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The automotive smart tire market is experiencing a transformative shift pushed by diverse market factors that might be reshaping the panorama of the automotive industry. One full-size thing contributing to this evolution is the growing emphasis on car safety and performance. As purchasers emerge as extra aware of the importance of safety features in motors, clever tires have gained prominence for their capacity to decorate driving safety. These tires are ready with advanced sensors and monitoring structures that offer real-time statistics on tire pressure, temperature, and tread wear. This fact permits drivers to take proactive measures, lowering the chance of accidents because of underinflated tires and enhancing ordinary road safety.
In addition to safety issues, the increasing recognition of environmental sustainability has propelled the adoption of automotive smart tires. As the automobile industry strives to reduce its carbon footprint, smart tires play an essential function in improving fuel efficiency. The actual time monitoring abilities of these tires permit drivers to hold premiere tire strain, decreasing rolling resistance and, consequently, enhancing gasoline efficiency. This aligns with the global push in the direction of greener and more eco-friendly transportation answers, making clever tires an indispensable part of the industry's commitment to environmental obligation.
The upward thrust of autonomous cars is another key marketplace issue shaping the Automotive smart tire Market. As self-using automobiles turns out to be a reality, the demand for superior technology that makes sure unique manipulation and protection is escalating. Smart tires, with their capability to speak with the vehicle's structures, contribute to the general intelligence of autonomous cars. These tires can provide vital facts to the car's management structures, enabling better traction control, stability, and responsiveness. The integration of smart tires into self-sufficient riding structures is predicted to play a pivotal position in the full-size adoption of self-using automobiles.
In the end, the automotive smart tire market is influenced by a convergence of things that are shaping the destiny of the car industry. From a focus on safety and environmental sustainability to improvements in tire technology and the upward thrust of self-sufficient cars, these marketplace factors are using the adoption of clever tires. As the car landscape continues to evolve, smart tires are positioned to play a pivotal role in redefining the user experience, making it safer, more efficient, and technologically advanced.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | Â Â 2032: 8.3% |
Automotive Smart Tire Market Highlights:
Automotive Smart Tire Market Synopsis:
Automotive Smart Tire Market Size was valued at USD 80.48 billion in 2022 and is expected to reach USD 169.9 billion by 2032 and grow at a CAGR of 8.3% over the forecast period 2023-2032.
The global Automotive Smart Tire Market is segmented on the basis of technology, vehicle type, sales channel, and region. 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 passenger cars, commercial vehicles, battery electric vehicles, hybrid electric vehicles, and plug-in hybrid vehicle. On the basis of sales channel, the market has been segmented into original equipment manufacturer (OEM) and aftermarket.
Geographically, the global Automotive Smart Tire Market has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. 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 platform. Besides, considerable sales of commercial vehicles (light commercial and heavy commercial) in the US are expected to augment the growth of global smart tire market in North America during the forecast period. 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.
The prominent players in the global Automotive Smart Tire Market include The Goodyear Tire & Rubber Co (USA), Michelin Group (France), NEXEN TIRE Corporation (Korea), Continental AG (Germany), Bridgestone Corporation (Japan), Sumitomo Rubber Industries, Ltd. (Japan), and Pirelli & C. S.p.A. (Italy)
The rise of autonomous driving and connected vehicles has accelerated the evolution of the technology housed across all the parts of the vehicle. Automotive tires are the latest focus, providing real time data on pressure & temperature, tread wear & depth, road conditions, load detection, among other factors to meet complexity of vehicle management systems. Integration of sensors helps to track the status of the tire and transmit information related to tread depth, temperature, and pressure to car’s electronic control unit (ECU) which works with car’s inboard computers to enhance stability and ABS adjustments.
The embedded sensors and conductive rubber layer in the tire help in measuring various tire working criteria and the presence of moisture (snow, ice, or rain) on the road to make it work on maximum efficiency. Prominent tire manufacturers such as Continental, Bridgestone, Goodyear, and Michelin are all experimenting with IoT-connected sensors to deliver increased fuel efficiency, longer tire life, and greater safety to the fleet owners. Other than tire manufacturers, software giants such as Microsoft have invested USD 5 billion on IoT programs. The new IoT platform helps vehicle owners to monitor tire performance in real time to improve operational efficiency and take suitable action for reducing costs and improving profitability.
The report for global Automotive Smart Tire Market of market research future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
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