Global Automotive Smart Tire Market to Reach $110.39bn by 2026

Monday 28 June 2021, Amsterdam

The Automotive Smart Tire Market projected to reach $110.39 Billion by 2026, reveals the premium market intelligence. The study also highlights that the market is set to witness a CAGR of 6.20% during the period 2021-2026.

Smart tires enable vehicle-to-everything communication in such a way that the drivers have all the data at their disposal at all times. Smart tires are enabled with both sensors as well as chips, which are used to read and process tire data. The advanced tires usually have sensors present in the tire tread. The chip allows communication through a Bluetooth device to various devices. The benefit of Bluetooth is that the data can be accessed by the user over a smartphone or tablet. The smart tires have found a use case in selected sports cars, which are currently utilizing these systems. The vehicle can use the received data to ensure optimal performance of the vehicle.

According to Ajeya Saxena, Principal Analyst, “With the growing connectivity in the IoT era, tire manufacturers are developing diverse and advanced solutions for mobility, data sharing, and connected vehicles to offer tire-as-a-service (TaaS). The services are going to positively impact the growth of the smart tire by developing a platform that integrates smart tires with cloud-based platforms and smartphone applications to deliver tire-related services. The results of these services rely on data-based solutions such as monitoring of tire and vehicle parameters as well as providing insights regarding tire replacement and tire maintenance.”

Key companies operating in the market
Some of the key players operating in the market, include Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber, Pirelli & C. S.p.A, The Yokohama Rubber Company, Limited, Hankook Tire & Technology Co., Ltd., Nokian Tyres Plc., Toyo Tire Corporation, Sumitomo Rubber Industries, Ltd., JK Tyres & Industries Ltd., Revo Technologies, Inc., NXP Semiconductors, Schrader TPMS Solutions, and Infineon Technologies AG.