Global Automotive Smart Tire Market 2020-2030

Global Automotive Smart Tire Market 2020-2030

Bonafide Trust 02-02-2022 181 Pages
Region : Global Category : Automotive & Transport Automotive Parts

Global automotive smart tire market will reach $161.6 billion by 2030, growing by 7.5% annually over 2020-2030 considering the impact of COVID-19 pandemic. The unit shipment of automotive smart tire is anticipated to grow by 8.6% annually over the forecast years. The market is driven by the escalating demand for electric vehicle, the rapid emergence and advancement of autonomous and connected vehicles, as well as the increasing adoption of artificial intelligence (AI) and 5G networks. Some of the key factors anticipated to significantly contribute to the growth of the global automotive smart tyre market in terms of revenue over the projected period include rising demand for sensor systems in vehicle tyres and expanding use of artificial intelligence (Al) in vehicle tyres. Another factor anticipated to boost market revenue growth in the future is the increased use of new and advanced tyre materials with technology developments to prevent heat build-up and rising concerns regarding environmental effect and vehicle safety. The commercialization of autonomous linked vehicles and continuous technological breakthroughs have increased demand for numerous automobile parts. The use of conventional or normal tyres, the adoption of next-generation automotive smart tyres, and the availability of tyres equipped with new sensor systems that track tyre pressure, wheel loading capacity, tread wear, and deformation can all reduce the dependability of tyre control systems. Future growth of the automotive smart tyre market is anticipated to be fueled by rising demand for autonomous vehicles with highly automated driving capabilities and implementation of 3D printing technology in smart tyres. The market for vehicle smart tyres is also changing because to the quick incorporation of Al. A vehicle's, its driver, passengers, and pedestrian safety may be improved by next-generation technology that uses algorithms to monitor tyre pressure, analyse differing speed ratings between a vehicle's wheels, and expand the characteristics of smart tyres. However, lack of commercialization and standardization of smart tires and low adoption of automotive smart tires as a result are key factors expected to hamper market revenue growth over the forecast period. Lack of commercialization and standardization are due to maintenance and disposal concerns related to batteries and potential environmental impact, as well as extreme temperatures negatively impacting battery life in tire sensors. Incomplete framework, lack of technology standards, and insufficient policies to support latest trends in automotive smart tires are factors hampering market growth.

By sensor type, tire pressure monitoring system segment is expected to lead in terms of revenue share during the forecast period due to tire pressure safety regulations and electronification trend that makes tire pressure monitoring system a positive development for smart tires of the future. Sensor systems enabled with other smart technologies deployed in tires is expected to continue to open-up further potential developments and advancements for more high-tech features which are expected to drive growth of the global automotive smart tire market going ahead. Non-pneumatic tires segment is expected to lead in terms of revenue contribution to the global automotive smart tire market during the forecast period due to increasing demand for non-pneumatic technology and advantages of airless tires that do not go flat. Also, airless tires are more cost-effective than conventional tires and tubes. Non-pneumatic tires function better or more effectively on more uneven surfaces and enables heavy vehicles to carry heavier equipment and transport more weight than vehicles with conventional tires.

Strategic developments
     • In June 2021, The Goodyear Tire & Rubber company completed acquisition of Cooper Tire & Rubber Company. The combination unites two leading tire companies with product portfolios, services and capabilities to stronger leadership in the global tire industry. Jointly, the company will focus on consumers, innovative technology, and high-quality products and solutions.
     • In July 2021, Pirelli & C. S.p.A launched its first high load index tire, which is a new type of tire dedicated primary to catering to electric or hybrid cars and SUVs, and designed to support larger vehicles and also support 20% more weight compared to the standard types of tires.

Covid-19 impact 
Like other industries in the market the Global smart tyre market was also heavily influenced by the Covid pandemic. The market saw a heavy decline in growth rate due to decrease in demands across various economy. This is due to the fact that consumers were buying less cars due to focusing disposable income toward medical safety. Along with these nation-wide lockdowns and restriction hindered the production process of these tyres. With this the supply and distribution chain also was affected due to transport restriction on non-essential products like smart tyres. This created shortage of labourers as well as the raw materials required. On the other hand, the suspension of public transport to control the spreading of the virus lead to a increased need for personal transport, which helped this market sustain a little during these times.   

Highlighted with 93 tables and 105 figures, this 181-page report “Global Automotive Smart Tire Market 2020-2030 by Product (Connected Tire, Intelligent Tire/TPMS), Engineering Technology (Pneumatic, Run-Flat, Non-Pneumatic), Vehicle Type (Commercial, Passenger), Vehicle Propulsion (Conventional, EV), Distribution Channel (OEMs, Aftermarket), and Region: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire global automotive smart tire market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain.

In-depth qualitative analyses include identification and investigation of the following aspects:
   • Market Structure 
   • Growth Drivers 
   • Restraints and Challenges
   • Emerging Product Trends & Market Opportunities
   • Porter’s Fiver Forces

The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify global automotive smart tire market in every aspect of the classification from perspectives of Product, Sensor, Engineering Technology, Vehicle Type, Vehicle Propulsion, Distribution Channel, and Region. 

By Product type 
     • Connected Tire
     • Intelligent Tire/TPMS

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 (EV)

By Distribution Channel
     • OEMs
     • Aftermarket

By Geography
     • North America (U.S., Canada, and Mexico)
     • Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Netherlands, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)
     • APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
     • South America (Brazil, Chile, Argentina, Rest of South America)
     • MEA (UAE, Saudi Arabia, South Africa)

For each aforementioned region and country, detailed analysis and data for annual revenue ($ mn) and demand volume (million units) are available for 2019-2030. The breakdown of all regional markets by country and split of key national markets by Product, Vehicle Type, and Distribution Channel over the forecast years are also included.

The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Key Players (this may not be a complete list and extra companies can be added upon request): 
Bridgestone Corporation, Continental AG, Hankook Tire & Technology Co., Ltd., Infineon Technologies AG, JK Tyres & Industries Ltd., Michelin Group, Nexen Tire Corporation, Nokian Tyres Plc., NXP Semiconductors, Pirelli & C. S.p.A, Revvo Technologies, Inc., Schrader TPMS Solutions, Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Co., The Yokohama Rubber Company, Limited, Toyo Tire Corporation,

(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)

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