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 2025-2032

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

Connected Tire Market News

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 Market Report Snapshots

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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 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. '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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