Europe automotive smart tire market was valued at $18.26 billion in 2020 and will grow by 7.1% annually over 2020-2030 owing to 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. The Europe automotive smart tire market is expected to register fastest revenue growth rate during the forecast period. Key factors contributing to fastest revenue growth rate is high demand for premium cars, increasing preference for vehicles with advanced safety features, technological advancements in vehicles, and the region being a hub of production for luxury cars manufacturing companies such as Ferrari, Renault, Volkswagen, and BMW. In addition, government regulations and safety norms are driving deployment of smart tires in countries in the region. Automotive smart tyres are now necessary due to the effective development in trend of integrating cutting-edge technologies and sensors in a vehicle, as well as the expanding necessity for fleet management and asset tracking. Intelligent tyres and connected tyres are smart tyres. Intelligent tyres, or those fitted with TPMS sensors, are widely used nowadays. However, only a few number of automobile smart tyres have been made commercially available to car manufacturers. Automotive smart tyres are in high demand from commercial vehicle OEMs and fleet operators who want to upgrade their fleet management programmes and provide real-time tyre monitoring for their platoons. The market for smart tyres in Europe is projected to increase due to the large increase in the integration of cutting-edge features into vehicles, including connected tyres and tyre pressure monitoring systems to prevent vehicle breakdown. The need for such tyres is likely to increase due to the efficient growth in sensor system integration in car tyres, which offers real-time data analysis for vehicle users. The B-Tag Systems, which track tyre pressure and temperature, are a major technological advancement that the leading tyre manufacturers are advancing. To prevent operating downtime, the technology warns the driver about tyre repair. This is anticipated to drive the market for vehicle smart tyres in Europe. Adoption of more fuel-efficient vehicles is increasing rapidly owing to various benefits including Corporate Average Fuel Economy (CAFE), and this trend is expected to continue over the forecast period. Fuel efficiency reduces impact on the environment and use of smart sensor-based tires will enable vehicles to reach compliance with pollution-related government regulations. Besides, rising demand for sensor systems in vehicle tires, which provide real-time data for vehicle users are key factors driving market revenue growth and this is expected to open up further opportunities for automotive smart tire solution providers. On the other hand, lower adoption rate of smart tires due to high cost and product availability for premium vehicle segment are restraining growth of the automotive smart tire market. Also, technology errors or malfunctioning which can occur as a result of incorrect data or information and low-quality tires can hamper growth of the automotive smart tire market.
Impact of COVID-19
Automotive Smart Tires market is quickly reaching its pre-COVID levels and a healthy growth rate is expected over the forecast period driven by the economic revival in most of the developing nations. Frequent suspension of public transport systems coupled with the highly contagious nature of the virus propelled the need for passenger cars leading to the derived demand for Automotive smart Tires products. However, unprecedented situations due to expected third and further waves of the pandemic are creating a gloomy outlook. This study endeavours to evaluate different scenarios of COVID-19 impact on the future of the Automotive smart Tires market from 2021 to 2030.
Highlighted with 39 tables and 67 figures, this 123-page report “Europe 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 Europe 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 Europe 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 Europe 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
• 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
• Rest of Europe (further segmented into Netherlands, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)
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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