Asia Pacific Automotive Smart Tire Market 2020-2030

Asia Pacific Automotive Smart Tire Market 2020-2030

Bonafide Trust 02-02-2022 122 Pages
Region : Asia-Pacific Category : Automotive & Transport Automotive Parts

Asia Pacific automotive smart tire market will grow by 8.1% annually with a total addressable market cap of $563.9 billion over 2021-2030 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 efficient augment in integration of advanced features in a vehicle, including connected tires and tire pressure monitoring system to avoid interruption of vehicle, is likely to augment the demand for smart tires across the Asia Pacific. The prominent augment in integration of sensor systems in vehicle tires, which proposes the real-time data analysis for vehicle users, is prospective to fuel the demand for such tires. Foremost tire manufacturers are investing in technological progress, including B-Tag Systems, to monitor tire pressure and temperature. The system alerts the driver about the maintenance of tires to avoid operative down time. This is projected to propel the automotive smart tire market across the Asia Pacific. The passenger vehicle segment dominates the APAC smart tire market. The acceptance of smart tires for passenger vehicles is likely to grow faster as compared to commercial vehicles. Further, replacement demand for tires is also anticipated to rise which in turn would spur the demand for smart tires over the coming years. Factors influencing the market are, the growing awareness about environmental conservation is expected to surge the demand for eco-friendly cars like hydrogen cars and electric cars. As a result, the demand for automotive smart tires will significantly increase during the forecast period. Automotive smart tires are highly efficient for saving fuel. The growing fuel prices will surge the demand for smart tires. Moreover, smart tires are highly efficient in overcoming several challenges, such as high operating costs of the caravans, tire failures in autonomous trucks, and delays. Thus, such benefits will contribute to market growth. The growing popularity of autonomous and connected vehicles will escalate the market growth during the forecast period. The growing number of government policies to boost the sales of electric vehicles will benefit the market during the study period. It is anticipated that the Asia-Pacific region will have the largest market for automobile smart tyres, largely because of the contribution of developing nations like China, Japan, South Korea, and India. The largest automotive sector is in Asia-Pacific, which helps industry participants broaden their regional reach. Additionally, in the upcoming years, the growing need for next-generation high-performance tyres will become significantly more pronounced. As a result, it will advance the market for automobile smart tyres.

Impact Analysis for COVID-19

The epidemic significantly reduced the demand for automobiles. The pandemic compelled the populace to shift its focus from consumer goods to healthcare. As a result, market growth has decreased. The market for automobile smart tyres was also constrained by production delays and other issues including a labour and raw material shortage.

Highlighted with 36 tables and 66 figures, this 122-page report “Asia Pacific 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 Asia Pacific 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 Asia Pacific 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 Asia Pacific 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
     • Japan
     • China
     • South Korea
     • Australia
     • India
     • Rest of APAC (further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)

For each key country, detailed analysis and data for annual revenue ($ mn) and demand volume (million units) are available for 2019-2030. 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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