Asia Pacific Connected Tires Market Size and Overview
The Asia Pacific Connected Tires Market was valued at USD 0.81 billion in 2023 and is poised to witness rapid growth, with a projected Compound Annual Growth Rate (CAGR) of 67% over the forecast period, reaching an estimated USD 29.52 billion by 2030. This market surge reflects the growing demand for connected tire technologies in the automotive industry, particularly in countries like China, India, Japan, and Australia.
Asia Pacific Connected Tires Market Scope
Connected tires, integral to the Internet of Things (IoT), are transforming vehicle safety and efficiency. Equipped with embedded sensors, these tires collect real-time data on tire performance, including pressure, temperature, tread wear, and rubber defects. The data collected provides actionable insights, enabling stakeholders to offer customized solutions for tire maintenance, driving safety, and predictive vehicle diagnostics.
The market is segmented by Rim Size, Application, Sales Channel, and Geography:
- Rim Size: 12”–17”, 18”-21”, and More Than 22”
- Application: Passenger Cars, Commercial Vehicles
- Sales Channel: OEM, Aftermarket
- Geography: China, India, Japan, South Korea, Australia, ASEAN, and the Rest of Asia Pacific
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Market Drivers
Several factors are contributing to the robust growth of the Asia Pacific connected tires market:
- Self-Driving and Car-Sharing Technologies: The rise of autonomous vehicles and car-sharing platforms increases the demand for connected tire solutions.
- Safety and Predictive Maintenance: Embedded sensors provide real-time tire data, enhancing vehicle safety and enabling predictive maintenance, especially for ride-hailing and logistics fleets.
- Consumer Demand for Smart Vehicles: Increased consumer demand for safer, smarter vehicles is driving automakers to adopt connected tire technologies.
Market Trends
Key trends shaping the market include:
- Digital Tire Monitoring: The growing need for real-time tire monitoring and predictive maintenance is driving demand for connected tires.
- Integration with Autonomous Vehicles: As autonomous vehicles gain momentum, the need for connected tire solutions to enhance vehicle performance and safety is increasing.
- Fleet Management Solutions: The rise of shared mobility and logistics fleets further boosts the adoption of connected tires to optimize fleet management and reduce operating costs.
Segmentation Analysis
By Rim Size
12”- 17”
18”- 21”
More Than 22”
By Application
Passenger Cars
Commercial Vehicles
By Sales Channel
OEM
Aftermarket
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Key Market Players
The Asia Pacific connected tires market features several prominent players:
- Sumitomo Rubber Ltd (Japan)
- JK Tires (India)
- Toyo Tires (Japan)
- Bridgestone Corp (Japan)
- Apollo Tires Ltd. (India)
- Balkrishna Industries Limited (BKT) (India)
- CEAT Limited (India)
- Cheng Shin Rubber Market Co. Ltd. (China)
- Gajah Tunggal Tbk (Indonesia)
These companies are focusing on strategic initiatives such as new product launches, acquisitions, and partnerships to strengthen their market position and drive growth.
Regional Analysis
Asia Pacific is expected to dominate the connected tire market during the forecast period. Countries like China, Japan, and India are leading the way in automotive production, with significant demand for advanced tire technologies. The rapid industrialization, rising consumer purchasing power, and increasing vehicle production in these regions are driving the market’s expansion.
Key Questions Answered
- What is the projected market size of the Asia Pacific Connected Tires Market by 2030?
- What are the primary drivers of growth in this market?
- How are connected tires transforming vehicle safety and efficiency?
- What are the key challenges faced by the industry, and how are market players addressing them?
- Which region is expected to lead the market, and why?
Conclusion
The Asia Pacific Connected Tires Market is experiencing rapid growth, fueled by increasing demand for safety, predictive maintenance, and digital tire monitoring solutions. As autonomous vehicles and car-sharing technologies gain ground, the market for connected tires will continue to expand, offering significant opportunities for both OEMs and aftermarket players.
For the complete analysis, visit the following link:https://www.stellarmr.com/report/Asia-Pacific-Connected-Tires-Market/959
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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