Connected Tire Market Size, Share, Growth Analysis, By Rim size(12 - 17 Inches, 18 - 22 Inches), By Vehicle type(Passenger Cars, Commercial Vehicle), By Sales Channel(Aftermarket, OEM) - Industry Forecast 2024-2031

Report ID: SQMIG25B2019 | Region: Global | Published Date: April, 2024
Pages: 223 | Tables: 88 | Figures: 71

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Connected Tire Market size was valued at USD 6 Billion in 2022 and is poised to grow from USD 8.7 Billion in 2023 to USD 170.01 Billion by 2031, at a CAGR of 45% during the forecast period (2024-2031).

The competitive landscape in the connected tire market is characterized by intense rivalry and a diverse range of players vying for market share. Companies across the automotive and technology sectors are actively investing in research and development to create innovative connected tire solutions. 'Continental AG (Germany)', 'Michelin (France)', 'Bridgestone Corporation (Japan)', 'The Goodyear Tire & Rubber Company (US)', 'Pirelli & C. S.p.A. (Italy)', 'Nokian Tyres plc (Finland)', 'Sumitomo Rubber Industries Ltd. (Japan)', 'Hankook Tire & Technology Co., Ltd. (South Korea)', 'Yokohama Rubber Co., Ltd. (Japan)', 'Toyo Tire Corporation (Japan)', 'Cooper Tire & Rubber Company (US)', 'Kumho Tire Co., Inc. (South Korea)', 'Giti Tire (Singapore)', 'Apollo Tyres Ltd. (India)', 'MRF Ltd. (India)'

One of the major drivers of the connected tire market is the increasing emphasis on safety and efficiency in the automotive industry. Connected tires provide real-time data on tire conditions, enabling proactive maintenance and reducing the risk of accidents due to tire-related issues. Additionally, they contribute to fuel efficiency and reduced emissions, aligning with the growing environmental consciousness among consumers and regulatory bodies.

Increasing Emphasis on Autonomous Vehicles : As self-driving cars become a reality, there is a growing demand for advanced sensor-based tire monitoring systems that can seamlessly communicate with autonomous vehicle control systems. These connected tire solutions not only enhance safety by providing real-time data on tire condition but also play a crucial role in optimizing the performance and safety of autonomous vehicles, thus aligning with the broader shift towards autonomous transportation.

North America currently dominates the worldwide connected tire market. This leadership role is mainly attributed to the high adoption rate of superior automobile technology in the area, pushed with the aid of a strong automobile industry and patron call for clever and connected motors. The presence of main generation companies and a focal point on protection and comfort make contributions to North America's prominence in the linked tire market.

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Connected Tire Market Size, Share, Growth Analysis, By Rim size(12 - 17 Inches, 18 - 22 Inches), By Vehicle type(Passenger Cars, Commercial Vehicle), By Sales Channel(Aftermarket, OEM) - Industry Forecast 2024-2031

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