Automotive Smart Tire Market Highlights
The automotive
smart tire market 2023, reveals that there are major factors that govern
the expansion of the market. Important consequences of COVID 19 on the
automotive smart tire market is provided along with the report. The continuous
adoption of advanced technology to develop intelligent tires and promote the
expansion of the market in the assessment period. The rise in IoT connectivity
solution deployment to boost safety of the automotive smart tire can support
the expansion of the market in the review period.
The higher durability, improved
vehicle performance, and increased fuel efficiency offered by automotive smart
tire market is likely to support the expansion of the market. Moreover,
different government are taking initiative to promote usage of 12-14 tires on
heavy commercial vehicle to prevent severe accidents.
The introduction of self-driven
cars that can lead to decrease in driver intervention and interaction, along
with government initiatives that are supporting solutions to prevent accidents
and injuries can also impact the market in the review period. At the same time,
terrain adaptability, the low wear & tear of the tire, fuel-efficiency
enhancement, and high performance can drive the global automotive smart tire
market.
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Segment Analysis
The segment analysis of the
automotive smart tire market is done by Sales Channel, technology, and Vehicle
Type.
The technology based segments of
the automotive smart tire market are Non-pneumatic Tires and Pneumatic Tires.
The high sales of pneumatic tires due to increase in the awareness about their
advantages can impel the expansion of the automotive smart tire market in the
years ahead.
The Sales Channel based segments
of the automotive smart tire market are Aftermarket and Original Equipment
Manufacturer. The presence of robust aftermarket solutions across developing
economies can support the expansion of the market in the study period.
The Vehicle Type based segments
of the automotive smart tire market are Commercial Vehicles, Plug-in Hybrid
Vehicle, Passenger Cars, Battery Electric Vehicle, and Hybrid Electric Vehicle.
The rise in deployment of Plug-in Hybrid Vehicle and Passenger Cars can boost
the growth of the automotive smart tire market in the years ahead.
Regional Study
Global trends of the Automotive
Smart Tire market is studied for North America, EU, Asia-Pacific, and the Rest
of the World.
The Automotive
Smart Tire market in Europe can dominate the global automotive smart tire
market across the assessment period as a relatively high rate of adoption of
sensor integrated tires by prominent tire manufacturers is observed in the
analysis period. The significant increase in the demand for autonomous cars,
along with semi-autonomous vehicles in the region is expected to prompt the
expansion of the Automotive Smart Tire market in the region. Furthermore, the
growing adoption of safety alternatives, strict measures to curb reduce
accident rates, fuel efficiency enhancement, and increase in the automotive
production in different regions of APAC can drive the expansion of the
Automotive Smart Tire market in the region.
In North America, the increase in
tire associations and rise of prominent vehicle producers, along with pressing
demand for smart tires that offer real time data and information pertaining to
prevent accidents can impel the expansion of the market across the review
period.
Key Players
Michelin Group (France), The
Goodyear Tire & Rubber Co (USA), Continental AG (Germany), NEXEN TIRE
Corporation (Korea), Sumitomo Rubber Industries, Ltd. (Japan), Bridgestone
Corporation (Japan), and Pirelli & C. S.p.A. (Italy) among others are some
reputed names in the Automotive Smart Tire global Market as stated by MRFR.
How much is the smart tire company worth?
The Smart Tire Company is a private company, so its valuation is
not publicly known. However, based on a recent fundraising round, the company
is valued at over $54 million. This valuation is likely based on the company's
strong intellectual property portfolio, its experienced management team, and
the potential for its smart tire technology to revolutionize the tire industry.
The Smart Tire Company is developing a new type of tire that is airless,
puncture-proof, and self-inflating. The tires are made from a shape memory
alloy called NiTinol, which allows them to return to their original shape after
being deformed. This makes the tires extremely durable and resistant to
punctures.
The Smart Tire Company's tires are still in the early stages of
development, but the company has already received a number of awards for its
technology. The company is also working with a number of major tire
manufacturers to bring its tires to market.
If the Smart Tire Company is successful in commercializing its smart tire
technology, it could have a significant impact on the tire industry. The
company's tires could offer a number of advantages over traditional tires, such
as improved fuel efficiency, reduced maintenance costs, and increased safety.
Overall, the Smart Tire Company is a promising company with a valuable
technology portfolio. The company's valuation is likely to continue to grow as
it develops its technology and brings it to market.
What are intelligent tires?
Intelligent tires, also known as smart tire market or smart connected
tires, are a technological innovation in the automotive industry. These tires
are equipped with sensors and integrated technologies that enable them to
collect and transmit data about various aspects of their performance and the
surrounding environment. Some common features and capabilities of intelligent
tires include:
- Pressure Monitoring: Intelligent tires often have
built-in pressure sensors that continuously monitor tire pressure. This
helps ensure that the tires are properly inflated, which is crucial for
safety, fuel efficiency, and tire longevity.
- Temperature Sensing: These tires can also measure
and relay temperature data. This is important because tire temperature can
indicate potential issues, such as overloading or excessive friction, which
might lead to tire failure.
- Tread Wear Analysis: Sensors in smart tires can
gauge the depth of the tire treads and assess their wear and tear. This
data can be used to predict when the tires need replacement, improving
safety and reducing maintenance costs.
- Road Surface Conditions: Some intelligent tires
have sensors to detect road surface conditions like wet, icy, or slippery
roads. This information can be shared with the vehicle's stability control
systems to optimize traction and handling.
- Wireless Connectivity: Smart tires are often
equipped with wireless communication capabilities, allowing them to
transmit data to the vehicle's onboard computer or a connected mobile app.
This data can be used to provide real-time feedback to the driver or be
sent to maintenance providers for proactive servicing.
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