Smart Tire Market - By Offering (Pneumatic, Non-Pneumatic), By Vehicle (Passenger, Commercial), By Technology (Tire Pressure Monitoring, Temperature Monitoring, Tire Tread Monitoring, Load Monitoring), By Sales Channel & Forecast, 2024 - 2032
Market Report I 2024-04-08 I 240 Pages I Global Market Insights
Smart Tire Market is projected to expand at over 8% CAGR from 2024 to 2032. The increasing demand for enhanced vehicle safety and fuel efficiency is driving the adoption of smart tires equipped with sensors that offer real-time data on tire pressure, tread wear and temperature. The integration of these tires with advanced driver assistance systems (ADAS) along with the rise of connected vehicles and IoT technology is enabling predictive maintenance and efficient fleet management. Significant R&D investments are encouraging the development of several new technologies. For instance, in September 2023, Infineon Technologies AG introduced athe XENSIV SP49, a cutting-edge tire pressure monitoring sensor tailored for automotive tire pressure monitoring systems.
The growing popularity of electric and autonomous vehicles is also necessitating advanced tire technologies to ensure optimal performance and safety. The rollout of regulatory mandates for tire pressure monitoring systems (TPMS) in various regions is supporting product adoption. The heightened consumer awareness regarding safety and maintenance benefits of smart tires is positively influencing the industry growth.
The overall industry is segregated into offering, vehicle type, technology, sales channel, and region.
Based on offering, the smart tire market from the pneumatic segment is projected to grow at significant rate between 2024 and 2032, due to rising demand for real-time monitoring of tire pressure, temperature, and wear. The integration of sensors and IoT technology in pneumatic tires is facilitating predictive maintenance and reducing downtime. The implementation of regulatory mandates for tire pressure monitoring systems (TPMS) and the increasing consumer awareness about tire safety is driving the segment growth.
By vehicle type, the smart tire industry value from the commercial vehicles segment will grow at notable rate up to 2032, owing to the strong need for improved fleet management, reduced operational costs, and enhanced safety. Smart tires offer real-time data on tire conditions while enabling predictive maintenance and minimizing downtime. The growing adoption of connected vehicle technologies is accelerating the appeal of smart tires in commercial vehicles. The heightened awareness of fuel efficiency and tire lifespan optimization is further pushing driving the segment expansion.
Regionally, the Europe smart tire market is estimated to register substantial gains from 2024 to 2032, on account of the stringent safety regulations and mandates for tire pressure monitoring systems. Increasing adoption of ADAS and connected vehicle technologies is spurring the demand for smart tires in the region. The rising focus on enhancing fuel efficiency and reducing carbon emissions is driving the product uptake. The rising consumer awareness about vehicle safety and benefits of predictive maintenance is also favoring the regional market expansion.
Report Content
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 360 degree synopsis, 2021-2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material providers
3.2.2 Component provider
3.2.3 Manufacturers
3.2.4 Distributors
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Improved safety of the vehicle with smart tires
3.8.1.2 Rising demand for fuel-efficient and sustainable cars
3.8.1.3 Growth of connected vehicle technologies
3.8.1.4 Stringent regulatory compliances regarding vehicle safety
3.8.2 Industry pitfalls & challenges
3.8.2.1 Integration challenges with smart tires
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Offering, 2021-2032 ($Bn, Units)
5.1 Key trends
5.2 Pneumatic
5.3 Non-pneumatic
Chapter 6 Market Estimate & Forecast, By Vehicle, 2021-2032 ($Bn, Units)
6.1 Key trends
6.2 Passenger vehicles
6.3 Commercial vehicles
Chapter 7 Market Estimates & Forecast, By Technology, 2021-2032 ($Bn, Units)
7.1 Key trends
7.2 Tire pressure monitoring
7.3 Temperature monitoring
7.4 Tire Tread monitoring
7.5 Load monitoring
7.6 Others
Chapter 8 Market Estimates & Forecast, By Sales Channel, 2021-2032 ($Bn, Units)
8.1 Key trends
8.2 OEM
8.3 Aftermarket
Chapter 9 Market Estimates & Forecast, By Region, 2021-2032 ($Bn, Units)
9.1 Key trends
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.3 Europe
9.3.1 UK
9.3.2 Germany
9.3.3 France
9.3.4 Italy
9.3.5 Spain
9.3.6 Russia
9.3.7 Nordics
9.3.8 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 India
9.4.3 Japan
9.4.4 South Korea
9.4.5 ANZ
9.4.6 Southeast Asia
9.4.7 Rest of Asia Pacific
9.5 Latin America
9.5.1 Brazil
9.5.2 Mexico
9.5.3 Argentina
9.5.4 Rest of Latin America
9.6 MEA
9.6.1 South Africa
9.6.2 Saudi Arabia
9.6.3 UAE
9.6.4 Rest of MEA
Chapter 10 Company Profiles
10.1 Aeolus Tyre Co., Ltd.
10.2 Apollo Tyres Ltd.
10.3 Bridgestone Corporation
10.4 Continental AG
10.5 Falken Tire Corporation
10.6 Giti Tire
10.7 Hankook Tire & Technology Group
10.8 Kumho Tire Co., Inc.
10.9 Linglong Tire
10.10 Michelin Group
10.11 Nexen Tire Corporation
10.12 NIRA Dynamics AB
10.13 Nokian Tyres plc
10.14 Pirelli & C. S.p.A.
10.15 Sumitomo Rubber Industries, Ltd.
10.16 The Goodyear Tire & Rubber Company
10.17 The SMART Tire Company
10.18 Toyo Tire Corporation
10.19 Trelleborg AB
10.20 ZF Friedrichshafen AG
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