[184 Pages Report] The Connected Tyre Market size was estimated at USD 22.56 million in 2023 and expected to reach USD 30.70 million in 2024, at a CAGR 38.35% to reach USD 219.03 million by 2030.
The connected tyres are smart, technology-driven tyres designed to enhance vehicle safety, efficiency, and performance. These intelligent tyres utilize embedded sensors and communication systems to provide real-time information on various parameters such as air pressure, temperature, load capacity, and wear patterns. The data gathered enables predictive maintenance, proactive alerts for potential issues, and a streamlined driving experience for both personal vehicles and commercial fleet operations. Rapidly growing automotive sectors is offering the untapped potential for connected tyre product penetration, appealing to middle-class consumers prioritizing safety and technology. Increasing collaboration between tyre manufacturers, telematics service providers, and insurance companies that offer value-added services such as usage-based insurance pricing and fleet management tools to customers is driving the market growth. High costs with the integration of advanced sensor technology and communication systems and h increasing concerns surrounding cybersecurity hampers market growth. The rising development of cost-effective connected tyre solutions that cater to diverse customer segments is expected to create opportunities for market growth.
Regional Insights
The APAC region, particularly China and India, is experiencing significant growth in the connected tyre market with the increasing number of vehicles on the road and a growing awareness of environmental concerns. Developing the electric vehicle market in countries like China drives demand for specialized tires designed for EVs. These tires often have unique requirements to maximize the range of electric vehicles. The surge in demand for advanced automotive technology due to increasing safety regulations and rising consumer awareness towards fuel efficiency is expanding the growth of the market in the Americas. The presence of harsh weather conditions in Canada necessitating better road traction control systems creates a platform for connected tyres. Strong automotive industry driving innovation and investment in smart tyre solutions in European Union countries expands market growth in EMEA. In addition, increased focus on vehicle safety standards and environmental concerns, such as CO2 emissions reduction targets set by European governments, have led to accelerated adoption of connected tyre systems.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Connected Tyre Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Connected Tyre Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Connected Tyre Market, highlighting leading vendors and their innovative profiles. These include Bridgestone Corporation, Continental AG, Cooper Tire & Rubber Company Europe Limited, Goodyear Tire & Rubber Company, Hankook Tire & Technology Co., Ltd., Innovative Tyres & Tubes Ltd., JK Tyre & Industries Ltd., Magna Tyres, Michelin, MRF Tyres, NEXEN TIRE Corporation, Nokian Tyres PLC, Pirelli & C. S.p.A., RPG Enterprises, The Yokohama Rubber Co., Ltd., Treel Pvt Ltd., and U.S. Tire Manufacturers Association.
Market Segmentation & Coverage
This research report categorizes the Connected Tyre Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Component
- Hardware
- Software
- Rim Size
- 12-17 Inches
- 18-22 Inches
- More Than 22 Inches
- Propulsion
- Electric
- ICE
- Sales Channel
- Aftermarket
- OEM
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Connected Tyre Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Connected Tyre Market?
- What are the technology trends and regulatory frameworks in the Connected Tyre Market?
- What is the market share of the leading vendors in the Connected Tyre Market?
- Which modes and strategic moves are suitable for entering the Connected Tyre Market?
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