North America Automotive Smart Tire Market 2020-2030

North America Automotive Smart Tire Market 2020-2030

Bonafide Trust 02-02-2022 116 Pages
Region : North America Category : Automotive & Transport Automotive Parts

North America automotive smart tire market is expected to grow by 6.3% annually in the forecast period and reach $38.7 billion by 2030 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. North America market is expected to register a significantly rapid revenue growth rate during the forecast period. Increasing technological advancements across industries and increasing need for more efficient and cost-effective fleet management and asset tracking in various countries in the region are factors driving growth of the automotive smart tire market. Various automotive businesses are adopting newer and more advanced technologies, including smart sensor tires owing to increasing research and development initiatives to track tire performance and relay details of road conditions to drivers through Bluetooth and telematics, which are key factors expected to boost market revenue growth over the forecast period. Due to a rise in demand for connected vehicles, North America is predicted to have a significant share of the worldwide automotive smart tyre market. Because of the region's robust tyre manufacturing industries and their increased research and development facilities for connected tyres, the market for automotive smart tyres in North America is likely to grow. Major tyre manufacturers are investing in R&D to create new tyre materials that will work with better technologies, including nanotechnology, to reduce heat build-up. This is expected to increase demand for vehicle smart tyres across North America. Therefore, it is anticipated that soon, the market for automotive smart tyres would grow more successfully during the course of the study period. Companies have recently been working in the North America Automotive Smart Tire market more actively for leading the highest market growth, registering the great value of market share, keep maintaining the governing position, generating the highest percentage of revenue, and obtaining the competitive edge. This is done by implementing the policies of profit making and strategies of expansion, analysing the strategies and policies of contenders and government, improving the qualitative and quantitative measures of such, delivering the better customer satisfaction, decreasing the associated prices of such, spreading the awareness connected to the applications and advantages of automotive smart tire, increasing the features and benefits of automotive smart tire, and establishing the several research and development programs. Market faces a few challenges which are, lack of Standardization and Commercialization of Smart Tires, reliability Issues Faced by Smart Tire Sensors and along with that lower Adoption Rate of Automotive Smart Tires in Passenger VehiclesThis market still has opportunities which can be used to the advantage of the manufacturer like the surging Demand for Autonomous Vehicles and Highly Automated Driving, use of Intelligent Tires in Platooning Systems and implementation of 3D Printing Techniques for Automotive Smart Tires

Impact of COVID-19 on Global Automotive Smart Tire Market
The global automotive smart tire market was tremendously hit by the COVID-19 pandemic. In the wake of the nationwide lockdowns imposed by several countries to check the spread of the virus, the automobile industry was among the most severely affected. Due to social distancing protocols and labor shortages, automobile manufacturing and production activities were completely restricted. Consequently, automakers suffered severe losses as a result of a sharp decline in sales of automotive smart tires and sensors. Also, the restrictions on imports and exports affected the distribution channels, although manufacturing activities had resumed after the lockdown restrictions were lifted.

Highlighted with 29 tables and 63 figures, this 116-page report “North America 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 Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire North America 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 North America 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 North America automotive smart tire market in every aspect of the classification from perspectives of Product, Sensor, Engineering Technology, Vehicle Type, Vehicle Propulsion, Distribution Channel, and Country.

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
     • U.S.
     • Canada
     • Mexico

For each key country, detailed analysis and data for annual revenue ($ mn) and demand volume (million units) are available for 2020-2030. The breakdown 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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