The connected tires global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Connected Tires Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The connected tires market size has grown exponentially in recent years. It will grow from $7.19 million in 2023 to $10.19 million in 2024 at a compound annual growth rate (CAGR) of 41.7%. The growth in the historic period can be attributed to increased emphasis on reducing carbon emissions, rising demand for fleet management solutions, increased regulatory focus on vehicle safety, increased adoption of smart vehicle technologies, and a rise in the adoption of connected vehicles.
The connected tires market size is expected to see exponential growth in the next few years. It will grow to $41.33 million in 2028 at a compound annual growth rate (CAGR) of 41.9%. The growth in the forecast period can be attributed to increasing demand for real-time tire performance monitoring, rising adoption of IoT and connected vehicle technologies, growing emphasis on vehicle safety and predictive maintenance, rising demand for fuel efficiency and sustainability in transportation, and increasing adoption of electric and autonomous vehicles. Major trends in the forecast period include integration with IoT ecosystems, advanced sensor technologies, smart tire technologies, digital twin technology, and subscription-based tire services.
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Scope Of Connected Tires Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Connected Tires Market Overview
Market Drivers –
The increasing adoption of autonomous vehicles is expected to propel the growth of the connected tires market going forward. Autonomous vehicles are self-driving cars equipped with advanced sensors, cameras, radar, and artificial intelligence to navigate and operate without human intervention. The adoption of autonomous vehicles is due to technological advancements, environmental concerns, and changing consumer preferences. Connected tires are essential to autonomous vehicles, providing critical data that enhances safety, performance, efficiency, and user experience, making them indispensable in modern transportation evolution. For instance, in December 2022, according to the National Association of Insurance Commissioners, a US-based non-profit organization, there are expected to be 3.5 million autonomous vehicles on US highways by 2025 and 4.5 million by 2030. Therefore, increasing adoption of autonomous and electric vehicles will drive the connected tires market.
Market Trends –
Major companies operating in the connected tires market are focused on developing innovative technologies, such as smart TPMS sensors, to enhance vehicle safety, efficiency, and performance. Smart TPMS (tire pressure monitoring system) sensors refer to advanced technology embedded within tires to monitor tire pressure and temperature in real-time. TPMS sensors are crucial for vehicle safety and performance, providing continuous data on tire conditions to drivers and vehicle systems. For instance, in September 2023, Infineon Technologies AG, a Germany-based semiconductor manufacturing company, launched an XENSIV SP49 tire pressure monitoring sensor. The XENSIV SP49 tire pressure sensor offers high accuracy in measuring tire pressure, ensuring precise monitoring to enhance vehicle safety and performance. It is designed to withstand harsh environmental conditions, ensuring reliable operation over extended periods. Integrated seamlessly with vehicle electronics, it supports wireless connectivity for efficient data transmission to onboard systems or external devices, enabling real-time monitoring and prompt alerts to drivers of any deviations in tire pressure.
The connected tires market covered in this report is segmented –
1) By Component: Tire Pressure Monitoring System, Accelerometer Sensors, Strain Gauge Sensors, Radio-Frequency Identification chips
2) By Rim Size: 12-17 Inches, 18-22 Inches, More than 22 Inches
3) By Vehicle Type: Passenger Cars, Commercial Vehicles
4) By Application: Original Equipment Manufacturer (OEM), Aftermarket
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Regional Insights –
Asia-Pacific was the largest region in the connected tires market in 2023. The regions covered in the connected tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the connected tires market are <b>MRF Limited, ZF Friedrichshafen AG, Continental AG, Bridgestone Corporation, Compagnie Générale des Établissements Michelin, The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., Pirelli & C. S.p.A., The Yokohama Rubber Co. Ltd., Hankook Tire & Technology Co. Ltd., Kumho Tire Co. Inc., Toyo Tire Corporation, Trelleborg AB, Shandong Linglong Tire Co. Ltd., Titan International Inc., Nexen Tire Corporation, Nokian Tyres plc, CEAT Limited, Qingdao Doublestar Co. Ltd., Giti Tire Corporation, Sailun Group Co. Ltd., NIRA Dynamics AB, Transense Technologies plc</b>
Table of Contents
1. Executive Summary
2. Connected Tires Market Report Structure
3. Connected Tires Market Trends And Strategies
4. Connected Tires Market – Macro Economic Scenario
5. Connected Tires Market Size And Growth
…..
27. Connected Tires Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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