Smart tires are new-generation tires equipped with various sensors and chips for transferring actual data about tire and road conditions to the driver via telematics and Bluetooth in different types of vehicle.
The growing trend of integrating advanced technologies and sensors in a vehicle, along with the increasing need for fleet management and asset tracking, has led to the demand for automotive smart tires. Smart tires constitute intelligent tires and connected tires. Intelligent tires, i.e., those embedded with TPMS sensors, are well known globally. However, there are only limited automotive smart tires that have been made commercially available to the vehicle manufacturers. Major commercial vehicle OEMs and fleet operators are eager to deploy automotive smart tires to enhance their fleet management solutions as well as get real-time tire monitoring for their platoons.
Global Automotive Smart Tire Industry Overview
The global Automotive Smart Tire Market is expected to reach $110.39 billion by 2026, with a CAGR of 6.20% from 2021 to 2026. The rapid advancements in the development and commercialization of connected and autonomous vehicles have led to the evolution of technology to develop several automotive components. As the trend to develop these next-generation vehicles is being realized in the industry, the reliance on traditional tires is expected to be replaced by the adoption of smart sensor-enabled tires.
Smart tires are enabling commercial vehicle manufacturers to manage and monitor their fleets through digital monitoring solutions. The increasing volume of commercial vehicles with time has allowed fleet operators to monitor several parameters such as fuel consumption and carbon emissions, leading to an increased demand for advanced tires that provide real-time monitoring of tire conditions.
Market Segmentation
Global Automotive Smart Tire Market by Sensor Type
This segment emphasizes the growth of each product (sensors) for smart tires during the forecast period. The study covers various types of traditional and next-generation sensors such as TPMS, RFID Chip, accelerometer sensors, and strain gauge sensors. Among these, TPMS sensors accounted for the largest market share in 2020 and continue to dominate the market in the given forecast period (2021-2026), driven by strong government and regulatory bodies' support.
Global Automotive Smart Tire Market by Application
The segment gives a brief overview of the market status of different applications of the product and key players offering products in those applications. Passenger vehicles are one of the major application areas for automotive smart tires. The rapid advancements in the development and commercialization of connected and autonomous vehicles have led to the evolution of technology for several automotive components. As the trend to develop these next-generation vehicles is being realized in the industry, the reliance on traditional tires is expected to be replaced by the adoption of connected and TPMS sensor-enabled tires.
Commercial vehicles include light commercial vehicles (LCVs) such as pick-up trucks, heavy buses, and heavy trucks. Smart tires are enabling commercial vehicle manufacturers to manage and monitor their fleets through digital monitoring solutions.
Key Market Players and Competition Synopsis
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.
The segment provides details about the competitive strength of the key players operating in the market. Continental AG and Goodyear Tire & Rubber Company account for the largest market share in the ecosystem, owing to their vast market presence and various partnerships with OEMs.
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Business and Corporate Strategies: The automotive smart tire market is poised to grow over time, compelling companies to come up with collaborative strategies in order to sustain themselves in the intensely competitive market. Companies with identical product portfolios, with a need for additional resources, often partner and come together for joint venture programs, which helps them gain access to one another’s resources and facilitates them to achieve their objectives faster. Furthermore, such ventures result in companies making use of each other’s expertise. Additionally, tire manufacturers have turned toward collaborating with Internet of Things (IoT) service providers for the rapid development of their automotive smart tires. For instance, in March 2018, Continental and Vodafone partnered to deploy commercial fleets with Conti Connect systems.
Key questions answered in the Report
• Why should existing tire and sensor manufacturers consider venturing into the next-generation smart tire market, and what are the future growth opportunities?
• What are the key trends, market drivers, and opportunities in the market pertaining to automotive smart tires?
• What are the major restraints inhibiting the growth of the global automotive smart tire market?
• What kinds of new strategies are being adopted by the existing market players to expand their market position in demand generating developing and developed countries?
• Which are the promising companies that have obtained financial support to develop their products and markets?
• Which are the key companies in the market to source sensors for integrating them into smart tire products?
• How much revenue each of the segments is expected to record during the forecast period along with the growth percentage? Following are the segments:
o Product offerings, including (smart tires and sensors)
o Application, including passenger and commercial vehicles
o Region, including North America, South America, the U.K., Europe, Asia-Pacific and Japan, China, and the Middle East and Africa
• Which type of players and stakeholders are operating in the market ecosystem of the automotive smart tire, and what is their significance in the global market?
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The global automotive smart tire market is expected to exhibit a robust 18.5% CAGR over the forecast period from 2018 to 2023, according to the latest research report published by Market Research Future (MRFR).
The increasing demand for smart technology in automotive applications in order to provide information about various factors related to vehicle safety and driving comfort is likely to be the major driver for the global automotive smart tire market over the forecast period.Automotive smart tires are tires that incorporate sensors to provide data about various attributes such as the road surface, the grip level of the tires, the heat generated in the tires at any given moment, and other performance attributes.
The growing demand from the automotive smart tire market is mainly driven by the growing ease of integrating IoT and other connectivity tech into automotive design, enabling data monitoring in areas of the vehicle that have thus far remained inaccessible.
However, the absence of connectivity solutions meant that tire performance could only be judged manually.
The inherent inaccuracy in manual testing and the convenience of smart tire technology is likely to drive the automotive smart tire market over the forecast period.A number of vehicles, especially premium sports cars and SUVs, now have electronic systems that allow the driver to change the vehicle’s grip and performance patterns to suit different surfaces.
Rather than the driver having to change the settings, which can result in hampered performance due to manual error, smart tires can make these decisions on their own, allowing the driver to focus on driving the vehicle regardless of the driving surface.
