The Global Smart Tire Market is expected to experience a steady growth rate in the years 2023-2030, according to a report by TechSci Research's "Global Smart Tire Market-Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2030F". Although the demand for smart tires is primarily limited to passenger cars, various tire manufacturers such as Bridgestone Corporation, Continental AG, and The Goodyear Tire & Rubber Co. are actively working on integrating temperature and pressure sensors into passenger car tires. With the rise of automated information systems in cars, tire manufacturers see a multitude of opportunities in connected fleet systems, as these tires would be connected to the Vehicle Information System and significantly contribute to the overall vehicle. In order to track the life cycle of their tires, commercial vehicle manufacturers and fleet managers are increasingly using Radio Frequency Identification (RFID) to collect data on tread depth, tire pressure, temperature, and tire condition. The global smart tire market is segmented into seven segments based on vehicle type, product type, sensor type, technology type, vehicle propulsion type, and distribution channel.
Globally, the total number of tire sales in 2021 was approximately 2073.95 million units, with the Asia Pacific region accounting for the highest market share. This region saw a high increase in the sales of all vehicle types, and many tire companies opened manufacturing plants in the area. North America accounted for approximately 406.05 million units of tire sales, with demand coming from both distributors and OEMs.
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As the automotive industry progresses towards linked and autonomous driving, technology development in all types of auto parts, including tires, has significantly increased. To keep up with the latest technological advancements and ensure safety on the roads, major tire manufacturers such as Bridgestone, Goodyear, and Michelin are developing smart tires that use Internet of Things (IoT) connected sensors and software platforms to track tire performance. The addition of 5G communication technology will enable reliable data transmission between the tire and the car. Temperature and pressure sensors are integrated into smart tires, providing data about the tire's heat and cold energy production, as well as temperature and pressure levels. The expansion of sophisticated technology and sensors in vehicles, coupled with the growing importance of vehicle safety, has increased the need for tires with temperature and pressure sensors. Infineon Technologies AG, NXP Semiconductors, and Schrader TPMS Solutions are among the leading manufacturers of TPMS sensor systems.
Some of the major players operating in the Global Smart Tire Market include:
- Continental AG
- Bridgestone Corporation
- The Michelin Group
- The Goodyear Tire & Rubber Co
- Pirelli & C. S.p.A
- The Yokohama Rubber Company, Limited
- Hankook Tire & Technology Co., Ltd
- Nokian Tyres Plc
- Toyo Tire Corporation
- JK Tyres & Industries Ltd
“Many companies are investing in the research and development department, for the innovation and improvement of smart tire. The investment will help in research and development of the smart tire for the better driving experience and for the vehicle’s safety. The investment by the major tire manufacturing companies will help to make smart tire easily available for the buyers in the market which will further help in driving the Global Smart Tire Market in the coming year. "said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Smart Tire Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2030F Segmented 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), By Distribution Channel (OEM, Aftermarket), By Product Type (Connected Tire, Intelligent Tire/TPMS) and By Region has evaluated the future growth potential of Global Smart Tire Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Smart Tire Market.
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