Connected Tires Market

Connected Tires Market Size & Share - Future Growth Expectations

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.

The Connected Tires Market is poised for substantial growth in the coming years, driven by several key factors:

  • Advancements in Internet of Things (IoT) Technology
  • Demand for Enhanced Vehicle Safety and Performance
  • Fleet Management Optimization
  • Rise of Autonomous and Electric Vehicles
  • Integration with Vehicle-to-Everything (V2X) Communication
  • Data Analytics and Predictive Maintenance
  • Environmental Sustainability
  • Regulatory Compliance and Standardization

These key factors collectively indicate a positive outlook for the Connected Tires market, with substantial growth opportunities anticipated in the coming years as the automotive industry continues to embrace IoT technology and prioritize safety, efficiency, and sustainability in vehicle design and operation.

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  • Advancements in Internet of Things (IoT) Technology: The creation of tires with sensors and communication capabilities is now possible because to the widespread adoption of IoT technology. These sensors allow for continuous tire performance monitoring and analysis by gathering data in real-time on temperature, tread wear, tire pressure, and road conditions.
     
  • Demand for Enhanced Vehicle Safety and Performance: With capabilities like tread wear analysis, tire pressure monitoring, and predictive maintenance notifications, connected tires may improve vehicle performance and safety. The market for linked tires is anticipated to rise as global safety requirements become more strict and consumers prioritize safety features in their automobiles.
     
  • Fleet Management Optimization: Fleet managers are using connected tire solutions more and more to streamline their processes, cut down on downtime, and save maintenance expenses. Fleet managers can increase productivity and vehicle uptime with connected tires' remote monitoring of tire health, predictive maintenance scheduling, and real-time warnings for tire-related problems.
     
  • Rise of Autonomous and Electric Vehicles: The need for connected tire solutions that are specifically designed to meet the needs of various vehicle platforms is being driven by the rise in the popularity of electric and autonomous cars (EVs). In order to enable autonomous driving systems, maximize energy economy in electric vehicles, and improve overall vehicle performance and dependability, connected tires can offer crucial data and insights.
     
  • Integration with Vehicle-to-Everything (V2X) Communication: By using V2X communication technology, connected tires can interface with smart city infrastructure, navigation systems, and safety systems for vehicles in an easy and seamless manner. This integration promotes connected and autonomous vehicle ecosystem development, improves driver safety, and offers real-time alerts and recommendations.
     
  • Data Analytics and Predictive Maintenance: Large volumes of data are produced by connected tires, and these data can be examined to learn important things about tire health, anticipate future problems, and improve maintenance schedules. Vehicle makers and fleet managers may decrease downtime, increase tire longevity, and save total operating expenses by utilizing data analytics and predictive maintenance algorithms.
     
  • Environmental Sustainability: By maximizing tire pressure, cutting fuel use, and decreasing tire wear, connected tires help to promote environmental sustainability. Connected tires lessen the environmental effect of vehicle operations and help combat climate change by increasing fuel efficiency and lowering emissions.
     
  • Regulatory Compliance and Standardization: Standards and guidelines are being developed by regulatory agencies to guarantee cybersecurity, data protection, and interoperability in linked tire systems. In order to enable smooth integration with vehicle platforms and guarantee adherence to industry rules, standardization efforts seek to develop common protocols and best practices for connected tire technology.

Connected Tires Market Share - Global Industry Landscape

  • Bridgestone Corporation (Japan)
  • Continental AG (Germany)
  • Michelin (France)
  • Goodyear Tire & Rubber Company (US)
  • Pirelli & C. S.p.A. (Italy)
  • Nokian Tyres plc (Finland)
  • Hankook Tire & Technology Co., Ltd. (South Korea)
  • Sumitomo Rubber Industries, Ltd. (Japan)

These companies, along with others in the industry, play a significant role in driving innovation and adoption of connected tire technology globally. While specific market share figures may fluctuate, these companies are recognized for their expertise, product quality, and contributions to the advancement of tire technology in connected vehicles.

  • Bridgestone Corporation (Japan): One of the biggest tire producers in the world, Bridgestone is a pioneer in tire technology. The business has been working hard to provide connected tire solutions, such as its in-house Tirematics platform, which provides real-time tire analytics and monitoring.
     
  • Continental AG (Germany): Continental is a well-known global tire and vehicle provider with a focus on cutting-edge mobility and safety technologies. Through its ContiConnect platform, the firm provides connected tire solutions that allow fleet operators to remotely monitor tire pressure and temperature and optimize maintenance schedules.
     
  • Michelin (France): Leading tire maker Michelin places a high priority on sustainability and innovation. The company sells connected tire solutions, like the Michelin Tire Care platform, which has fleet management features, real-time tire monitoring, and notifications for preventive maintenance.
     
  • Goodyear Tire & Rubber Company (US): Offering a variety of linked tire solutions for both consumer and business vehicles, Goodyear is a well-known tire manufacturer and technological pioneer. Tire pressure monitoring systems (TPMS), predictive analytics, and mobile tire maintenance applications are among the connected tire products offered by the company.
     
  • Pirelli & C. S.p.A. (Italy): Leading tire producer Pirelli is renowned for its cutting-edge innovations and high-performance tires. Through its Pirelli Cyber Tire platform, which offers real-time monitoring of tire performance, tread wear, and road conditions, the company offers connected tire solutions.
     
  • Nokian Tyres plc (Finland): Global tire maker Nokian Tyres specializes in tires for harsh environments, such as off-roading and winter driving. The company provides connected tire solutions that improve performance, sustainability, and safety by utilizing sensor technology and data analytics.
     
  • Hankook Tire & Technology Co., Ltd. (South Korea): One of the top tire producers, Hankook Tire, focuses on innovation driven by technology. The company provides linked tire solutions with real-time monitoring and predictive maintenance features to increase vehicle safety, fuel economy, and environmental sustainability.
     
  • Sumitomo Rubber Industries, Ltd. (Japan): Global tire maker Sumitomo Rubber Industries is renowned for its state-of-the-art tire research and development capabilities. The company provides linked tire systems that make use of Internet of Things technology to deliver real-time data on tire performance, facilitating tire management strategy optimization and proactive maintenance.

Related Report

Connected Tires 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

Connected Tires Market Size,  Share & Growth Report
Report Code
AT 8661
RI Published ON
5/8/2024
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