Global Smart Tyre Market is valued at approximately USD XXX Million in 2019 and is anticipated to grow with a healthy growth rate of more than XXX% over the forecast period 2020-2027. In recent years, the electronic system and components have emerged as a major innovation in the field of the automotive industry. A smart tyre is an indigenous automotive component that offers real-time information about the condition of the tyre by using smart sensors. It is an advanced technology that improves the performance of tyre by sensing the road condition. Smart tyre can sense road conditions, such as rain, sand, and snow, and adapt tyre pressure and width mechanically to provide better performance. It is outfitted with the Internet of Things (IoT) sensors and rubber layer that facilitates the vehicle management system. These sensors can also deliver signals when it’s time to switch tyre and deliver information associated with severe tyre conditions. Therefore, the use of smart tyre is gradually increasing among automobile manufacturers. Furthermore, the rise in production & sales of passenger cars and commercial vehicles, along with the rise in demand for real-time data of tyre pressure and temperature are the few factors responsible for the CAGR of the market during the forecast period. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2019, there were around 67.1 million units of passenger cars produced around the world, representing an increase from 65.7 million units in 2013. This, in turn, is expected to strengthen the market growth all over the world. Moreover, the global burden of COVID-19 pandemic has been ravaging in numerous countries, due to which the overall automotive industry is adversely impacting. While, the capital investments are high in the sector before the COVID-19 outbreak, and now, they are likely to be postponed, which causes a substantial slowdown in the automobile production for at least a year. Therefore, this factor is negatively influencing the demand for smart tyre. However, the high implementation and maintenance cost of the smart tyre is one of the major factors impeding the market growth over the forecast period of 2020-2027.
The regional analysis of the global Smart Tyre market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to the rise in the production of vehicles with advanced components & systems, along with the significant number of new technology-based automobile vendors in the region. Whereas, Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as increasing disposable income of the individuals and escalating demand for advanced safety, convenience, and comfort systems would create lucrative growth prospects for the Smart Tyre market across the Asia-Pacific region.
Major market player included in this report are:
Sumitomo Rubber Industries, Ltd.
Pirelli & C. S.p.A.
Goodyear Tire & Rubber Company
Nexen Tire Corporation
The Yokohama Rubber Co., Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Vehicle Type:
By Distribution Channel:
Original Equipment Manufacturer (OEM)
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Smart Tyre Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers