Global Automotive Smart Tire Market Outlook, 2029

According to publisher, Here is the Global Automotive Smart Tire Market Report.
The global automotive smart tire market is revving up, driven by advancements in automotive technology and the increasing focus on safety.

Market Insights:
The market size was valued at around USD 80.48 billion in 2022.
It's projected to reach USD 169.9 billion by 2032, growing at a healthy CAGR of 8.3%.
This growth is fueled by the rising demand for connected cars and the numerous benefits smart tires offer.

Market Dynamics:
Growth Drivers:
Enhanced safety: Smart tires provide real-time data on pressure and temperature, reducing accidents from underinflated or worn tires. For instance, Michelin's self-inflating tire concept automatically maintains optimal pressure.u8[
Improved fuel efficiency: Properly inflated tires lead to better fuel economy. Continental's ContiSense technology m52onitors tire pressure and alerts drivers for adjustments.
Growing connected car market: Integration with connected car systems allows for remote monitoring and maintenance.
Challenges:=-
Higher cost compared to conventional tires.
Lack of consumer awareness about the benefits.
Standardization issues for data communication between tires and vehicles.

Market Segments:
By Technology:
Pneumatic tires (dominant segment due to their widespread use)
Non-pneumatic tires (gaining traction for their puncture-proof properties)
By Vehicle Type:
Passenger Cars (largest segment)
Commercial Vehicles (growing segment due to increasing fleet management needs)
Electric Vehicles (compatible tires needed for weight and torque considerations)
By Sales Channel:
Original Equipment Manufacturer (OEM) (pre-installed in new vehicles)
Aftermarket (replacement tires for existing vehicles)

Regional Analysis:
Asia Pacific is expected to be the dominant market due to the booming automotive industry in China and India.
Europe holds a significant share due to stringent safety regulations and high adoption of sensor-integrated tires.
North America is expected to witness steady growth due to rising consumer preference for connected car features.



Key Developments:
Michelin and General Motors are collaborating on next-generation airless tires for passenger vehicles.
Goodyear unveiled a concept tire with built-in sensors that can monitor road conditions and adjust tire pressure accordingly.
Continental is investing in research for smart tires integrated with vehicle stability control systems for improved handling.

Competitive Landscape:
Major players include Michelin, Bridgestone, Goodyear, Continental, and Pirelli.
These companies are focusing on R&D to develop innovative smart tire technologies.
Strategic partnerships with car manufacturers and technology companies are also driving market growth.