Wednesday, 14 December 2022 03:33 PM
Company Update
WILMINGTON, DE / ACCESSWIRE / December 14, 2022 / Transparency Market Research Inc. - The connected tire market size was worth US$ 12.2 Mn in 2021. A scrutiny of connected tire industry statistics underscores a strong push toward Connected, Autonomous, Shared & Services (CASE) is a major driver of product demand. Original equipment suppliers (OES) including numerous tire manufacturers have increased their stakes in supporting vehicle telematics.
Growing trend of adopting innovative vehicle telematics solutions has led to proliferating use of sensors and IoT-integrated tires. The key objectives comprise improvement in fuel economy, vehicle safety, and supporting applications of advanced driver assistance systems (ADAS). Stridently connected vehicle communication technology have made continuous strides, generating revenue streams for tire manufacturers in the market.
The TMR study found that connected tires are widely used in higher rim size wheels (more than 22" segment), rendering the segment highly lucrative during the forecast period. Of note, the trend of leveraging digitalized services for utilizing the vast in-vehicle data presents incredible revenue potential for market players.
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Key Findings of Connected Tire Market Study
- Rising Adoption of Connected Mobility Solutions Underpins Massive Revenue Potential: Growing trend of shared mobility in the automotive sector has fueled the demand for connected mobility solutions in the connected tire market. In premium cars especially, connected tires have witnessed rapid adoption. Rise in use of ride-hailing services over the years has spurred the adoption of connected tires for passenger vehicles. The vehicle segment of note is projected to account for a major market share during the forecast period. Moreover, the use of smart vehicle monitoring systems is catalyzing the demand for connected tires.
- Trend of Vehicle Telematics Gathering Traction Among Tire Manufacturers Generates Lucrative Avenues: Tire manufacturers find vehicle telematics a crucial part of tire-as-a-service. Next-gen telematics solutions are advancing the scope of predictive maintenance, increasing vehicle uptime for large fleets. Furthermore, integration of sensors and IoT devices with predictive maintenance solution creates enormous opportunity for market players. The study authors asserted that auto manufacturers will continue to remain a key target market for connected tires.
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Drivers
- Growing trend of Connected, Autonomous, Shared & Services (CASE) mobility in the automotive sector is a key driver of the connected tire market. Advancements in autonomous and connected mobility technologies have considerably broadened the market outlook.
- Over the years, tire manufacturers in several countries have made a foray into vehicle telematics. Subsequently, use cases of tire-as-a-service is also growing rapidly, thereby expanding the customer base for OEMs and tire manufacturers.
Regional Growth Dynamics
North America has been a remarkably lucrative region in the global connected tire market. The study projects it to hold a major share during the forecast period. The revenue generation is increasingly fueled by the U.S. connected tire industry growth. Wide adoption of digitally connected tires for premium passenger vehicles has spurred revenue streams in the regional market in recent years.
The Asia Pacific market is projected to expand at a robust CAGR during the forecast period. Staggering demand for connected vehicles and growing investments in innovative vehicle telematics solutions by firms in the automotive sector have piqued the interest of tire manufacturers. A bulk of consumer demand comes from Japan, South Korea, India, and China.
Competition Landscape
Solution providers and tire manufacturers are leaning on expanding their product line of connected tires & smart tire traceability solutions in order to gain connected tire market share.
Some of the market players are JK Tyre & Industries, MRF Tyres, Kumho Tire, Trelleborg AB, Pirelli & C.S.p.A., Nokian Tyres plc., Michelin, Continental AG, and Bridgestone Corporation.
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Connected Tire Market Segmentation
- Rim Size
- 12" - 17"
- 18" - 21"
- More than 22"
- Vehicle Type
- Passenger Vehicles
- Hatchbacks
- Sedans
- Utility Vehicles
- Light Commercial Vehicles
- Trucks
- Buses & Coaches
- Passenger Vehicles
- Sales Channel
- OEMs
- Aftermarket
- Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- Japan
- China
- India
- ASEAN
- Brazil
- Mexico
- GCC
- South Africa
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
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