Austin, Aug. 26, 2024 (GLOBE NEWSWIRE) -- The Automotive Smart Tire Market Size was valued at USD 90.90 billion in 2023 and is estimated to grow with a CAGR of 8.60% from 2024 to 2032. Through the year 2032, it is likely to reach around USD 206.39 billion, promoted by the expanding applications in terms of several automotive segments.
This automotive smart tire market apparently seems invincible to the rapid changes taking place in between supported by the quick emerging tire technology, the huge improvement in vehicle control and sensors, and a rise in safety requirements.
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Key Players
- Goodyear Tire & Rubber Co (USA)
- NEXEN TIRE Corporation (Korea)
- Continental AG (Germany)
- Michelin Group (France)
- Bridgestone Corporation (Japan)
- Sumitomo Rubber Industries, Ltd. (Japan)
- Pirelli & C. S.p.A. (Italy)
- MRF Tyres
Key Market Drivers and Trends
Smart tires equipped with advanced sensors constitute one of the prime drivers for the market. Sensors constantly monitor the condition of a tire its pressure, temperature, and wear of its treading and provide real-time data to make road transportation safer, while its capabilities have broadened new horizons with the advent of IoT and AI. Previously, it has further empowered predictive maintenance to diminish any chances of tire-related accidents.
The assimilated advanced characteristics of TPMS in smart tires are expected to lead to more penetration, as they offer better safety features with their associated advantages.
Growth of Connected and Autonomous Vehicles
The move toward connected and self-driving vehicles is thus going to create an enabling world for smart tires. The tire is an important interface in an autonomous driving system. Tires provide critical data regarding road conditions that help facilitate real-time decisions and improve the overall vehicle performance. As automotive companies’ approach being fully autonomous, demand for smart tires will increase.
Automotive Smart Tire Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 90.90 billion |
| Market Size by 2032 | USD 206.39 billion |
| CAGR | 8.60% CAGR by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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| Major Regions Covered |
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Market Segmentation
1. By Technology
- Pneumatic Tire: Dominated the market with a share of over 70% in 2023, driven by regulatory mandates and safety concerns.
- Non-Pneumatic Tire: Held approximately 30% of the market, with applications in tracking tire performance and enhancing fleet management.
2. By Vehicle Type
- Passenger Vehicles: Accounted for over 55% of the market, driven by consumer demand for safety and performance features.
- Commercial Vehicles: Held around 30% of the market, benefiting from applications in fleet management for cost savings and operational efficiency.
- Electric Vehicles (EVs): Represented about 15% of the market, with rapid growth expected as EV adoption rises.
3. By Sales Channel - Original Equipment Manufacturers (OEMs): Represented about 60% of the market, as OEMs integrate smart tires into new vehicles for enhanced safety and performance.
- Aftermarket: Comprised 40% of the market, driven by the demand for smart tire upgrades and replacements in older vehicles.
APAC dominated the automotive smart tire market with 40% share in the year 2023.
Driven by the large adoption of advanced technologies in the automotive sector and the severe safety regulations across the region. The China dominated the regional market, as key automotive manufacturers and technology companies have huge investments in developing smart tires. North America was the second in this context, whereas countries like United States and Canada are at the forefront of fitting smart tires on electric and autonomous vehicles.
Recent Developments
- Bridgestone's Partnership with Microsoft: In 2023, Bridgestone had announced a new smart tire monitoring system in partnership with Microsoft. The system incorporates Microsoft's cloud and AI technologies in an attempt to provide real-time insight into tire conditions, thereby improving safety and cutting maintenance related expenses.
- Goodyear's Innovative SightLine Technology: Goodyear introduces SightLine, technology that builds sensors directly into tires to monitor road conditions and tire performance. The technology is said to cater to support the autonomous vehicles sector by providing critical data necessary to improve safe driving and productivity.
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Key Takeaways
- The automotive smart tire market was valued at USD 90.90 billion in 2023 and is expected to grow at a CAGR of 8.60% from 2024 to 2032.
- Sensor technology development is going to be promoting the growth along with the development of connected and autonomous vehicles.
- North America dominated with the highest share in the market in 2023, and the Asia-Pacific region is going to witness the fastest growth.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Vehicle Production and Sales Volumes, 2020-2032, by Region
5.2 Emission Standards Compliance, by Region
5.3 Vehicle Technology Adoption, by Region
5.4 Consumer Preferences, by Region
5.5Aftermarket Trends (Data on vehicle maintenance, parts, and services)
6. Competitive Landscape
6.1 List of Major Companies, By Region
6.2 Market Share Analysis, By Region
6.3 Product Benchmarking
6.3.1 Product specifications and features
6.3.2 Pricing
6.4 Strategic Initiatives
6.4.1 Marketing and promotional activities
6.4.2 Distribution and supply chain strategies
6.4.3 Expansion plans and new product launches
6.4.4 Strategic partnerships and collaborations
6.5 Technological Advancements
6.6 Market Positioning and Branding
7. Automotive Smart Tire Market Segmentation, By Sales Channel
- OEM
- Aftermarket
8. Automotive Smart Tire Market Segmentation, By Technology
- Pneumatic Tire
- Non-Pneumatic Tire
9. Automotive Smart Tire Market Segmentation, By Vehicle Type
- Commercial vehicles
- Passenger cars
- BEVs
- HEVs
- Plug-in Hybrid Vehicles
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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