the basis of vehicle type, features, technology, distribution Channel, and region:
Vehicle Type Outlook (Revenue, USD Billion; 2018–2028)
Heavy Duty Truck
Features Outlook (Revenue, USD Billion; 2018–2028)
Tire Pressure Monitoring System (TPMS)
Technology Outlook (Revenue, USD Billion; 2018–2028)
Distribution Channel Outlook (Revenue, USD Billion; 2018–2028)
Original Equipment Manufacturer (OEM)
Region wise performance of the Automotive Smart Tire industry
This report studies the global Automotive Smart Tire market status and forecast, categorizes the global Automotive Smart Tire market size (value & volume) by key players, type, application, and region. This report focuses on the top players in North America, Europe, China, Japan, Southeast Asia India and Other regions (Middle East & Africa, Central & South America).
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Reasons to purchase this Automotive Smart Tire market report:
Analyzing the outlook of the market with the recent trends and SWOT analysis
Market dynamics scenario, along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
Market value (USD Million) and volume (Units Million) data for each segment and sub-segment
Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
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