The global Connected Tire Market size was valued at USD 0.75 million in 2021. The market is projected to grow from USD 1.18 million in 2022 to USD 45.60 million by 2030, exhibiting a CAGR of 68.5% during the forecast period. Global Connected Tire Market Reports give a Key study on the industry status of the Connected Tire Industry Manufacturer with the specific statistics, meaning, definition, SWOT Analysis, expert opinion, and recent development across the globe. The research report also covers the Market Size, Price, Sales, Revenue, Market share, Gross Margin, growth rate, and cost structure. The report aims to give an additional sample of the latest scenario, economic slowdown, and Covid-19 impact on overall Industry.
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The effects of the global COVID-19 pandemic have never been seen before. For example, the demand for connected tyres is lower than expected in all regions compared to levels before the pandemic. Our research shows that the global market was 18.0% smaller in 2020 than in 2019.
“Connected” tyres have a number of sensors that track the condition of the tyre and send that information to the car in real time. There are a number of Internet of Things (IoT) devices and sensor-based systems in the tyres, such as a pressure monitoring system, temperature control systems, an advanced assistance system, and others. It sends the information it has gathered to the computer. This includes things like tyre pressure, road condition, tread depth, speed, and tyre temperature. This lets the computer figure out how well the tyres are working, if they need maintenance, and if they are off track. It also lets the computer adjust the suspension, emergency brakes, traction control, and other things. The rise of new technologies in the auto industry is one of the main things that will drive future changes in this technology.
The market is growing because more people want safer roads and more people want passenger cars with more advanced safety features. The increasing use of connected features in cars and the development and sale of self-driving cars are also important growth factors. Fleet operators will also want better tyre management to cut down on the costs of replacing tyres and keeping them in good shape. This will drive the need for technology. Support from the government for the development and use of smart vehicles in both developed and developing countries will also help the market grow in a way that makes money.
Competitive Landscape and Global Market Share Analysis:
Michelin (France), Pirelli & C. S.p.A. (Italy), Goodyear Tire & Rubber Company (U.S.), Continental AG (Germany), Bridgestone Corporation (Japan), Nokian Tyres plc (Finland), Trelleborg AB (Sweden), Sumitomo Rubber Industries, Ltd (Japan), JK Tyres (India), Toyo Tires (Japan), Others
Market Segmentation:
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- Others
By Rim Size:
- 12″ – 17″
- 18″ – 21″
- More than 22″
- Other
The report on the Connected Tire market covers the following region (country) analysis:
- North America (U.S., Canada)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)
- South America (Mexico, Brazil, Argentina, Columbia, Rest of South America)
- Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)
Regional Insights:
In 2021, Europe had the biggest share of the market, and this is likely to stay true for the next few years. The market is expected to grow because of the strong presence of big players like Michelin, Continental AG, and Pirelli & C.S.p.A., as well as technological advances in the area. Also, the fast spread of connected and self-driving vehicles in the region is likely to speed up market growth in the future.
Asia and the Pacific are likely to have the best CAGR from 2022 to 2029. The Asia-Pacific market is expected to grow because more passenger cars are being sold in countries that are still developing, like China, Japan, South Korea, and others. Also, the market in Asia Pacific is expected to grow because there is a growing need for effective fleet management and predictive maintenance in the well-established logistics and ride-hailing industries there. Also, the growth of the market in Asia is helped by the fact that more cars are being sold in countries like China, India, and Japan.
North America is the second-biggest market region. The main thing that is making the area grow is how quickly connected and self-driving cars are being made and sold. The growth of the market in North America will also be helped by the fact that there are a lot of big names in automotive technology and that the infrastructure is getting better.
From 2022 to 2029, the CAGR for the rest of the world is expected to be quite high. In the coming years, the market is likely to grow because more people in Latin America and the Middle East are buying technologically advanced cars and more money is being spent on related infrastructure.
Following are the major TOC of the Connected Tire Market:
Chapter 1: Connected Tire Market Overview
Chapter 2: Global Economic Impact on Industry
Chapter 3: Global Connected Tire Market Competition by Manufacturers
Chapter 4: Global Production, Profits (Value) by Region
Chapter 5: Global Supply (Production), Import, Export, Consumption, by Regions
Chapter 6: Global Price Trend by Type, Revenue (Value), Production
Chapter 7: Manufacturing Cost Analysis
Chapter 8: Global Market Analysis by Application
Chapter 9: Industrial Chain and Downstream Buyers, Sourcing Strategy
Chapter 10: Marketing Strategy Analysis, Distributors/Traders
Chapter 11: Market Effect Factors Analysis
Chapter 12: Global Connected Tire Market Forecast
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Key Reasons to Purchase Connected Tire Market report:
The report provides a thorough examination of the manufacturing methods, as well as ideas to reduce development risk, major market growth challenges and strategic inputs to overcome the market threats.
In-depth market analysis and an overview of the global Connected Tire Market trend and commercial landscape are included in the report. In addition, the report discusses the effect of COVID-19 on the market.
Reader can acquire a better interpretation of the Connected Tire Market forecast’s future view and opportunities from the report.
The report contains an analysis of recent developments as well as profiles of important market leaders and key players.
To gain an understanding of the market strategies by the leading market players in the Connected Tire
The report analyses the most important driving and restraining factors in the industry, as well as their impact on global market growth.
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