USD 6 Billion
Connected Tire Market Size, Share, Growth Analysis, By Offering(Hardware and Software), By Component(TPMS, Accelerometer sensors, Strain gauge sensors, RFID chips), By Propulsion(Electric, and ICE), By Rim Size(12-17 Inches, 18-22 Inches, and More than 22 Inches), By Vehicle type(Passenger Cars, and Commercial Vehicles), By Sales Channel(OEM, and Aftermarket), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25B2019 |
Region:
Global |
Published Date: August, 2024
Pages:
223
|Tables:
88
|Figures:
71
Connected Tire Market Insights
Global 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 global connected tire market is experiencing notable growth as automakers and technology companies continue to innovate in the automotive industry. Connected tires, equipped with sensors and communication capabilities, are transforming the driving experience by providing real-time data on tire condition, performance, and safety. This technology offers drivers enhanced control over their vehicles, improved safety features, and more efficient maintenance practices.
Additionally, the increasing focus on sustainability and environmental concerns is driving the adoption of connected tires, as they contribute to better fuel efficiency and reduced carbon emissions. As consumer demand for smart and connected vehicles grows, the connected tire market is poised for further expansion in the coming years.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Passenger Cars
Fastest Growth
Passenger Cars
Growth Rate
45% CAGR
Connected tire market ($ Bn)
Country Share for NORTH AMERICA Region (%)
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Connected Tire Market Segmental Analysis
Global Connected Tire Market is segmented by offering, component, propulsion, rim size, vehicle type, sales channel, and region. Based on offering, the market can be segmented into Hardware and Software. Based on component, the market is segmented into TPMS, Accelerometer sensors, Strain gauge sensors, RFID chips, and Others. Based on propulsion, the market is segmented into Electric, and ICE. Based on rim size, the market is segmented into 12-17 Inches, 18-22 Inches, and More than 22 Inches. Based on vehicle type, the market is segmented into Passenger Cars, and Commercial Vehicles. Based on sales channel, the market is segmented into OEM, and Aftermarket. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Rim size
Among the given rim size categories, the 12 - 17 Inches segment is currently dominating the market. This is primarily because it encompasses the standard rim sizes commonly found on a wide range of vehicles, from compact cars to midsize SUVs, making it the most prevalent choice for manufacturers and consumers alike.
On the other hand, the 18 - 22 Inches segment is the fastest-growing category. This growth can be attributed to the increasing popularity of larger and sportier vehicles, such as SUVs and trucks, which often feature larger rim sizes for enhanced aesthetics and performance. Additionally, a rising trend in customized and aftermarket rim upgrades is boosting the demand for rims in this size range, driving its rapid growth in the market.
Analysis by Vehicle Type
Passenger cars currently dominate the connected tire market. This is primarily due to the widespread adoption of connected technologies in consumer vehicles, driven by the desire for enhanced safety, convenience, and improved driving experiences. Passenger car owners are more likely to invest in these technologies, making it the leading segment in the connected tire market.
Moreover, Commercial vehicles, on the other hand, represent the fastest-growing segment in the connected tire market. This growth is propelled by the increasing need for fleet management, efficiency optimization, and enhanced safety measures within the commercial transport sector. Connected tires in commercial vehicles help companies monitor and manage their fleets more effectively, reducing operational costs and improving overall performance. As the commercial industry continues to prioritize these benefits, the adoption of connected tires in this segment is expected to surge in the coming years.
Connected tire market by Vehicle Type
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Connected Tire Market Regional Insights
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.
However, the Asia Pacific place is the fastest-growing market for connected tires. Several elements contribute to this growth, including the expanding automotive industry in nations like China and India, wherein the demand for connected and smart cars is rising hastily. Additionally, authorities regulations promoting car safety and emissions reductions are pushing automakers and clients to include connected tire technologies. As a result, Asia Pacific is witnessing full-size market enlargement due to each domestic and worldwide producer investing in the location.
Connected tire market by Geography
- Largest
- Fastest
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Connected Tire Market Dynamics
Drivers
Safety and Efficiency Demands
- 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.
Restraints
High Initial Costs
- A significant restraint in the adoption of connected tires is the high initial costs associated with these advanced technologies. The installation of sensors and communication systems in tires can be expensive, which may deter some consumers and fleet operators from embracing connected tire solutions. While the long-term benefits in terms of safety and efficiency are substantial, the upfront investment remains a key challenge for widespread adoption.
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Connected Tire Market Competitive Landscape
The competitive landscape in the global 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.
As consumer demand for smart and connected vehicles continues to grow, the market is witnessing new entrants and partnerships between traditional automakers and technology firms. The focus is not only on enhancing tire performance and safety but also on integrating these systems seamlessly with vehicles to provide a holistic driving experience.
This competitive environment fosters innovation and drives advancements in the connected tire market as companies strive to differentiate themselves and capture a larger share of this evolving market.
Top Player’s Company Profiles
- 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)
Recent Developments
- January 2023: Continental AG announced its partnership with Microsoft to develop and commercialize cloud-based solutions for connected tires. The partnership will leverage Microsoft's Azure cloud platform to provide Continental's customers with real-time insights into tire performance and condition.
- February 2023: Bridgestone Corporation launched its new connected tire management solution, Bridgestone Connect. The solution provides fleet managers with real-time data on tire pressure, temperature, and tread wear. This data can be used to improve fuel efficiency, reduce downtime, and extend tire life.
- March 2023: Michelin Group announced its investment in TyreConnect, a leading provider of connected tire solutions. The investment will help Michelin to expand its portfolio of connected tire solutions and accelerate the adoption of connected tire technologies.
- April 2023: Goodyear Tire & Rubber Company launched its new connected tire platform, Goodyear IntelliSense. The platform provides real-time data on tire pressure, temperature, and tread wear. This data can be used to improve safety, reduce fuel consumption, and extend tire life.
- May 2023: Yokohama Rubber Company announced its partnership with IBM to develop and commercialize connected tire solutions. The partnership will leverage IBM's Watson AI platform to provide Yokohama's customers with real-time insights into tire performance and condition.
Connected Tire Key Market Trends
- 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.
Connected Tire Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to global connected tire market analysis, the market has experienced significant growth in recent years, driven by the rising consumer demand for smart and connected vehicles. Key players in the automotive and technology sectors have invested heavily in research and development, resulting in innovative solutions that enhance tire safety, performance, and efficiency. The dominant regions, such as North America and Europe, have been at the forefront of adoption due to their advanced automotive industries and safety-conscious consumers.
However, the market also faces challenges, including high initial costs and the need for standardized communication protocols. The integration of connected tire technologies into autonomous vehicles is a prominent trend, poised to reshape the industry in the coming years.
Looking ahead, the connected tire market is expected to continue its upward trajectory. As autonomous vehicles become more commonplace, the demand for advanced tire monitoring and communication systems will grow exponentially. Moreover, the Asia Pacific region is anticipated to emerge as a significant growth driver, driven by the expanding automotive industry in countries like China and India.
Standardization efforts and cost reduction measures are likely to address some of the market's current challenges, making connected tires more accessible to a broader range of consumers. Furthermore, sustainability concerns will further boost adoption, as connected tires contribute to reduced fuel consumption and emissions. The future of the connected tire market promises a seamless integration of advanced technology into everyday transportation, enhancing both safety and environmental sustainability.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6 Billion |
| Market size value in 2031 | USD 170.01 Billion |
| Growth Rate | 45% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Connected Tire Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Connected Tire Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Connected Tire Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Connected Tire Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Connected Tire Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Connected Tire Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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