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The automotive smart tire marketplace has been witnessing large tendencies and improvements in recent years, reshaping the dynamics of the car enterprise. Smart tires, prepared with sensors and connectivity features, have ended up a focal point for innovation, aiming to enhance safety, overall performance, and efficiency in cars.
One outstanding trend inside the automotive smart tire marketplace is the mixing of sensors for the actual time tracking of tire situations. These sensors, frequently embedded inside the tire shape, gather statistics on factors including tire strain, temperature, and tread wear. The real-time tracking competencies enable drivers to acquire on-the-spot alerts and notifications regarding capability issues, bearing in mind proactive maintenance and preventing injuries resulting from underinflated tires or different tire-related problems. Connectivity performs a pivotal function in the evolution of clever tires, as cars end up more interconnected. The integration of smart tires with automobile telematics systems permits seamless verbal exchange between the tires and the car's onboard laptop. This connectivity enables records to be alternate, allowing for unique control over numerous elements of the vehicle's overall performance.
Furthermore, the automotive smart tire market is witnessing a surge in the adoption of cloud-primarily based tire control solutions. These answers leverage cloud computing to shop and examine the extensive quantity of information generated by smart tires. By utilizing cloud-primarily based platforms, producers, fleet operators, and individual drivers can get the right of entry to complete insights into tire fitness, performance records, and protection requirements. This statistics-pushed technique no longer optimizes tire maintenance schedules; however, it also contributes to a greater sustainable and value-powerful operation of motors.
As the automotive smart tire market continues to evolve, the position of these clever tire systems is predicted to expand past passenger automobiles. Commercial automobiles, which include vans and buses, are increasingly adopting the smart tire era to improve performance, reduce working fees, and beautify standard fleet management. This expanding software scope shows a promising future for the automotive smart tire marketplace, with non-stop innovation predicted to deal with evolving enterprise challenges and purchaser demands. As the era keeps boosting, clever tires are poised to become an essential issue of the following-generation car landscape, contributing to safer, smarter, and more sustainable mobility.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | · Increased fuel efficiency, longer tire life, and greater safety to the fleet owners · Providing real time data on pressure & temperature |
Automotive Smart Tire Market Highlights:
Automotive Smart Tire Market Synopsis:
Automotive Smart Tire Market Size was valued at USD 80.48 billion in 2022 and is expected to reach USD 169.9 billion by 2032 and grow at a CAGR of 8.3% over the forecast period 2023-2032.
The global Automotive Smart Tire Market is segmented on the basis of technology, vehicle type, sales channel, and region. On the basis of technology, the market has been segmented into pneumatic tires and non-pneumatic tires. On the basis of vehicle type, the market has been segmented into passenger cars, commercial vehicles, battery electric vehicles, hybrid electric vehicles, and plug-in hybrid vehicle. On the basis of sales channel, the market has been segmented into original equipment manufacturer (OEM) and aftermarket.
Geographically, the global Automotive Smart Tire Market has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. Europe is estimated to account for a significant market share in the automotive smart tire market owing to relatively high adoption of sensor integrated tires and substantial investments by software giants to incorporate IoT platform. Besides, considerable sales of commercial vehicles (light commercial and heavy commercial) in the US are expected to augment the growth of global smart tire market in North America during the forecast period. Stringent emission norms, government measures to reduce accidental rates, and significant automotive production are some of the drivers which are expected to propel the demand for smart tires in the Asia Pacific region.
The prominent players in the global Automotive Smart Tire Market include The Goodyear Tire & Rubber Co (USA), Michelin Group (France), NEXEN TIRE Corporation (Korea), Continental AG (Germany), Bridgestone Corporation (Japan), Sumitomo Rubber Industries, Ltd. (Japan), and Pirelli & C. S.p.A. (Italy)
The rise of autonomous driving and connected vehicles has accelerated the evolution of the technology housed across all the parts of the vehicle. Automotive tires are the latest focus, providing real time data on pressure & temperature, tread wear & depth, road conditions, load detection, among other factors to meet complexity of vehicle management systems. Integration of sensors helps to track the status of the tire and transmit information related to tread depth, temperature, and pressure to car’s electronic control unit (ECU) which works with car’s inboard computers to enhance stability and ABS adjustments.
The embedded sensors and conductive rubber layer in the tire help in measuring various tire working criteria and the presence of moisture (snow, ice, or rain) on the road to make it work on maximum efficiency. Prominent tire manufacturers such as Continental, Bridgestone, Goodyear, and Michelin are all experimenting with IoT-connected sensors to deliver increased fuel efficiency, longer tire life, and greater safety to the fleet owners. Other than tire manufacturers, software giants such as Microsoft have invested USD 5 billion on IoT programs. The new IoT platform helps vehicle owners to monitor tire performance in real time to improve operational efficiency and take suitable action for reducing costs and improving profitability.
The report for global Automotive Smart Tire Market of market research future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
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