The global Connected Tires market size is projected to grow from 4 USD million in 2023 to 54 USD million by 2028, at a CAGR of 67.1%. Factors such as greater fuel efficiency, growing demand for vehicle safety, and shift to use of connected systems will increase connected tyre demand. These tyres can seamlessly integrate with the overall vehicle ecosystem and provide crucial information to enhance safety and efficiency. Features like tire pressure monitoring, tread wear analysis, and temperature sensing, connected tires offer enhanced safety on the road. Drivers and fleet managers can receive timely alerts and notifications about tire issues, enabling them to take immediate action and prevent accidents.
In the rapidly evolving market of connected tires, several companies are at the forefront of innovation and development. The connected tires market is dominated by established players such as Bridgestone (Japan), Michelin (France), Goodyear (US), Continental AG (France), and Pirelli (Italy). These companies adopted strategies such as new product launches, deals, and others to gain traction in the connected tires market.
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Bridgestone is a leading tire and rubber company that has been investing heavily in the development of connected tire technologies. The company has partnered with Microsoft to accelerate the integration of advanced tire analytics across its global portfolio of connected tires and mobility solutions. Its connected tire technology incorporates sensors and wireless communication capabilities to transmit real-time data on tire pressure, temperature, and wear to a cloud-based platform. This enables vehicle manufacturers and fleet operators to optimize tire performance and reduce downtime through proactive maintenance.
Michelin is a leading tire manufacturer that has been in operation for over 100 years. The company is recognized globally for producing high-quality tires and has established a reputation as a leader in the tire industry. In recent years, it has invested heavily in the connected tires market, focusing on developing innovative solutions to enhance mobility's safety, efficiency, and sustainability. Michelin Connected Technologies is the division responsible for developing and deploying connected tire solutions. The division is focused on leveraging cutting-edge technology to provide customers with real-time data and insights to help optimize their operations. This includes developing smart tire technology that can provide insights on tire pressure, wear and tear, and other critical metrics that impact the performance and longevity of tires.
Goodyear has leveraged IoT and connectivity-related advanced technology to develop and implement connected tire technology. It focuses on intelligent tires using embedded sensors embedded to provide real-time information on tire wear, pressure, and temperature. In 2018, Goodyear announced its connected tire technology to provide drivers with important information about tire performance, thereby increasing safety and fuel efficiency. The intelligent tires utilize a combination of sensors, cloud-based algorithms, and machine learning to collect and analyze data on tire performance, which is then transmitted to the vehicle's onboard computer system and Goodyear's cloud-based servers.
Continental AG is a major global automotive supplier specializing in innovative tire technology solutions. The company has been actively involved in developing connected tire technology to improve driving safety, convenience, and efficiency. Its connected tire system, known as ContiConnect, uses sensors to monitor tire pressure and temperature in real time. The system is designed to provide fleet operators with accurate and reliable information about the condition of their tires, enabling them to optimize their operations and reduce costs. ContiConnect 2.0, the latest version, offers enhanced functionality and improved user experience. It features an intuitive dashboard that gives users a clear overview of tire status, enabling them to identify potential issues and take proactive measures quickly. The system also includes advanced analytics capabilities, allowing fleet operators to gain insights into their operations and make data-driven decisions.
Pirelli is a global leader in high-end tires. It develops tires that interact with the 5G network that allows real-time communication between the tires, vehicle, and the surrounding infrastructure, creating a safer, more efficient, and sustainable driving experience. Its connected tires come with embedded sensors that collect and transmit real-time data. This data can be analyzed to provide valuable insights into various aspects such as tire pressure, temperature, wear and tear, and road conditions. The information gathered by the sensors is used to optimize the vehicle's performance, ensuring maximum safety, efficiency, and longevity of the tires.
Connected Tyre Market by Vehicle Type, Component, Rim Size (12-17 Inches, 18-22 Inches, More than 22 Inches), Sales Channel (OEM, Aftermarket), Propulsion (Electric, ICE), Offering (Hardware, Software) and Region - Global Forecast to 2028
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