Automotive Smart Tire Market Overview:
The global automotive
smart tire market report by Market Research Future (MRFR) comprises drivers
and challenges for the period of 2019 to 2025 (forecast period) which can shape
the future of the automotive industry. The COVID-19 pandemic and its impact on
the production and value chain are included in the report.
Smart tires made for the automotive industry make the use of sensors
for gauging the tire pressure, driving behavior, and other vehicle dynamics.
The changing tire industry and evolution in connected vehicles can pave forth
the way for smart tires.
Market Scope
Investments in internet of things (IoT) sensors for extending tire
shelf life and fuel efficiency can spur the global automotive smart tire
industry. The need to protect fleet drivers and improve logistical
inconsistencies can drive the smart tire demand over the forecast period.
Segmentation
The global automotive smart tire market is segmented on the basis of
technology, vehicle type, sales channel.
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 battery
electric vehicles, hybrid electric vehicles, passenger cars, commercial
vehicles, and plug-in hybrid vehicle.
On the basis of sales channel, the market has been segmented into
original equipment manufacturer (OEM) and aftermarket.
Regional Analysis
Geographically, the global automotive smart tire market has been
segmented into four major regions namely North America, Europe, Asia Pacific
(APAC), and Rest-of-the-World (RoW). 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 platforms. Sales of connected and
passenger vehicles and presence of ride-sharing platforms to improve security
of passengers can bode well for the market.
Considerable sales of commercial vehicles (light commercial and
heavy commercial) in the U.S. is expected to augment the growth of global smart
tire market in North America during the forecast period. Rise of 5G and
integration of wireless sensors in fleets can influence the regional automotive
smart tire market over the forecast period. Investments by governments and
self-driving technology providers can bode well for the market.
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. Lax
regulations pertaining to safety and emissions can drive the regional market
growth over the forecast period.
Competitive Outlook
The Goodyear Tire & Rubber Co, Bridgestone Corporation,
Continental AG, NEXEN TIRE Corporation, Michelin Group, Pirelli & C.
S.p.A., and Sumitomo Rubber Industries, Ltd. are key players of the global automotive
smart tire industry. Joint ventures and collaborations are prime strategies of
players sustaining in the market.
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